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1、 逐鹿中华逐鹿中华跨国药企与本土药企的较量跨国药企与本土药企的较量 Fight for the Throne in ChinaThe Race Between Local Pharmas and MNCs 舒影岚舒影岚 Linda Shu 余文心余文心 Wenxin Yu 张涵张涵 Hahn Zhang 2020年年3月月17日日 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际日本投资有限公司和海通国际证券集团其他各成员单 位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重
2、要披露声明和免责 声明，请参阅附录。This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited (“HTIRL”), Haitong Securities India Private Limited (“HSIPL”), Haitong International Japaninvest KK (“HTIJIKK”), Haitong Interna
3、tional Securities Company Limited (“HTISCL”), and any other members within the Haitong International Securities Group of Companies (“HTISG”), each authorized to engage in securities activities in its respective jurisdiction. Please refer to the appendix for the Analyst Certification, Important Discl
4、osures and Important Disclaimer. Equity Asia Research 2 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 长久以来，MNC（跨国公司）一直都是中国医药市场的超级玩家，是恒瑞、中国生物制药、石药、豪森等本土医药上市公司最重要的 竞争者，我们认为研究研究MNC在华业务对判
5、断中国医药行业的竞争格局至关重要在华业务对判断中国医药行业的竞争格局至关重要，而关于MNC在华业务的研究较少，针对投资者的疑针对投资者的疑 惑惑，本篇报告主要解答几个问题：本篇报告主要解答几个问题： MNC在华业务哪家强，有何借鉴价值？ 过去几年，相比MNC，内资药企业绩增速如何？ 创新药方面，加速审批 and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. 我，余文心，在
6、此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中 没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有 任何财务利益。I, Wenxin Yu, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers
7、 referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of t
8、he subject companies discussed. 我，张涵，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没 有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任 何财务利益。I, Hahn Zhang, certify that (i) the views expressed in this research report accurately reflect my personal views about any or
9、all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial inte
10、rest in the security or securities of the subject companies discussed. APPENDIX 2 利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系 的披露事项（如果没有披露事项，则意味着目前不存在该等关系）。 If no disclosures are included, it means that at the time of publication t
11、here is no conflict of interest pursuant to applicable regulations. 海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了600535.CH, 6855.HK, 2696.HK, 600511.CH 的投资银行项目。投资银行项目 包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、 海通作为主经纪商的新三板上市、目标配售和并购项目。 Haitong Securities Co., Ltd. and/or its subsidi
12、aries (collectively, the Haitong) have a role in investment banking projects of 600535.CH, 6855.HK, 2696.HK, 600511.CH within the past 12 months. The investment banking projects include 1. IPO projects in which Haitong acted as pre-listing tutor, sponsor, or lead- underwriter; 2. equity or debt refi
13、nancing projects of 600535.CH, 6855.HK, 2696.HK, 600511.CH for which Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M 其他所有中国概念股 MSCI China. Ratings Definitions (from 1 September 2019): Haitong International uses a
14、 relative rating system using Buy, Neutral or Sell for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning
15、 the analysts views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investors decision to buy or sell a stock should depen
16、d on individual circumstances (such as the investors existing holdings) and other considerations. Analyst Stock Ratings BUY (B): The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. Neutral (N): The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of
