2015年3月,中国政府提出“互联网+”的概念。在“互联网+”概念的带动下,电商引入医药销售为主的药业公司的股票呈现上升趋势。但是引入互联网概念的医药股的股价是否反映其在引进电商业务的内在价值?以瑞康药业(002589)为例,首先通过杜邦分析法对其财务数据进行分析,然后对其医药、电商业务(假设未来业务成功)用资本资产定价模型和股利贴现模型进行估值,据此得出对“互联网+医疗”的资产证券化是否高估的结论。 In March 2015, the Chinese government proposed the concept of “Internet + ”. Driven by the concept of “Internet + ”, the stocks of drug companies that are mainly engaged in the sales of electricity by electricity providers are on the rise. However, the share price of pharmaceutical stocks that introduce the concept of Internet reflects the intrinsic value of its introduction of e-commerce business. Taking Ruikang Pharmaceutical (002589) as an example, it first analyzes its financial data through DuPont analysis, and then analyzes its financials Commercial business (assuming future business success) Valuates the capital asset pricing model and the dividend discount model, and draws a conclusion as to whether the “Internet + medical” asset securitization is overvalued.