民生证券NSHENG SECURITIES恒瑞医药(600276)/医药公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入21275246472884433775成长能力(%)营业成本3487404047285536营业收入增长率-178715.8517.0317.09营业税金及附九加190221258302EBT增长率-18.9530.7621.7222.25销售费用73488257960511146净利润增长率-13.7720.6321.5721.80管理费用2306258830293546盈利能力(%)研发费用4887554663467262毛利率83.6183.6183.6183.61EBIT3302431752556425净利润率18.3619.1219.8620.66财务费用-471-400-458-514总资产收益率ROA9.2210.5511.5712.60资产减值损失-147-28-33-39净资产收益率ROE10.3311.4612.5613.65投资收益387246288338偿债能力4112494259767246流动比率8.5011.7111.2410.93营业外收支-143-148-148-148速动比率73610.069.619.33利润总额3968479458287098现金比率4.155.945.705.62所得税153191233283资产负债率(%)9.316.847.12735净利润3815460255956815经营效率归属于母公司净利润3906471257296978应收账款周转天数101.0790.0085.0080.00EBITDA3946510463147785存货周转天数256.54256.54256.54256.54总资产周转率0.520.570.610.64资产负债表（百万元）2022A2023E2024E2025E每股指标（元）15111163551834621156每股收益0.610.740.901.09应收账款及票据6394664874158221每股净资产5.936.457.158.011055122214301675每股经营现金流0.200.720.790.992451281132903852每股股利0.160.190.230.29其他流动资产5924519656966282估值分析流动资产合计30934322323617641185PE80665445长期股权投资768768768768PB8.27.66.1固定资产5383634371998032EV/EBITDA75.4957.8746.463732无形资产5206888451001股息收益率(%)0.330.390.480.58非流动资产合计11421124311331914177资产合计42355446634949555362短期借款1261000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1768204823972806净利润3815460255956815其他流动负债611705823961折旧和摊销64478710591360流动负债合计3639275332193768营运资金变动-2813-736-1533-1704长期借款000经营活动现金流1265460950246331其他长期负债303304304304资本开支-1972-1907-2054-2325非流动负债合计303304304304投资2196101600负债合计3942305635234071投资活动现金流390-1766股本6379637963796379379000少数股东权益5894793451831260-126100股东权益合计38413416074597251291筹资活动现金流319-2729-1268负债和股东权益合计42355446634949555362现金净流量1417124419902810资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告