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2023-04-28-西南证券-恒瑞医药-业绩拐点已至，创新和国际化行稳致远

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2023-04-28-西南证券-恒瑞医药-业绩拐点已至，创新和国际化行稳致远
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恒瑞医药(600276)2022年报及2023年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E21275.2724158.8628060.0532914.743815.074634.735491.446701.78营业成本3486.643423.123895.174535.47折旧与摊销605.38510.07510.07510.07营业税金及册加190.39208.13241.01284.97财务货用.470.877.008.008.00销售费用7347.898407.289821.0211684.73-146.680.000.000.002306.482464.202890.193291.47经营营运资本变动-2712.092097.46-1599.94-1937.46-470.877.008.008.00174.45-21.52-23.915.54-146.680.000.000.001265.267227.734385.665287.93387.360.000.000.00-1986.830.000.000.0076.5010.0015.0030.002377.1210.0015.0030.000.000.000.000.00390.2910.0015.0030.004111.965609.126619.678040.101260.94-1260.940.000.00.143.47-156.50-159.16-155.66长期借款0.000.000.000.003968.495452.626460.527884.44-352.960.000.000.00所得税153.42817.89969.081182.67支付股利-1020.47781.26-930.95-1100.293815.074634.735491.446701.78-206.29-10.23-8.00-8.00-91.23-20.00-10.00-10.00-318.77-2052.43-938.95-1108.293906.304654.735501.446711.781417.285185.303461.714209.642022A2023E2024E2025E2022A2023E2024E2025E15110.6820295.9823757.6927967.33成长能力应收和预付款项8011.167698.469163.3810868.66销售收入增长率-17.87%13.55%16.15%17.30%存货2450.572409.432772.333214.36-11.85%36.41%18.02%21.46%5361.643502.983622.883772.08-14.92%21.48%18.48%22.04%767.86767.86767.86767.86BTDA增长率-12.76%44.27%16.51%19.90%0.000.000.000.006576.366161.245746.135331.0283.61%85.83%86.12%86.22%无形资产和开发支出2200.932143.082085.242027.3943.17%45.03%45.33%45.52%1875.811838.691801.581764.47净利率17.93%19.18%19.57%20.36%42355.0144817.7349717.0955713.16ROE9.93%10.97%11.73%12.78%1260.940.000.000.00ROA9.01%10.34%11.05%12.03%应付和预收款项1897.651963.502262.622603.30ROIC17.88%23.26%27.96%31.28%长期借款0.000.000.000.0019.96%25.36%25.44%26.00%783.26590.84630.58684.493941.852554.342893.203287.790.520.550.590.626379.006379.006379.006379.004.324.675.897.573020.243020.243020.243020.243.984.174.544.4528819.3732692.8337263.3342874.81存货周转率1.421.391.491.5137823.8141694.0446264.5451876.0387.27%少数股东权益589.35569.35559.35549.3538413.1642263.3946823.8952425.379.31%5.70%5.82%5.90%42355.0144817.7349717.0955713.16带息债务总负债31.99%0.00%0.00%0.00%流动比率8.5015.0615.1815.352022A2023E2024E2025E速动比率13.9914.1114.27EBITDA4246.476126.197137.758558.1726.12%16.78%16.92%16.39%PE78.7166.0655.8945.81PB8137.376.655.93每股收益0.610.730.861.0514.4512.7310.969.345.936.547.258.13EV/EBITDA68.1446.1839.1532.16每股经营现金0.201.130.690.830.33%0.25%0.30%0.36%0.160.120.150.17请务必阅读正文后的重要声明部分