【行业研究报告】普洛药业-深化布局高景气赛道，业绩快速增长

◆◆报表预测单位:百万元会计年度2021202220232024E2025E2026E利润表营业收入8,942.6210,544.9111,474.1612,974.5314,814.2417,078.65减:营业成本6,569.358,024.238,529.459,655.1710,997.6912,630.87税金及附加33.0531.7656.0950.1557.2666.01主营业务利润2,340.232,488.912,888.623,269.213,759.294,381.76减:销售费用452.53535.26658.42752.52853.30956.40管理费用454.48450.06466.55506.01570.35648.99研发费用446.22532.92624.87674.68762.93871.01财务费用-14.30-105.75-104.3720.09-3.04-26.45经营性利润1,001.301,076.421,243.151,315.911,575.751,931.81加:资产减值损失-26.39-51.16-91.83-68.36-78.05-89.98信用减值损失-21.50-26.31-14.65-26.71-30.50-35.16其他经营损益-0.000.00-0.00-0.00-0.00-0.00投资收益90.35-59.77-21.682.972.972.97公允价值变动损益-23.62-22.84-0.020.000.000.00资产处置收益0.281.371.330.990.990.99其他收益98.9393.91103.8598.9098.9098.90营业利润1,119.361,011.621,220.141,323.701,570.061,909.52加:其他非经营损益0.000.000.000.000.000.00营业外收入3.655.941.423.673.673.67减:营业外支出8.925.5016.9210.4510.4510.45利润总额1,114.081,012.071,204.641,316.931,563.281,902.75减:所得税158.5322.89149.34126.81150.54183.23净利润955.55989.171,055.311,190.111,412.741,719.52减:少数股东损益0.00-0.00-0.03-0.01-0.02-0.02归属母公司股东净利润955.55989.171,055.341,190.131,412.761,719.54资产负债表货币资金2,610.013,552.863,580.695,189.816,128.708,127.48交易性金融资产14.890.090.000.000.000.00应收票据24.54261.99410.97274.22313.11360.97应收账款1,498.061,778.021,832.102,144.282,448.332,822.56预付账款257.71219.48256.96311.51355.68410.04其他应收款24.2927.2633.3635.5140.5446.74存货1,249.881,801.792,083.302,121.082,416.012,774.79其他流动资产102.52139.62170.78171.21195.49225.37长期股权投资81.2585.4184.6791.4398.20104.96金融资产投资0.006.0089.3889.3889.3889.38投资性房地产0.000.000.000.000.000.00固定资产和在建工程2,682.933,405.883,563.633,076.592,575.302,059.75无形资产和开发支出427.90399.14340.11286.81233.51180.21其他非流动资产189.34339.07321.73311.44301.15301.15资产总计9,163.3312,016.6012,767.6614,103.2715,195.3817,503.41短期借款332.47562.81807.80797.170.000.00交易性金融负债0.008.047.977.977.977.97应付票据1,321.872,639.842,112.842,503.632,851.753,275.24应付账款1,300.671,670.732,013.892,067.212,354.652,704.32预收账款0.000.000.000.000.000.00合同负债302.40458.26430.37496.41566.80653.43其他应付款490.00424.24429.28572.19651.75748.54长期借款127.88265.4423.19-1.33-22.38-39.50其他负债228.03468.03711.91518.22561.17612.92负债合计4,103.326,497.376,537.256,961.466,971.707,962.92股本1,178.521,178.521,178.521,178.521,178.521,178.52资本公积438.01438.01438.01438.01438.01438.01留存收益3,443.483,895.354,606.205,517.606,599.507,916.32归属母公司股东权益5,060.015,511.886,222.737,134.138,216.039,532.85少数股东权益0.007.357.697.677.667.64股东权益合计5,060.015,519.236,230.427,141.808,223.689,540.49负债和股东权益合计9,163.3312,016.6012,767.6614,103.2715,195.3817,503.41投入资本(IC)5,505.476,349.426,979.997,856.247,916.898,123.56现金流量表资本支出713.50499.79629.530.00-0.00-0.00自由现金流526.441,085.5312.771,353.541,361.891,501.50短期借款增加2.20230.34244.99-10.62-797.170.00长期带息债务增加127.88137.55-242.25-24.51-21.05-17.12股权筹资额0.000.000.00支付普通股股利335.88347.290.00278.73330.87402.71长期投资182.66-87.06-55.29-13.05-13.05-13.05经营性现金净流量611.751,313.241,031.361,955.132,096.992,404.22投资性现金净流量-515.39-591.30-676.80-12.06-12.06-12.06筹资性现金净流量-204.32-196.09-301.48-333.95-1,146.05-393.38现金流量净额-125.29569.8980.571,609.13938.891,998.79货币资金的期初余额1,924.441,799.152,381.913,580.695,189.816,128.70货币资金的期末余额2,610.013,552.863,580.695,189.816,128.708,127.48企业自由现金流526.441,085.5312.771,353.541,361.891,501.50权益自由现金流668.781,556.77106.941,300.25546.421,508.28