复星医药投资价值分析.docVIP

蜂巢股权研究 HONEYCOMB EQUITY RESEARCH 复星医药（600196） 一、产品分析...................................................................................................................................3 1、医药制造与研发 ................................................................................................................4 2、医学诊断与医疗器械 ........................................................................................................7 3、医疗服务 ............................................................................................................................8 4、医药分销和零售 ................................................................................................................9 二、经营模式.................................................................................................................................10 1、采购 ..................................................................................................................................10 2、生产 ..................................................................................................................................10 3、研发 ..................................................................................................................................10 4、销售 ..................................................................................................................................11 5、整体业绩解释 ..................................................................................................................11 三、公司分析.................................................................................................................................12 1、公司概况 ..........................................................................................................................12 2、员工构成及企业类型 ......................................................................................................12 3、估值指标 ..........................................................................................................