上海医药(601607)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E231981.30259401.49287572.49321975.586992.018036.269085.1910316.26营业成本201494.92223915.37248232.57277929.32折旧与摊销1711.671205.581250.581295.58营业税金及附加716.27826.88916.681026.341313.191803.572062.772091.36销售货用14278.9716835.1618433.4020735.23-331.47500.00450.00400.004991.696225.646901.747727.41经营营运黄本变动6387.55-21209.396075.81-7350.81财务货用1313.191803.572062.772091.36其他1445.51163.22-1086.65-168.23.331.47500.00450.00400.004743.36-9500.775686.076584.16533.12300.00300.00300.00-2348.43-1000.00-1000.00-1000.00218.7460.1768.6690.8410124.7045.79.131.34-109.16其他经营损益0.000.000.000.00-12473.12-954.21-1131.34-1109.169014.659655.0510944.0012456.76短期借款5236.0113598.84916.34816.42-206.30220.00220.00220.00-897.950.000.000.008808.359875.0511164.0012676.7613882.840.000.000.00所得税1816.341838.802078.812360.49支付股利-1250.52-1123.43-1291.21-1459.756992.018036.269085.1910316.26.4831.79-3481.68-1362.77-1391.361374.861580.201786.452028.5212138.598993.73-1737.64-2034.705617.156456.067298.748287.744396.39.1461.252817.103440.312022A2023E2024E2025E2022A2023E2024E2025E27401.4025940.1528757.2532197.56成长能力应收和预付款项72427.0278342.1587327.6497986.287.49%11.82%10.86%11.96%存货34460.2237716.9642451.4247338.68营业利涧增长率9.86%7.10%13.35%13.82%其他流动黄产15224.2410975.5711123.4811304.1211.43%14.93%13.05%13.55%9232.649232.649232.649232.64BTDA增长率8.03%5.19%12.58%11.13%246.42246.42246.42246.4214316.6514769.7915177.9415541.08毛利率13.14%13.68%13.68%13.68%17922.6717310.2016697.7216085.258.87%9.59%9.53%9.49%6903.657357.407811.168264.923.01%3.10%3.16%3.20%198134.90201891.28218825.67238196.95ROE8.96%9.42%9.76%10.12%27750.5941349.4342265.7743082.19ROA3.53%3.98%4.15%4.33%54586.8457518.4564271.9672329.28ROIC10.37%9.68%9.49%9.84%长期借款6259.806259.806259.806259.805.19%4.88%4.96%4.92%31535.2211476.9912947.5514588.58120132.45116604.68125745.09136259.851.281.301.371.41股本3697.553697.553697.553697.5521.0722.0523.5825.5929098.1029098.1029098.1029098.103.603.613.643.6434638.6839971.3145978.8452806.83存货周转率6.436.166.156.1867063.0172766.9678774.4985602.48107.73%10939.4512519.6414306.0916334.6178002.4585286.6093080.58101937.1060.63%57.76%57.46%57.20%198134.90201891.28218825.67238196.95带息债务感负债28.31%40.83%38.59%36.21%流动比率1.351.441.481.512022A2023E2024E2025E速动比率1.041.081.111.13EBITDA12039.5112664.2014257.3415843.70股利支付率22.26%17.40%17.69%17.61%E13.4111.6710.329.091.121.040.960.881.521.751.972.24PS0.320.290.260.2318.1319.6821.3023.15EV/EBITDA5.686.335.464.71每股经营现金1.28-2.571.541.781.66%1.49%1.71%1.94%每股股利0.340.300.350.39请务必阅读正文后的重要声明部分