美年使康(002044)HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度2022A2023E2024E2025E会计年度2022A2023E2024E2025E54995435573361608533108801209813434现金1984144215651476营业成本5602649972798007应收账款2569305230643578营业税金及附加5其他应收款354420440515销售费用2013250227223023预付账款134149167184管理费用7999259681075存货221133259168财务费用281263430其他流动资产237239237239资产减值损失36-12-13-1412781139311505116047公允价值变动收益2000长期投资1002114012071291投资净收益00因定资产2110200919041804管业利润37985510131209无形资产301365438513营业外收入688其他非流动资产9367104171150212439营业外支出483535351828019366207842220642282898611827641807887189200所得税51149178213短期借款1644157815291516净利润473679809969应付账款1232129515151554少数股东损益6078102其他流动负债4765520556736130归属母公司净利润-533601720868非流动贞债2442241223822352EBITDA1299174419812188长期借款1717EPS(元)-0.140.150.180.22其他非流动负债242523952365233510083104901110011552少数股东权益74181990810102022A2023E2024E2025E股本3914391439143914成长能力资本公积2289228922892289营业收入-7.4%27.5%11.2%11.0%留存收益1252185225723440-197.3%325.4%18.6%19.3%归属母公司股东权7455805687769643归属于母公司净利965.8%212.7%19.9%20.5%18280193662078422206毛利率(%)34.3%40.3%39.8%40.4%现金流量表单位：百万元净利率(%)-6.2%5.5%6.0%6.5%会计年度2022A2023E2024E2025EROE (%-7.2%7.5%8.2%9.0%1541166023451987ROIC (%-0.6%5.3%5.9%6.6%473679809969折旧摊销1372846915928资产负债率(%)55.2%54.2%53.4%52.0%财务费用282656362净负债比率(%)123.0%118.2%114.6%108.4%投资损失000流动比率0.720.670.660.67营运资金变动1962551320速动比率0.640.610.580.61其他经营现金流5056983421036营运能力-232-2041-2081-1971总资产周转率0.460.580.600.62资本支出395-1958-2069-1941应收账款周转率3.323.873.964.04长期投资45-13362应付账款周转率5.025.145.185.22其他投资现金流207505050-1589-161-142-105每股收益-0.140.150.180.22短期借款1966549每股经营现金流0.390.420.600.51长期借款644000每股净资产1.902.062.242.46普通股增加0000估值比率资本公积增加-27300P/E47.1239.3132.62其他筹资现金流-95-9392P/B3.223.513222.93-280542123EV/EBITDA20.9518.3416.0414.54资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告