药明康德(603259)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E39354.7842803.1453371.7766131.058902.619957.2012462.6515452.17营业成本24677.2226803.1533181.9940998.28折旧与摊销1717.591356.111492.241655.15营业税金及册加200.47157.29209.50266.94-247.97473.50498.91525.25销售货用731.591455.311814.642248.46-175.950.000.000.002825.552996.223736.024629.17经营营运黄本变动.1604.68-2002.84-1536.67-1891.83财务货用-247.97473.50498.91525.25其他2024.42-814.10-795.30-801.57-175.950.000.000.0010616.038969.8712121.8314939.18187.95500.00500.00500.00-7917.61-8000.00-8000.00-8000.00770.08300.00300.00300.00.1772.682227.79800.00800.00其他经营损益0.000.000.000.00-9690.29-5772.21-7200.00-7200.0010652.2511717.6814730.7218262.95短期借款1612.64.1874.12500.00500.00-33.77-24.09-25.85-26.65279.090.000.000.0010618.4811693.5914704.8718236.30784.320.000.000.00所得税1715.871736.392242.222784.13支付股利-1529.44-1762.74-1973.59-2469.938902.619957.2012462.6515452.17-2424.42-724.93.498.91-525.2588.9089.24113.02141.94-1277.81-4361.79-1972.50-2495.188813.719867.9612349.6315310.23-191.43-1164.132949.335244.002022A2023E2024E2025E2022A2023E2024E2025E7985.746821.619770.9515014.94成长能力应收和预付款项6507.328019.989605.0212061.3671.84%8.76%24.69%23.91%存货5668.596180.247668.429499.2976.43%10.00%25.71%23.98%其他流动黄产3835.571331.061659.222055.4073.34%11.85%25.16%23.99%1202.931202.931202.931202.93BTDA增长率63.98%11.76%23.43%22.26%0.000.000.000.0021644.6426691.7131602.6536350.69毛利率37.30%37.38%37.83%38.00%3606.935384.837162.748940.64841%11.51%11.33%11.19%14238.6014057.5113876.4213695.3422.62%23.26%23.35%23.37%64690.3369689.8882548.3598820.59ROE18.97%18.07%19.00%19.67%3874.122000.002500.003000.00ROA13.76%14.29%15.10%15.64%4454.525710.266718.588453.44ROIC32.01%27.84%27.74%28.42%长期借款279.09279.09279.09279.0930.80%31.65%31.33%30.91%9155.936603.417464.508519.6317763.6514592.7516962.1620252.150.660.640.700.73股本2960.532967.222967.222967.223.462.853.133.3926511.5126504.8226504.8226504.827.436.496.716.7519839.1627944.3738320.4151160.72存货周转率4.204.454.734.7246589.9554671.1765047.2177887.51101.54%336.72425.96538.98680.9246926.6755097.1365586.1878568.4327.46%20.94%20.55%20.49%64690.3369689.8882548.3598820.59带息债务感负债26.21%19.06%19.34%18.67%流动比率1.661.972.102.272022A2023E2024E2025E速动比率1.261.431.541.71EBITDA12121.8713547.2916721.8720443.36股利支付率17.35%17.86%15.98%16.13%E27.0324.1419.2915.565.114.363.663.062.973.334.165.16PS6.055.574.463.6015.7018.4321.9226.25EV/EBITDA18.3316.3713.1110.49每股经营现金3.583.024.095.030.64%0.74%0.83%1.04%每股股利0.520.590.670.83请务必阅读正文后的重要声明部分