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2023-04-07-西南证券-前沿生物-艾可宁收入翻倍增长，抗HIV新药市场值得期待

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2023-04-07-西南证券-前沿生物-艾可宁收入翻倍增长，抗HIV新药市场值得期待
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前沿生物(688221)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E84.74188.50382.60632.20-356.76272.21-233.81-188.88营业成本68.97131.95242.94373.36折旧与摊销47.5650.9450.9450.94营业税金及册加2987.4914.6324.50-0.052.134.257.06销售货用54.3794.25114.78164.37-0.380.000.000.0080.67131.95133.91126.44经营营运黄本变动42.9352.06-134.57.161.83财务货用-0.052.134.257.06其他63.5116.69-9.425.75-0.380.000.000.00289.04254.51-322.60-286.9520.200.000.000.00-127.840.000.000.00-0.250.320.200.1710.580.320.200.17其他经营损益0.000.000.000.00-117.270.320.200.17-357.28-273.20-234.85189.81短期借款58.45.110.64116.38272.280.510.991.040.93长期猎款109.620.000.000.00-356.76272.21-233.81-188.88197.910.000.000.00所得税0.000.000.000.00支付股利0.0071.3553.9146.53-356.76-272.21-233.81-188.88-206.5162.794.25-7.060.002.67-1.15-1.39159.46-102.08166.03311.75-356.76-269.54-232.66187.49-246.68356.26.156.3724.962022A2023E2024E2025E2022A2023E2024E2025E550.89194.6338.2663.22成长能力应收和预付款项91.23177.66354.62564.85109.22%122.44%102.97%65.24%存货55.6192.56193.87295.41营业利润增长率-33.57%23.53%14.04%19.18%其他流动黄产708.34730.66772.42826.11-34.49%23.70%14.11%19.22%0.000.000.000.00BTDA增长率-32.76%28.94%18.39%26.63%0.000.000.000.00724.40718.91713.41707.91毛利率18.61%30.00%36.50%40.94%无彩资产和开发支出257.22212.05166.87121.70159.30%121.13%66.11%47.12%23.1622.8922.6222.34.421.01%-144.41%-61.11%-29.88%2410.862149.362262.062601.55ROE-21.34%.18.51%.18.12%-16.45%110.640.00116.38388.66ROA-14.80%-12.66%-10.34%-7.26%44.2298.64175.65268.60ROIC-56.47%-38.49%-30.43%-20.78%长期借款117.12117.12117.12117.12.365.54%-116.78%-46.96%-20.85%467.43463.03562.26678.87739.41678.79971.411453.240.030.080.170.26股本374.58374.58374.58374.581.411.914.107.202722.982722.982722.982722.982.802.772.602.47留存收益-1426.13-1624.32-1803.07-1944.03存货周转率1.141.631.611.501671.451473.241294.481153.5395.64%0.00-2.67-3.82-5.221671.451470.561290.661148.3130.67%31.58%42.94%55.86%2410.862149.362262.062601.55带息债务感负债30.80%17.25%24.04%34.80%流动比率5.075.522.671.772022A2023E2024E2025E速动比率4.875.092.291.47EBITDA-309.76-220.13-179.65-131.81股利支付率0.00%26.47%23.17%24.82%E2873.253.704.15-0.95-0.72-0.62-0.50PS56.5425.4212.527.584.463.933.463.08EV/EBITDA-12.33-18.18-23.80-34.31每股经营现金-0.77-0.68-0.86-0.770.00%每股股利0.00-0.19-0.14-0.12请务必阅读正文后的重要声明部分