公司动态研究报告：体培牛黄持续贡献利润，医药工业雨过天晴

20230315 600976.SH () S1050522120002 hubx@cfsc.com.cn S1050122040006 yujn@cfsc.com.cn ▌ 2020 2-3.1/5g OTCRx20212022 2023-03-14 486.28541.222022 52 72.00 110.4 153.4 152.4 33.82-73.56 182.1 2022 2023 ▌ 2022Q3 202316 (%) 60 40 20 0 -20 -40 5000-6000 200421 900 2004 Wind ▌ ()” (2021) “ -- OTC ▌ 2023-202539.9743.5047.52 5.346.357.74EPS 3.484.145.05PE20.7 17.414.3 ▌ 2022A 2023E 2024E 2025E 3,641 3,997 4,350 4,752 % 11.1% 9.8% 8.9% 9.2% 408 534 635 774 % 25.5% 31.0% 18.9% 21.9% 2.66 3.48 4.14 5.05 ROE% 21.8% 23.8% 23.7% 24.0% Wind 2022A2023E2024E2025E2022A2023E2024E2025E 流动资产: 3,641 3,997 4,350 4,752 219 445 820 1,278 2,065 2,159 2,246 2,344 685 752 818 894 25 27 29 32 363 384 400 418 1,069 1,175 1,362 1,544 1,038 1,076 1,113 1,156 136 148 157 162 2,305 2,657 3,152 3,746 1 -9 -17 -26 非流动资产: 73 80 91 109 650 650 650 650 1,279 1,394 1,593 1,789 372 358 338 317 -28 -1 -1 -1 17 7 3 1 -12 1 1 1 31 30 28 27 162 173 220 270 295 295 295 295 442 594 706 861 418 418 418 418: 0 3 3 3 1,133 1,107 1,081 1,057: 5 2 2 2 3,438 3,763 4,233 4,803 438 594 707 862 流动负债: 32 59 71 86 23 23 23 23 406 535 636 775 611 647 673 703 -2 1 1 2 818 818 818 818 408 534 635 774 1,534 1,487 1,513 1,543 非流动负债: 0 0 0 0 36 36 36 36 36 36 36 36 1,570 1,523 1,550 1,579 所有者权益 153 153 153 153 1,868 2,240 2,683 3,223 3,438 3,763 4,233 4,803 2022A2023E2024E2025E 2022A2023E2024E2025E 成长性 11.1% 9.8% 8.9% 9.2% 25.5% 31.0% 18.9% 21.9% 盈利能力 43.3% 46.0% 48.4% 50.7% / 35.1% 34.9% 36.6% 37.6% 11.1% 13.4% 14.6% 16.3% ROE 21.8% 23.8% 23.7% 24.0% 偿债能力 45.7% 40.5% 36.6% 32.9% 406 535 636 775 营运能力 -2 1 1 2 1.1 1.1 1.0 1.0 32 26 25 24 5.3 5.3 5.3 5.3 -12 1 1 1 5.7 5.7 5.7 5.7 -208 -173 -94 -106 每股数据(元/股) 216 390 570 695 EPS 2.66 3.48 4.14 5.05 -143 25 24 23 P/E 27.1 20.7 17.4 14.3 153 -162 -193 -235 P/S 3.0 2.8 2.5 2.3 226 252 400 482 P/B 5.9 4.9 4.1 3.4 Wind ▌ ▌ ▌ 1>20% 210%20% 3-10%10% 4<-10% 1>10% 2-10%10% 3<-10% 12 A300 ▌ /