【行业研究报告】康辰药业-创新管线逐步兑现，金草片临床Ⅲ期达到研究终点

◆◆报表预测单位:百万元会计年度2020202120222023E2024E2025E利润表营业收入808.64809.78866.731,082.681,292.251,602.55减:营业成本59.25105.76126.16129.39177.87221.23税金及附加11.828.696.5011.8614.1517.55主营业务利润737.57695.33734.07941.441,100.231,363.77减:销售费用473.15391.28423.15522.94617.69767.62管理费用62.3788.06102.72127.76146.02181.09研发费用93.11102.2786.78112.60126.64157.05财务费用-48.18-23.39-17.86-2.16-4.11-5.71经营性利润157.13137.11139.28180.30213.98263.72加:资产减值损失0.000.00-4.56-1.90-2.26-2.81信用减值损失0.720.46-2.18-0.39-0.46-0.57其他经营损益0.000.00-0.000.000.000.00投资收益11.32-6.04-1.081.401.401.40公允价值变动损益1.3641.68-6.570.000.000.00资产处置收益0.000.020.000.010.010.01其他收益39.6919.0715.8124.8624.8624.86营业利润210.22192.29140.70204.29237.52286.61加:其他非经营损益0.000.000.000.000.000.00营业外收入0.004.100.511.541.541.54减:营业外支出2.207.540.893.543.543.54利润总额208.02188.86140.32202.28235.51284.60减:所得税24.6721.4216.4223.5327.4033.11净利润183.35167.44123.89178.74208.11251.49减:少数股东损益-0.0019.4622.4017.7020.6024.90归属母公司股东净利润183.36147.99101.49161.05187.51226.59资产负债表货币资金1,346.67599.08345.25974.031,423.561,857.89交易性金融资产181.369.04280.37280.37280.37280.37应收票据24.780.000.0011.0613.2016.37应收账款174.70244.38296.39310.30370.36459.29预付账款4.7922.0911.4716.7620.0024.81其他应收款38.266.3127.7331.4437.5246.53存货33.9447.0236.9956.5377.7196.66其他流动资产3.7419.9118.5018.2521.7827.01长期股权投资67.45135.4270.2866.0461.8057.57金融资产投资618.05560.53603.67603.67603.67603.67投资性房地产0.000.000.000.000.000.00固定资产和在建工程329.61407.06440.14394.95345.00290.30无形资产和开发支出916.86993.881,029.15890.40748.34602.99其他非流动资产45.44326.60264.84264.00263.16263.16资产总计3,785.663,371.323,424.803,917.784,266.474,626.60短期借款24.470.000.000.000.000.00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108.3846.7448.47114.53157.44195.82预收账款0.000.000.000.000.000.00合同负债2.361.202.922.813.354.16其他应付款459.5099.31112.23413.37568.24706.76长期借款0.0011.123.712.441.250.15其他负债107.0182.3767.3465.5166.8768.87负债合计701.72240.74234.68598.66797.15975.77股本160.00160.00160.00160.00160.00160.00资本公积971.44985.17992.46992.46992.46992.46留存收益1,946.901,743.601,773.451,884.762,014.352,170.95归属母公司股东权益3,078.342,888.762,925.913,037.213,166.813,323.41少数股东权益5.60241.81264.22281.91302.52327.42股东权益合计3,083.943,130.583,190.133,319.133,469.323,650.83负债和股东权益合计3,785.663,371.323,424.803,917.784,266.474,626.60投入资本(IC)1,285.782,296.962,309.791,896.571,679.871,550.07现金流量表资本支出59.42196.50112.56-0.00-0.000.00自由现金流468.90-527.59-21.46589.27418.94374.01短期借款增加24.47-24.470.000.000.000.00长期带息债务增加0.0011.12-7.41-1.27-1.19-1.10股权筹资额0.000.000.00支付普通股股利55.1846.9531.3049.7457.9169.98长期投资-370.46-477.84-228.202.822.822.82经营性现金净流量58.4166.55113.00674.81501.70496.88投资性现金净流量-420.83-642.45-324.512.822.822.82筹资性现金净流量-93.0457.76-56.89-48.85-54.99-65.37现金流量净额-455.47-518.30-269.15628.78449.53434.33货币资金的期初余额1,565.201,109.72595.79345.25974.031,423.56货币资金的期末余额1,346.67599.08345.25974.031,423.561,857.89企业自由现金流468.90-527.59-21.46589.27418.94374.01权益自由现金流