中国银河证券CHINA GALAXY SECURITIES公司点评/医药行业公司财务预测表2023E2024E2025E2023E2024E2025E1285.141536.051915202363.03营业收入842.181053.051289.871559.23现金494.69797.70891241360.13营业成本147.81139.6419621247.87应收账款452.17407.82659.91648.11营业税金及附加3.724.665.70其它应收款2.571.963.663.23营业货用303.78376.10432.15500.84预付账款7.737.3010.5613.71管理货用622975.2789.26106.40存货32.8427.1254.9545.97财务货用-30.034.79-23.88-26.69其他295.14294.14294.89291.88-0.300.000.000.00365.78366.61361.93351.76公允价值变动收益6.680.000.000.00长期投资58.6158.6158.6158.614.700.000.00200.44203.26200.59192.41营业利润287.66271.00362.97454.80无形资严47.2145.2143.214121营业外收入0.0120.000.000.00其他59.5359.5359.5359.53营业外支出1.592.000.000.001650.921902.662277.142714.79286.08289.00362.97454.8091.9788.76127.91145.40所得税21.7922.0127.6534.64短期借款0.000.000.000.00净利润264.29266.99335.32420.16应付账款21.3319.9635.8831910.550.000.000.00其他70.6368.7992.03113.49归属母公司净利润263.74266.99335.32420.1659.2359.2359.235923EBITDA214.62317.38395.76490.29长期借款46.6446.6446.6446.64EPS(元)0.660.670.841.06其他12.5912.5912.5912.59黄债合计151.20147.99187.15204.632022A2023E2024E2025E0.000.000.000.00营业收入-8.169%25.04%22.49%20.88%归属母公司殷东权益1499.731754.672089.992510.15营业利润13.59%-5.79%33.94%25.30%1650.921902.662277.142714.79归属母公司净利润10.09%1.23%25.59%25.,30%毛利率8245%86.74%84.79%84.10%2023E2024E2025E净利率3132%25.35%26.00%26.95%149.04349.11145.58520.95ROE17.59%15.22%16.04%16.74%净利润264.29266.99335.32420.16ROIC9.60%13.60%14.61%15.43%折旧摊销53.2451.1756.679.16%7.78%8.22%7.54%财务货用-22.680.050.050.05净负债比率10.08%8.43%8.95%8.15%投资损失4.700.000.000.00流动比率13.9717.3114.9716.25-72.6248.90-246.4638.5613.2516.6114.3015.71其它-77.90-18.000.000.00总资产周转率0.510.550.570.57-4020-34.00-52.00-52.00应收帐款周转率1.862.581.952.41资本支出-26.35-34.00-52.0052.00应付帐款周转率39.4852.7535.9448.87长期投资-23.470.000.000.000.660.670.84其他9.620.000.000.000.370.880.37-12058-12.09-0.05-0.053.74.415.256.30短期借款0.000.000.000.00P/E43.0542.5333.8627.03长期借款46.640.000.000.00P/B7.575.434.52其他-167.22-12.09-0.05-0.05EV/EBITDA47.0133.4326.5820.5012.85303.0293.53468.90PS134810.778.797.28请务必阅读正文最后的中国银河证券股份有限公司免黄声明。2