沃森、康泰的净利润拐点何时到来?_股票频道_证券之星


导语:两家公司的几大全球性产品不加大投入就不会诞生,也不会为市场所知所熟悉,所以短期的高投入是必然的。

截止2022年第三季报的披露智飞生物(SZ:300122)三年又一期的研发投入是24亿万泰生物(SH:603392)是20亿沃森生物(SZ:300142)是21亿康泰生物(SZ:300601)是20亿康希诺(SH:688185)是20亿

截止23年2月21日收盘<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 智飞生物的市值是1463亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 万泰生物是1158亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 沃森生物是624个亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 康泰生物是403亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 康希诺是344亿<h-char unicode="3002" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">。

上述五家公司里<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 智飞生物的业务有代理的收入<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 万泰生物有检测的收入<h-char unicode="ff0c" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">, 只有沃森生物<h-char unicode="3001" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">、 康泰生物和康希诺主要以疫苗产品为主<h-char unicode="3002" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">。

<h-char unicode="3002" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">以下分析聚焦自主研发疫苗业务<h-char unicode="3002" style="color: rgb(51, 51, 51); font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;="" font-size:="" 17px;="" white-space:="" normal;="" visibility:="" visible;"="">。

我们看到三年又一期自主疫苗的收入情况是智飞生物148亿万泰生物106亿沃森生物112亿康泰生物104亿康希诺51亿 注意智飞生物和康希诺自主研发疫苗收入里面有新冠或者主要是新冠的业绩贡献而万泰沃森康泰生物三年又一期的收入里没有新冠的收入 我们看市值与自主疫苗的收入比例万泰生物最高是1092%接下来是智飞生物989%第三是康希诺675%而自主疫苗收入被低估的是沃森生物和康泰生物其中沃森生物557%康泰生物388% 从自主疫苗收入角度看沃森生物和康泰生物被低估了 我们再看股价的涨幅2016年1月27日是上证指数的一个阶段性低点2018年12月31日是上证指数的另外一个相对低点 康泰生物的股价从8.9元上涨到21.3元上涨了2.4倍然后从2018年的12月31日相对低点上涨到最近的36.33上涨1.7倍 这样的话从2016年1月27号的相对低点开始算经过7年时间康泰生物股价上涨了3倍而同期智飞生物上涨近10倍 相同的时间段沃森生物从2016年1月27日的8.12元上涨到2018年的12月31日的低点18.97元上涨2.3倍然后再涨到最近的38.9元上涨2.1倍总体涨幅是3.8倍也远低于同期智飞生物十倍的涨幅 万泰生物以106亿的收入获得1158亿的估值物有所值 所以说沃森生物和康泰生物的股价如果按照销售收入的角度看被低估了

我们再看三年又一期的扣非净利润智飞生物是215个亿万泰生物66亿而相对于前二家公司沃森生物21个亿康泰生物25个亿扣非净利润低很多说明费用吃掉了公司的很多盈利

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">以下考察费用情况<h-char unicode="ff1a" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">: <h-char unicode="ff1a" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">

<h-char unicode="ff1a" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">三年又一期销售费用+管理费用的总和<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 智飞生物是66亿<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 万泰生物59个亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 沃森生物53个亿<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 康泰生物39个亿<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">投入产出比例<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 也就是投入<h-char unicode="ff08" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">( 或者消耗<h-char unicode="ff09" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">) 相同的费用产生的收入效果来看<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 智飞生物最好<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 是1277%<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 万泰生物是303%<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">而沃森生物和康泰生物投入的费用产生的收入的倍数比较低<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 沃森生物是211%<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 康泰生物是267%<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 为什么这么低<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 是否值得投入这些费用资源<h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">? <h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">

<h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">沃森生物目前有几个比较大的品种<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 分别是13价<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, HPV2<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 以及正在研发的新冠mRNA疫苗<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 沃森生物的研发费用资源<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 销售+管理费用资源<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 这几年主要投在了上述几大品种方面<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 <h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">康泰生物的几个大单品分别是13价<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 4联苗<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 狂犬病疫苗以及乙肝疫苗<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 这几个都是全球范围的大单品<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 所以康泰生物这三年又一期提前投入的研发费用资源<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 以及销售+管理费用资源都是值得的<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 <h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">沃森生物<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 康泰生物的收获期是什么时候<h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">? 23年-24年<h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">? 还是要再等一等<h-char unicode="ff1f" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">? 很多人诟病这二家公司这几年的净利润比较低<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 其实这三年多的时间<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 二家公司的费用资源投入到哪里去了投资人有目共睹<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">。 <h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">

<h-char unicode="3002" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"=""> 我们判断暂时的边际费用投入不会再增加了<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 而他们的几大全球性的产品不大投入就不会诞生<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 也不会为市场所知所熟悉<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 所以短期的高投入是必然的。

而一旦边际费用投入比例降低就意味着公司净利润高增长的拐点<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 此判断是否成真<h-char unicode="ff0c" style="color: rgb(51, 51, 51);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, " helvetica="" neue",="" "pingfang="" sc",="" "hiragino="" sans="" gb",="" "microsoft="" yahei="" ui",="" yahei",="" arial,="" sans-serif;font-size:="" 17px;font-style:="" normal;font-variant-ligatures:="" normal;font-variant-caps:="" normal;font-weight:="" 400;letter-spacing:="" normal;text-transform:="" none;white-space:="" normal;word-spacing:="" 0px;-webkit-text-stroke-width:="" 0px;"="">, 让我们拭目以待。

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