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2023-04-03-西南证券-安琪酵母-盈利能力好转，长期成本可控

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2023-04-03-西南证券-安琪酵母-盈利能力好转，长期成本可控
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安琪酵母(600298)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E12843.3014716.7717152.8219995.351348.871563.851895.892268.09营业成本9657.7310763.9712435.1614418.26折旧与摊销600.35492.83538.36575.38营业税金及册加93.34161.88188.68219.955.85120.9113.76-26.89销售货用729.73883.011029.171239.71-59.63-48.29-50.71389.661030.171337.921559.64经营营运黄本变动-685.64174.27-512.23547.99财务货用5.85120.9113.76-26.89其他-140.9874.2829.0550.22-59.63.48.2949.35.50.711068.812029.301915.482268.106.255.115.915.70-2015.21-300.00-400.00-500.000.000.000.000.00.498.805.115.915.70其他经营损益0.000.000.000.00-2514.01-294.89-394.09-494.301581.061810.232203.402641.10短期借款480.13255.62.313.57.358.6413.9410.5010.0010.00-1158.210.000.000.001595.001820.732213.402651.101480.970.000.000.00所得税246.13256.88317.51383.01支付股利-415.97-924.86-1072.26-1299.921348.871563.851895.892268.091023.89,1108.60-13.7626.8927.6532.0538.8646.491410.81-2289.08-1399.59-1631.681321.221531.801857.032221.61-5.65554.67121.80142.132022A2023E2024E2025E2022A2023E2024E2025E1290.51735.84857.64999.77成长能力应收和预付款项1841.631973.162331.742731.1720.31%14.59%16.55%16.57%存货3007.113335.193869.914482.93营业利润增长率5.46%14.49%21.72%19.86%其他流动黄产527.72396.17461.74538.26207%15.94%21.23%19.63%24.8824.8824.8824.88BTDA增长率276%10.82%13.68%15.75%4.364.364.364.368416.768243.108123.918067.70毛利率24.80%26.86%27.50%27.89%无彩资产和开发支出645.96627.60609.25590.90876%13.82%13.88%13.87%1170.721169.911169.091168.2810.50%10.63%11.05%11.34%16929.6316510.2017452.5218608.23ROE14.04%14.60%16.44%18.14%2515.242259.611946.041587.40ROA7.97%9.47%10.86%12.19%2310.952595.812977.313463.26ROIC12.58%13.74%15.38%17.33%长期借款309.51309.51309.51309.5117.03%16.47%16.06%15.95%2185.09633.40684.17744.407320.795798.345917.036104.570.850.881.011.11股本868.97868.97868.97868.972.022.032.302.662373.392373.392373.392373.399.429.099.449.32留存收益6671.047277.988062.768984.44存货周转率3.653.393.443.459257.4310328.4011113.1812034.86112.38%351.41383.46422.32468.809608.8410711.8611535.5012503.6743.24%35.12%33.90%32.81%16929.6316510.2017452.5218608.23带息债务感负债38.59%44.31%38.12%31.07%流动比率0.991.241.421.592022A2023E2024E2025E速动比率0.550.600.690.78EBITDA2187.262423.962755.523189.59股利支付率E26.4422.8018.8115.723.773.383.142.901.521.762.142.56PS2722.372.041.7510.6511.8912.7913.85EV/EBITDA16.8014.6812.7610.86每股经营现金1.232.342.202.611.19%265%3.07%3.72%每股股利0.481.061.231.50请务必阅读正文后的重要声明部分