2024年年报点评：药品+健康消费品“双轮驱动”业务持续增长，良好财务结构支撑高分红

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 营业收入4,041.824,715.275,920.796,980.298,171.349,496.40 减: 营业成本1,281.221,403.111,633.041,913.052,227.852,579.30 税金及附加68.1467.1176.31102.33119.79139.22 主营业务利润2,692.463,245.054,211.434,964.915,823.696,777.88 减: 销售费用1,317.671,486.121,973.112,233.692,573.972,943.88 管理费用387.15377.28445.96516.54604.68693.24 研发费用137.71173.19173.75195.45236.97275.40 财务费用-67.28 -92.62 -117.71 -74.44 -80.82 -93.59 经营性利润917.211,301.081,736.312,093.662,488.902,958.95 加: 资产减值损失-78.16 -30.36 7.258.5510.0111.63 信用减值损失23.9713.719.4611.1513.0615.17 其他经营损益-0.00 0.00-0.00 -0.00 -0.00 -0.00 投资收益35.1243.8758.0345.6745.6745.67 公允价值变动损益-5.05 0.497.950.000.000.00 资产处置收益3.3210.760.764.954.954.95 其他收益18.5220.7428.9822.7422.7422.74 营业利润914.921,360.291,848.752,186.732,585.333,059.12 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入5.9911.1914.100.000.000.00 减: 营业外支出8.908.696.850.000.000.00 利润总额912.011,362.791,855.992,186.732,585.333,059.12 减: 所得税132.79210.94298.82336.31397.61470.48 净利润779.221,151.851,557.171,850.422,187.712,588.64 减: 少数股东损益-0.77 0.970.17-0.03 -0.03 -0.04 归属母公司股东净利润780.001,150.881,557.001,850.442,187.742,588.68资产负债表 货币资金5,370.035,825.515,014.915,018.105,814.746,674.81 交易性金融资产1,860.772,511.263,519.213,519.213,519.213,519.21 应收票据167.21375.57255.52382.00447.18519.69 应收账款1,033.07707.29483.601,133.771,327.221,542.44 预付账款10.3110.5515.4117.2020.1323.40 其他应收款42.0874.6569.5688.39103.48120.26 存货1,238.591,012.46926.251,438.301,674.981,939.21 其他流动资产61.6619.6120.1953.1162.1772.26 长期股权投资113.6274.0272.8455.9639.0822.20 金融资产投资11.7311.6811.6411.6411.6411.64 投资性房地产69.4865.9061.3553.2045.0536.90 固定资产和在建工程2,036.031,898.861,855.161,566.451,277.36987.89 无形资产和开发支出332.97323.42310.68259.05207.42155.80 其他非流动资产283.82395.53470.81456.29441.77441.77 资产总计12,631.3813,306.3113,087.1414,052.6814,991.4416,067.48 短期借款0.000.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据0.000.000.000.000.000.00 应付账款238.11275.15358.55383.57446.69517.16 预收账款0.371.030.931.091.271.48 合同负债595.44823.81694.001,022.021,196.411,390.42 其他应付款1,222.461,236.171,501.391,756.522,045.572,368.27 长期借款42.4431.0220.9512.534.94-1.62 其他负债181.76198.57179.41200.78213.37226.97 负债合计2,280.592,565.742,755.243,376.513,908.254,502.67 股本654.02643.98643.98643.98643.98643.98 资本公积741.91401.85401.85401.85401.85401.85 留存收益8,933.319,673.199,264.359,608.6510,015.7010,497.36 归属母公司股东权益10,329.2410,719.0110,310.1710,654.4711,061.5311,543.19 少数股东权益21.5521.5521.7221.6921.6621.63 股东权益合计10,350.7910,740.5610,331.8910,676.1611,083.1911,564.81 负债和股东权益合计12,631.3813,306.3113,087.1414,052.6814,991.4416,067.48 投入资本(IC)4,767.424,309.244,175.3