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

1 ◆ ◆ ◆ ◆ ◆ ◆ 报表预测单位:百万元会计年度2022202320242025E2026E2027E利润表 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 -5.33 6.241.70-1.63 经营性利润139.28146.33129.16155.52204.19246.57 加: 资产减值损失-4.56 -11.91 -105.55 0.000.000.00 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-1.08 5.5618.1413.7113.7113.71 公允价值变动损益-6.57 -0.87 -0.49 0.000.000.00 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16.42-64.84 17.332.022.573.04 净利润123.89187.5721.53172.13219.20259.86 减: 少数股东损益22.4037.12-20.69 30.9839.4646.78 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 -59.61 156.53259.17291.91318.57 短期借款增加0.0096.9344.03-67.62 -73.34 0.00 长期带息债务增加-7.41 40.0816.86-15.77 -15.27 -14.72 股权筹资额0.000.000