【行业研究报告】康辰药业-2024年年报和2025年一季报点评：计提商誉减值影响短期业绩，营销转型和差异化管线未来可期

营业收入866.73920.01825.40919.531,093.791,298.54营业收入866.73920.01825.40919.531,093.791,298.54减:营业成本126.16101.0586.1398.14116.38137.65税金及附加6.505.906.756.778.059.56主营业务利润734.07813.06732.53814.63969.361,151.32减:销售费用423.15472.59418.44441.38525.02623.30管理费用102.72110.70135.31137.93153.13181.80研发费用86.7894.9154.9473.5685.32101.29财务费用-17.86-11.46-5.336.241.70-1.63经营性利润139.28146.33129.16155.52204.19246.57加:资产减值损失-4.56-11.91-105.550.000.000.00信用减值损失-2.18-7.25-6.42-5.57-6.63-7.87其他经营损益-0.00-0.00-0.00-0.00-0.00-0.00投资收益-1.085.5618.1413.7113.7113.71公允价值变动损益-6.57-0.87-0.490.000.000.00资产处置收益0.00-0.01-0.01-0.01-0.01-0.01其他收益15.8111.434.2510.5010.5010.50营业利润140.70143.2839.09174.15221.77262.91加:其他非经营损益0.000.000.000.000.000.00营业外收入0.510.260.000.000.000.00减:营业外支出0.8920.810.230.000.000.00利润总额140.32122.7338.86174.15221.77262.91减:所得税16.42-64.8417.332.022.573.04净利润123.89187.5721.53172.13219.20259.86减:少数股东损益22.4037.12-20.6930.9839.4646.78归属母公司股东净利润101.49150.4542.22141.15179.74213.09资产负债表货币资金345.25230.20189.98367.81601.66944.59交易性金融资产280.37396.41450.66450.66450.66450.66应收票据0.000.000.000.000.000.00应收账款296.39282.83257.38294.62350.45416.05预付账款11.4712.084.719.8311.7013.88其他应收款27.7335.5633.8434.2240.7148.33存货36.9948.4772.3852.7762.5874.03其他流动资产18.50224.4177.59110.12130.99155.51长期股权投资70.2849.5849.3249.3249.3249.32金融资产投资603.67759.27837.20837.20837.20837.20投资性房地产0.000.000.000.000.000.00固定资产和在建工程440.14414.54426.73387.27342.34291.92无形资产和开发支出1,029.151,102.101,076.44929.50776.07616.14其他非流动资产264.84225.37443.45443.16442.86442.86资产总计3,424.803,780.823,919.693,966.504,096.554,340.50短期借款0.0096.93140.9673.340.000.00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48.4782.9773.5767.3779.8994.50预收账款0.000.000.000.000.000.00合同负债2.926.496.435.586.647.88其他应付款112.23127.90123.65117.47139.31164.77长期借款3.7143.7860.6544.8829.6114.89其他负债67.3460.3788.2888.9990.5092.42负债合计234.68418.44493.52397.63345.95374.47股本160.00160.00159.36159.36159.36159.36资本公积992.46955.01944.60944.60944.60944.60留存收益1,773.451,944.932,040.462,152.182,294.462,463.12归属母公司股东权益2,925.913,059.943,144.413,256.143,398.413,567.07少数股东权益264.22302.44281.75312.74352.19398.97股东权益合计3,190.133,362.383,426.163,568.873,750.603,966.04负债和股东权益合计3,424.803,780.823,919.693,966.504,096.554,340.50投入资本(IC)2,309.792,347.422,339.902,399.222,328.202,267.88现金流量表资本支出112.56108.2575.090.000.00-0.00自由现金流-21.46-59.61156.53259.17291.91318.57短期借款增加0.0096.9344.03-67.62-73.340.00长期带息债务增加-7.4140.0816.86-15.77-15.27-14.72股权筹资额0.000.000.00支付普通股股利31.3047.690.0029.4237.4744.42长期投资-228.20-346.82-94.4113.4313.4313.43经营性现金净流量113.00192.21167.02283.46348.20387.02投资性现金净流量-324.51-447.72-198.4013.4313.4313.43筹资性现金净流量-56.89143.62-8.27-119.05-127.78-57.52现金流量净额-269.15-113.25-42.46177.84233.85342.93货币资金的期初余额595.79333.33227.22189.98367.81601.66货币资金的期末余额345.25230.20189.98367.81601.66944.59企业自由现金流-21.46-59.61156.53259.17291.91318.57权益自由现金流-13.1094.91220.37169.61201.62305.46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-78.16-30.367.258.5510.0111.63信用减值损失23.9713.719.4611.1513.0615.17其他经营损益-0.000.00-0.00-0.00-0.00-0.00投资收益35.1243.8758.0345.6745.6745.67公允价值变动损益-5.050.497.950.000.000.00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-0.770.970.17-0.03-0.03-0.04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)4,767.424,309.244,175.394,931.865,011.085,156.08现金流量表资本支出60.0763.91102.48-0.000.000.00自由现金流1,760.231,530.771,632.941,009.912,019.032,343.37短期借款增加0.000.000.000.000.000.00长期带息债务增加-5.14-11.42-10.07-8.42-7.58-6.57股权筹资额0.000.000.00支付普通股股利758.661,146.28736.711,506.151,780.692,107.02长期投资635.01-671.57-3,169.2051.2751.2751.27经营性现金净流量2,124.241,932.872,152.611,387.102,447.872,823.85投资性现金净流量589.51-718.14-3,266.4556.2256.2256.22筹资性现金净流量-437.75-778.98-1,978.50-1,440.13-1,707.45-2,020.00现金流量净额2,275.99435.75-3,092.343.18796.64860.07货币资金的期初余额3,044.205,340.835,797.155,014.915,018.105,814.74货币资金的期末余额5,370.035,825.515,014.915,018.105,814.746,674.81企业自由现金流1,760.231,530.771,632.941,009.912,019.032,343.37权益自由现金流