金融学院知识库

党的十九大报告明确了“健康中国”发展战略，发展医药行业是实施健康中国战略的重要一环。中医药产业作为我国医药产业的重要组成部分，在保障人民健康、促进经济社会发展中具有重要作用。伴随国家政策的出台、社会经济的发展、中药技术的提升以及中药市场需求的扩大，我国中医药产业迎来了持续发展的新机遇。鉴于中医药在新冠肺炎疫情预防和治疗方面的突出表现，投资者普遍看好中医药行业的发展前景。科学分析判断中医药行业上市公司的投资价值，对于投资决策具有重要意义。

本文梳理了投资价值相关理论，从宏观、中观和微观三个角度分析中医药行业投资价值的影响因素，以65家A股上市的中医药企业为样本，选取了2018-2020年的财务与非财务指标，运用因子分析法建立了投资价值综合评价指标体系，得出华森制药、华润三九及云南白药三家公司具有投资价值的总体判断，进一步运用PEG 估值法和PB法对中医药行业的龙头企业-云南白药公司的投资价值进行了详细分析，得出云南白药公司目前被市场低估，具有很大的市场投资价值。研究发现，抗风险能力因子和创新因子是影响中医药企业投资价值最重要的两个因素。基于此，提出如下建议：中医药企业应该整合上下游产业链以提高企业效能、加强中医药产品质量、提高公司的创新和抗风险能力；中医药行业投资者要利用所学金融知识理性分析股票的投资价值，加大对中医药企业公开披露信息的关注。

The report of the 19th National Congress of the Communist Party of China clarified the development strategy of "Healthy China", and the development of the pharmaceutical industry is an important part of the implementation of the Healthy China strategy. As an important part of my country's pharmaceutical industry, the Chinese medicine industry plays an important role in safeguarding people's health and promoting economic and social development. With the promulgation of national policies, the development of social economy, the improvement of Chinese medicine technology and the expansion of Chinese medicine market demand, my country's Chinese medicine industry has ushered in new opportunities for sustainable development. In view of the outstanding performance of Chinese medicine in the prevention and treatment of the new crown pneumonia epidemic, investors are generally optimistic about the development prospects of the Chinese medicine industry. Scientific analysis and judgment of the investment value of listed companies in the Chinese medicine industry is of great significance to investment decision-making.

This article combs the relevant theories of investment value, analyzes the influencing factors of the investment value of the Chinese medicine industry from the three perspectives of macro, meso and micro. With 65 A-share listed Chinese medicine companies as a sample, the financial and financial data of 2018-2020 are selected. For non-financial indicators, the factor analysis method was used to establish a comprehensive evaluation index system for investment value, and the overall judgment of the investment value of Huasen Pharmaceutical, China Resources Sanjiu and Yunnan Baiyao was obtained. The PEG valuation method and the PB method were further used to evaluate Chinese medicine. A detailed analysis of the investment value of Yunnan Baiyao Company, a leading enterprise in the industry, shows that Yunnan Baiyao Company is currently undervalued by the market and has great market investment value. The study found that the anti-risk ability factor and the innovation factor are the two most important factors that affect the investment value of Chinese medicine companies. Based on this, the following suggestions are put forward: Chinese medicine companies should integrate the upstream and downstream industrial chains to improve corporate efficiency, strengthen the quality of Chinese medicine products, and improve the company’s innovation and anti-risk capabilities; investors in the Chinese medicine industry should use their financial knowledge to rationally analyze stocks The investment value of the company has increased attention to the public disclosure of information by Chinese medicine companies.