东方证券ORIENT SECURITIES晨光生物动态跟踪一Q4扣非保特高增，从容蓄力以待来年附表：财务报表预测与比率分析资产负债表利润表单位：百万元2020A2021A2022E2023E2024E单位：百万元2020A2021A2022E2023E2024E货币资金3107339461,0843,9134,8746,2967,2148,498306515590695营业成本3,2614,1555,4236,1367,185163244280330营业税金及附加存货1,7932,2292.9093,2923,854销售费用455573其他341428431433437管理费用及研发费用223103982,9123,9775,0465,6806,593财务费用151长期股权投资102112112112112资产、信用减值损失2711固定资产126114241,549公允价值变动收益0在建工程2042199294投资净收益12800无形资产255259252246其他33326其他1425959593114871,7421,9781,9502,0652,167营业外数入17资产总计4,6545,9556,9967,7448,760营业外支出短期借款1,8392,3462,907313应付票据及应付张款335362所得税99其他3558979551,0361,4262,6823,2903,5754,006少数股东损益268352长期借款303303303303694应付债券4330000.500.660.821.031.30其他1381871871871871,1694904904904902,5953,1723,7804,06444962020A2021A2022E2023E2024E少数股东权益3)⑤520533533533533营业收入19.8%24.6%29.2%14.6%17.8%资本公积5211.0251.0251,0251.025营业利润53.2%23.7%26.4%27.0%26.5%留存收益12942,1262,713归属于母公司净利润38.3%31.3%23.9%26.4%26.0%其他270002,0602,7833,2163,6804,26416.7%14.8%13.9%14.9%15.5%4,6545,9556,9967,7448,7606.8%7.2%6.9%7.6%8.2%ROE14.0%14.5%14.5%16.0%17.4%现金流量表ROIC8.1%8.2%8.0%9.1%10.1%单位百万元2020A2021A2022E2023E2024E351434549资产负债率55.8%53.3%54.0%52.5%51.3%折旧摊销112124146168净负债率85.7%61.4%62.3%56.7%52.4%财务费用602.041.481.531.591.65投资损失(123035)20(20)速动比率0.760.640.640.650.67营运资金变动475(439其它1971511113.414.213.913.113.252964(66)302271存货周转率172.02.11.92.0资本支出514(150)总资产固转率090.91.01.01.0(15(1000其他87105262020每股收益0.500.660.821.031.30(265(124)1.020.12-0.120.570.51831(40500每股净资产3.875.236.046.928.0217517000其他6054294037717336.527.822.417.714.1243541403173市净率4.73.53.02.62.3-0-0EV/EBTDA21.918.816.012.510.2326336214138193EV/EBIT26.923.619.815.212.2资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2