报告名称：Shanghai Pharmaceuticals Holding(02607.HK)Targeting 2015-18 revenue CAGR of 12%;
报告类型：港股研究
报告日期：2016-03-22
研究机构：高盛集团有限公司
股票名称：上海医药
股票代码：601607,02607
页数：10
简介：Key takeaways from post-earnings call
We hosted Shanghai Pharma post-earnings call with the seniormanagement team led by Chairman Lou Dingbo. Management highlightedthe next three-year plan for the group: 1) sales to reach Rmb150bn by 2018(implying 2015-18 CAGR of 12.4%) and Rmb200bn by 2020 (2018-20 CAGRof 15.5%); 2) the 3-year CAGR of ~12% will consist of organic growth,which is expect to be in line with the industry average of 8-10%, and 3-4%from M&A/penetration into new markets; and 3) key business segmentswill focus on network expansion, key product-focused marketing strategy,O2O retail / e-health model and innovative greater health business (e.g.services.).

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