泽球削药(688266)2022年报及2023一季报点评2022A2023E2024E2025E2022A2023E2024E2025E302.31544.151197.131795.69485.95466.09-237.90340.17营业成本26.1617.8341.4359.89折旧与摊销56.9433.3133.3133.31营业税金及附加1.372.475.438.14-13.640.200.000.00销售货用227.69380.90718.28718.280.000.000.000.0086.34108.83119.71107.74经营营运黄本变动21.49-98.17-174.19-79.67研发货用497.72500550560其他50.82-0.085.00-0.11财务货用-13.640.200.000.00-370.34530.82-373.78293.690.000.000.000.00-84.400.000.000.003.950.000.000.00.179.652.702.522.60公允价值变动损益2.632.702.522.60-264.062.702.522.600.000.000.000.00258.98-244.98343.34-284.02-485.56.463.38-235.20344.2450.090.000.000.003.23-3.43-3.1917.080.000.000.00-487.95-466.61-238.64341.05支付股利0.0091.5593.2247.58所得税-201-0.52-0.730.8843.37-61.090.000.00-485.95-466.09-237.90340.17282.79-214.51436.56-236.44-28.180.000.000.00-347.54-742.6365.3059.86.457.77-466.09-237.90340.172022A2023E2024E2025E2022A2023E2024E2025E797.0554.41119.71179.57成长能力应收和预付款项142.29189.43426.07613.9058.81%80.00%120.00%50.00%存货98.9817.8322.8622.96-5.78%4.57%49.24%246.36%253.43257.04266.76275.67-5.19%4.09%48.96%242.98%0.000.000.000.00BTDA增长率1.44%2.80%53.03%287.01%0.000.000.000.00195.89188.52181.16173.79毛利率91.35%96.72%96.54%96.66%91.0367.1843.3319.4899.37%90.04%70.00%46.00%89.6487.5485.4583.35净利率-160.75%-85.65%-19.87%18.94%1668.31861.951145.331368.71ROE-61.71%-112.09%-87.75%51.63%短期借款390.79145.81489.15205.13ROA-29.13%-54.07%-20.77%24.85%应付和预收款项243.75148.71233.44353.08ROIC-269.41%-183.65%-59.13%62.45%长期借款50.0950.0950.0950.09-146.30%-79.00%-16.86%21.03%其他负债196.18101.55101.55101.55880.82446.16874.23709.8517.71%43.01%119.28%142.85%股本240.00240.00240.00240.00290.08%515.63%1219.49%1977.60%2222.292222.292222.292222.29应收账款周转率390.98%469.85%492.82%424.73%.1700.33-2074.86-2219.55-1831.80存货周转率34.68%30.52%194.12%245.37%759.12387.43242.74630.49104.52%28.3728.3728.3728.37787.49415.80271.11658.8552.80%51.76%76.33%51.86%1668.31861.951145.331368.7150.05%43.91%61.68%35.95%177.15%176.12%115.61%195.64%2022A2023E2024E2025E速动比率163.58%170.07%112.45%191.53%EBITDA-442.26.429.86-201.89377.55股利支付率0.00%19.64%39.18%-13.99%PE-29.40-28.87-56.5639.56PB17.7334.7355.4421.34-1.91-1.94-0.991.42PS44.5124.7311.247.493.161.611.012.63EV/EBITDA-29.05-30.90-67.1635.00每股经营现金-1.54-2.21.1.561.220.00每股股利0.00-0.38-0.39-0.20请务必阅读正文后的重要声明部分