天士力(600535)：符合预期经营质量稳步提升

浙商证券股份有...04-17

投资要点事件：天士力发布2023 年年报，报告期内实现营收86.74 亿元(同比+0.42%, 较2022 年调整后)，归母净利润10.71 亿元(同比+505.34%, 较2022 年调整后)，扣非归母净利润11.81 亿元(同比+60.11%, 较2022 年调整后)；单Q4 实现营收21.03亿元(同比-15.64%)，归母净利润0.39 亿元(同比-50.44%)，扣非归母净利润1.27...

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亿元(同比+505.34%, 较2022 年调整后)，扣非归母净利润11.81 亿元(同比+60.11%, 较2022 年调整后)；单Q4 实现营收21.03亿元(同比-15.64%)，归母净利润0.39 亿元(同比-50.44%)，扣非归母净利润1.27亿元(同比+367.59%)；业绩符合预期。经营业绩稳健增长。2023 年医药工业/医药商业分别实现营收74.21/12.15 亿元，同比+3.22%/-14.21%。分行业看，中药/化学制剂药/化学原料药/生物药分别实现营收59.71/12.03/0.57/1.90 亿元，同比+6.62%/-5.30%/-19.67%/-23.47%；分产品看，心脑血管/抗肿瘤/感冒发烧/肝病治疗/其他分别实现营收52.54/1.90/5.08/6.57/8.12 亿元，同比+3.45%/-39.67%/+18.42%/+12.96%/+3.38%。复方丹参滴丸2023年销量达1.41 亿盒，同比+9.89%；养血清脑颗粒/养血清脑丸/芪参益气滴丸/注射用益气复脉/水林佳销量分别同比+0.99%/+11.45%/+8.10%/+20.25%/+15.52%。经营质量稳步提升。2023 年公司毛利率为66.80% (同比+2.93pct, 较2022 年调整后)，心脑血管/抗肿瘤/感冒发烧/肝病治疗/其他分别为74.93%/65.34%/61.81%/82.18%/61.47%，同比+2.18/+0.17/+10.17/-0.65/-3.40pct。销售/管理/研发费用率为34.40%/3.95%/10.57%，同比+0.90/-0.38/+0.79pct (较2022 年调整后)；扣非归母净利率为13.62% (同比+5.08pct, 较2022 年调整后)；加权平均ROE 为8.75%；应收账款6.88 亿元，环比-29.78%；应收账款周转天数32.78 天，创近20 年新低。加速数智中药研发。2023 年研发投入13.15 亿元(同比+29.49%)。公司加速融入国家战略科技体系，现代中药创制全国重点实验室组建成功，并与华为云签约共建中医药大模型。截至2023 年底公司拥有涵盖98 款在研产品的研发管线，其中36 款处于临床试验阶段，26 款正在临床II、III 期阶段，9 款创新中药处于临床III 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天士力(600535)：符合预期 经营质量稳步提升

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天士力(600535)：符合预期经营质量稳步提升