首页行业分类金融证券证券2023-04-04-西南证券-同仁堂-母公司业绩表现亮眼,精品战略提价可期
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2023-04-04-西南证券-同仁堂-母公司业绩表现亮眼,精品战略提价可期

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2023-04-04-西南证券-同仁堂-母公司业绩表现亮眼,精品战略提价可期
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周仁堂(600085)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E15372.4217045.0318919.9921001.192199.392286.072622.232984.57营业成本7870.138863.429838.3910920.62折旧与摊销399.03629.20638.70644.20营业税金及附加167.34182.38202.44224.71.4.6351.1456.7663.00销售货用3071.453409.013689.404074.23-87.3480.0080.0080.001342.171636.321816.321953.11经营营运黄本变动295.77-1159.35-462.67-568.32财务货用-4.6351.1456.7663.00其他292.07115.94-88.38-73.98-87.3480.0080.0080.003094.302003.002846.643129.483.122.002.002.0060.24.40.00-40.00.40.00-0.110.11-0.11-0.11.151.1652.8051.8951.89其他经营损益0.000.000.000.00-211.3912.8011.8911.892721.442824.653238.563687.40-521.25309.530.000.00-4.50-10.56-6.97-7.76477.160.000.000.002716.942814.103231.593679.6412.700.000.000.00所得税517.55528.03609.36695.07支付股利-397.73-462.03-546.37-655.302199.392286.072622.232984.57-881.12626.06-56.76-63.00773.58600.00600.00600.00-1310.23-1397.63-603.13-718.301425.811686.072022.232384.571735.40618.172255.402423.062022A2023E2024E2025E2022A2023E2024E2025E11623.9912242.1614497.5616920.62成长能力应收和预付款项2021.862178.532405.642692.18销售收入增长率5.27%10.88%11.00%11.00%存货6694.377377.088230.169165.8516.88%3.79%14.65%13.86%219.20113.55126.00139.8116.32%3.94%14.70%13.82%19.4519.4519.4519.45BTDA增长率13.12%12.49%12.24%11.71%0.000.000.000.00固定资产和在建工程3944.623385.622817.132243.13毛利率48.80%48.00%48.00%48.00%无形资产和开发支出791.61772.27752.92733.5828.68%29.90%29.40%29.00%1729.391718.541707.681696.82净刹率14.31%13.41%13.86%14.21%27044.4927807.2030556.5333611.44ROE11.92%11.30%11.72%12.06%309.530.000.000.00ROA8.13%8.22%8.58%8.88%4317.424639.635189.005782.37ROIC25.73%25.91%28.67%32.19%长期借款1221.801221.801221.801221.8020.27%20.56%20.79%20.93%其他负债2741.671706.701780.811863.07负债合计8590.427568.138191.608867.240.590.620.650.65股本1371.471371.471371.471371.473.974.776.168.342005.622005.622005.622005.6211.6211.2611.5211.508341.159565.1911041.0512770.32存货周转率1.191.251.241.2411807.2812942.2714418.1416147.41111.61%6646.797296.797946.798596.7918454.0720239.0722364.9324744.2031.76%27.22%26.81%26.38%27044.4927807.2030556.5333611.4417.83%16.14%14.92%13.78%流动比率3.254.124.254.372022A2023E2024E2025E速动比率2.192.742.872.99EBITDA3115.843504.993934.024394.61股利支付率27.89%27.40%27.02%27.48%PE53.0444.8537.4031.714.103.743.383.061.041.231.471.74PS4.924.444.003.6013.4614.7616.3118.04EV/EBITDA20.6717.9715.4413.27每股经营现金2.261.462.082.280.53%0.61%0.72%0.87%每股股利0.290.340.400.48请务必阅读正文后的重要声明部分