20230221-国海证券-康缘药业-600557.SH-点评报告_大单品高速增长_带动利润增长超预_5页_505kb (1).pdf
2023 02 21()S0350521090002 Table_Title 600557 300 2023/02/20 1M 3M 12M 20.0%13.8%139.9%300-1.1%8.7%-11.1%2023/02/20 26.25 52 10.10-27.50 15,345.70 15,131.26 58,459.80 57,642.90 414.24%1.93 600557*2022-08-02 600557.SH*2022-06-29:2022 43.51+19.25%4.34+35.54%:2022 43.51+19.25%4.34+35.54%2022+0.19pct-0.46pct-0.42pct+1.27pct 2022 Q4 12.25+15.06%1.53+35.02%2022 Q4+0.77pct-1.51pct+2.19pct 76.48%2.89pct 2022 10 2022 2023 2022 2 3.1 2023 2023/2024/2025 55.11/66.43/79.86 5.52/7.09/8.79 PE 27.80X/21.64X/17.47X-0.24290.09810.43910.78011.12111.462122/2 22/3 22/4 22/5 22/7 22/8 22/9 22/1022/1122/12 23/1 23/2 300 2 Table_Forcast1 2022A 2023E 2024E 2025E 4351 5511 6643 7986(%)19 27 21 20 434 552 709 879(%)36 27 28 24 0.74 0.94 1.21 1.50 ROE(%)9 10 12 13 P/E 25.00 27.80 21.64 17.47 P/B 2.31 2.89 2.55 2.23 P/S 2.52 2.78 2.31 1.92 EV/EBITDA 14.68 17.60 13.71 10.64 Wind 3 Table_Forcast 600557 26.25 2023/02/20 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E ROE 9%10%12%13%EPS 0.75 0.94 1.21 1.50 72%72%72%72%BVPS 8.13 9.08 10.29 11.79 47%47%47%47%10%10%11%11%P/E 25.00 27.80 21.64 17.47 P/B 2.31 2.89 2.55 2.23 19%27%21%20%P/S 2.52 2.78 2.31 1.92 36%27%28%24%2022A 2023E 2024E 2025E 0.64 0.73 0.78 0.80 4351 5511 6643 7986 5.97 6.87 7.74 8.71 1214 1552 1868 2238 12.69 10.61 12.82 11.01 73 94 113 136 1868 2359 2836 3394 27%27%27%29%190 248 299 359 2.09 2.26 2.33 2.42-9-8-10-13 1.83 1.93 2.04 2.11/-606 744 864 1038 455 577 739 913 2022A 2023E 2024E 2025E-9-10-10-10 1771 2103 2671 3678 446 567 729 903 728 803 858 917 4 6 7 9 343 520 518 725 442 562 721 894 888 1040 1228 1471 7 10 12 15 3730 4464 5275 6791 434 552 709 879 2409 2406 2476 2483 99 119 251 163 2022A 2023E 2024E 2025E 554 554 554 554 996 551 988 1148 4 4 4 4 434 552 709 879 6796 7548 8561 9995 7 10 12 15 0 0 0 0 193 193 208 212 373 549 561 770 0 0 0 0 0 0 0 0 361-213 49 32 1408 1422 1702 2033-164-220-420-140 1781 1971 2263 2803-189-210-410-130 0 0 0 0 21 0 0 0 81 81 81 81 4-10-10-10 81 81 81 81-168 0 0 0 1862 2052 2344 2884-235 0 0 0 585 585 585 585 69 0 0 0 4934 5496 6217 7111-2 0 0 0 6796 7548 8561 9995 664 331 568 1008 Wind 5 7 3 CXO 2021+2020 2021 3 2022 1 2022,300 300 300 300 20%300 10%20%300-10%10%300 10%R3/
