民生证券INSHENG SECURITIES以岭药业(002603)/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12,53312,59814,24316,248成长能力(%)营业成本4,54147525,3386,029营业收入增长率23.880.5213.0614.08营业税金及附九加203191216246EBT增长率81.010.6614.2115.88销售费用3,2593,1873,6054,113净利润增长率75.755.7414.4416.24管理费用612615696794盈利能力(%)研发费用1,0329831,111毛利率63.7762.2862.5262.89EBIT293429533,3733,908净利润率18.8419.8220.0720.45财务费用206-1总资产收益率ROA14.4613.7514.0414.48资产减值损失-108-27-30-34净资产收益率ROE21.6019.8319.6119.68投资收益71-11偿债能力2,8302,9153,3343,872流动此率1.501.691.962.28营业外收支-49-17-17-17速动比率0.951.111.351.63利润总额2,7812,8983,3173,855现金比率0.540.771.02所得税424406464540资产负债率(%)33.0930.6828.4626.50净利润2,3572,4922,8523,315经营效率归属于母公司净利润2,3622.4972.8583,322应收账款周转天数50.2951.8348.0046.00EBITDA3,3863,4614,0184,686存货周转天数162.53171.12171.12171.12总资产周转率0.860.730.740.75资产负债表（百万元）2022A2023E2024E2025E每股指标（元）27175,660每股收益1.411.491.711.99应收账款及票据1,7271,7711.8542027每股净资产6.547.548.7210.11预时款项516499502512每股经营现金流2.091.631.882.132,0222,20124732,793每股股利0.500.530.610.70其他流动资产1,0851,2831.4211,599估值分析流动资产合计7,2548,47010,29912,592PE18171513长期股权投资2333PB3.83.32.92.5固定资产4,6255,1555,5846,008EV/EBITDA12.0311.589.698.01无形资产724785784781股息收益率(%)2.002.112.422.81非流动资产合计9,0829,69110,05210,354资产合计16,33618,16120,35022.946短期借款5007009201,170现金流量表（百万元）2022A2023E2024E2025E应付账款及票据2,0612,0962,1792280净利润2,357249228523,315其他流动负债228922252,1452,079折旧和摊销452508645778流动负债合计4,8505,0225,2455,529营运资金变动684-391-453-632长期借款200200200200经营活动现金流3,4882,7313,1393.563其他长期负债356351347353资本开支-214-548-515-648非流动负债合计556551547553投资-1,789-56-56-56负债合计5,4065,5735,7926,082投资活动现金流-1,995.1.049-1,114股本1,6711.6711.6711.6710000少数股东权益2-19-350164180230股东权益合计10,93012,58914,55916,864筹资活动现金流-637负债和股东权益合计16,33618,16120,35022,946现金净流量8578121,3321,611资料来源：公司公告、民生证券研究院预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