民生证券INSHENG SECURITIES华熙生物(688363)/商业零售及社会服务公司财务报表数据预测汇总2021A2022E2023E2024E主要财务指标2021A2022E2023E2024E营业总收入6,3598,10510,04212,332成长能力(%)营业成本1,4631,79921892,653营业收入增长率28.5327.4523.9022.81营业税金及附九加77122151185EBT增长率22.7434.5028.2225.04销售费用3,0493,7934,6605,698净利润增长率24.1129.3326.5924.57管理费用393536612721盈利能力(%)研发费用388486653863毛利率76.9977.8178.2078.49EBIT1,0761,4481,8562,321净利润率15.2715.4915.8316.06财务费用-49-16-17-29总资产收益率ROA11.1812.6413.3614.49资产减值损失-15-20-35-60净资产收益率ROE14.6416.5317.9919.05投资收益12363644偿债能力1,1361,4801,8782,339流动此率2.452.402.252.51营业外收支-17-21-28速动比率1.611.711.561.80利润总额1,13614631,8572,311现金比率0.980.951.091.15所得税175219279347资产负债率(%)23.0223.1525.5223.84净利润9611,2431,5791,964经营效率归属于母公司净利润9711,5901,980应收账款周转天数23.9229.7627.5227.67EBITDA1,3051,7522,2182,727存货周转天数230.12229.12224.05226.75总资产周转率0.790.870.920.96资产负债表（百万元）2022A2023E2024E2025E每股指标（元）1.60629183,348每股收益2.022.613.304.12应收账款及票据4488846231,251每股净资产13.7915.7918.3721.61172182226278每股经营现金流2.894.863.631,1621,1281,5971,746每股股利0.610.650.700.75其他流动资产635627673668估值分析流动资产合计4.0234.6736,0367,290PE56433428长期股权投资6894123155PB8.27.26.25.2固定资产1,899230126692957EV/EBITDA40.5730.0923.2818.78无形资产475499521541股息收益率(%)0.540.570.620.66非流动资产合计4,6595,2605,8626,373资产合计8,6829,93311,89713.663短期借款139201274354现金流量表（百万元）2022A2023E2024E2025E应付账款及票据8487671,2821,219净利润9611,2431,579其他流动负债6579781,1251.330折旧和摊销229304362405流动负债合计1,6441,9452,6812,903营运资金变动-505-183349-693长期借款108108108108经营活动现金流6351,3922,3381,746其他长期负债247247247247资本开支-695-917-991-974非流动负债合计355355355355投资-278-25-34-36负债合计1,9992,3003,0363,258投资活动现金流-836.906股本48148148148189-000少数股东权益4937261010180股东权益合计6,6838,86110,406筹资活动现金流-240-288负债和股东权益合计8,6829,93311,89713,663现金净流量-3422461,066430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