中商官网
研究报告
联邦制药（HK3933）
主要经济指标
| 类别\年份 | 营业额 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产合计 （元) |
负债合计 （元) |
权益合计 （元) |
| 2004 | 1200104000.0000 | 398548000.0000 | 176276000.0000 | 132111000.0000 | 2486908000.0000 | 1511511000.0000 | 975397000.0000 |
| 2005 | 1720442000.0000 | 599760000.0000 | 175471000.0000 | 116566000.0000 | 3331233000.0000 | 2206226000.0000 | 1125007000.0000 |
| 2006 | 2080479000.0000 | 736299000.0000 | 221778000.0000 | 173838000.0000 | 3712220000.0000 | 2400625000.0000 | 1311595000.0000 |
| 2007 | 2594937000.0000 | 1205785000.0000 | 558341000.0000 | 510463000.0000 | 4750088000.0000 | 2297556000.0000 | 2452532000.0000 |
| 2008 | 3755856000.0000 | 1429600000.0000 | 532530000.0000 | 430169000.0000 | 6170258000.0000 | 3353763000.0000 | 2816495000.0000 |
| 2009 | 4643177000.0000 | 1814018000.0000 | 693370000.0000 | 541443000.0000 | 7459996000.0000 | 4266969000.0000 | 3193027000.0000 |
| 2010 | 6502817000.0000 | 2568054000.0000 | 1163280000.0000 | 974157000.0000 | 9607894000.0000 | 4497952000.0000 | 5109942000.0000 |
| 2011 | 6405039000.0000 | 1828778000.0000 | 183189000.0000 | 104273000.0000 | 11864905000.0000 | 6688284000.0000 | 5176621000.0000 |
| 2012 | 7021624000.0000 | 2117286000.0000 | 248313000.0000 | 161977000.0000 | 16141703000.0000 | 10047014000.0000 | 6094689000.0000 |
| 2013 | 7648443000.0000 | 2637661000.0000 | 901348000.0000 | 48037000.0000 | 19600216000.0000 | 13118387000.0000 | 6481829000.0000 |
| 2014 | 8029835000.0000 | 3228391000.0000 | 663546000.0000 | 681076000.0000 | 18918186000.0000 | 11949069000.0000 | 6969117000.0000 |
| 2015 | 7694563000.0000 | 2961185000.0000 | 235422000.0000 | 110358000.0000 | 17407924000.0000 | 10689291000.0000 | 6718633000.0000 |
| 2016 | 6077944000.0000 | 2162624000.0000 | -137472000.0000 | -272363000.0000 | 14966056000.0000 | 9618570000.0000 | 5347486000.0000 |
| 2017 | 6826645000.0000 | 2498217000.0000 | 68951000.0000 | 81758000.0000 | 14111846000.0000 | 8670081000.0000 | 5441765000.0000 |
| 2018 | 7510586000.0000 | 3052140000.0000 | 793879000.0000 | 682928000.0000 | 14602297000.0000 | 8480255000.0000 | 6122042000.0000 |
| 2019 | 8392600000.0000 | 3621264000.0000 | 841652000.0000 | 641764000.0000 | 15699692000.0000 | 9027903000.0000 | 6671789000.0000 |
| 2020 | 8772488000.0000 | 3806218000.0000 | 882334000.0000 | 702989000.0000 | 14963714000.0000 | 6351879000.0000 | 8611835000.0000 |
| 2021 | 9703438000.0000 | 4211047000.0000 | 1202647000.0000 | 988098000.0000 | 16331119000.0000 | 6991211000.0000 | 9339908000.0000 |
| 2022 | 11334262000.0000 | 4968990000.0000 | 2006766000.0000 | 1581094000.0000 | 18979625000.0000 | 8370194000.0000 | 10609431000.0000 |
| 2023 | 13739879000.0000 | 6334837000.0000 | 3344148000.0000 | 2701350000.0000 | 21017180000.0000 | 8269562000.0000 | 12747618000.0000 |
| 2024 | 13758937000.0000 | 6082391000.0000 | 3288898000.0000 | 2659704000.0000 | 25833052000.0000 | 11397812000.0000 | 14435240000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2004 | 33.21 | 15.1100 | 7.09 | 14.9900 | 5.12 | -- | 0.48 |
| 2005 | 34.86 | 10.6800 | 5.27 | 11.5100 | 4.08 | -- | 0.52 |
| 2006 | 35.39 | 10.7900 | 5.97 | 13.2500 | 3.91 | -- | 0.56 |
| 2007 | 46.47 | 21.5200 | 11.75 | 20.8100 | 2.52 | -- | 0.55 |
| 2008 | 38.06 | 14.1800 | 8.63 | 15.2700 | 3.01 | -- | 0.61 |
| 2009 | 39.07 | 14.9300 | 9.29 | 16.9600 | 3.20 | -- | 0.62 |
| 2010 | 39.49 | 17.8900 | 12.11 | 19.0600 | 3.15 | -- | 0.68 |
| 2011 | 28.55 | 2.8600 | 1.54 | 2.0100 | 2.98 | -- | 0.54 |
| 2012 | 30.15 | 3.5400 | 1.54 | 2.6600 | 2.70 | -- | 0.43 |
| 2013 | 34.49 | 11.7800 | 4.60 | 0.7400 | 3.94 | -- | 0.39 |
| 2014 | 40.20 | 8.2600 | 3.51 | 9.7700 | 3.39 | -- | 0.42 |
| 2015 | 38.48 | 3.0600 | 1.35 | 1.6400 | 3.34 | -- | 0.44 |
| 2016 | 35.58 | -2.2600 | -0.92 | -5.0900 | 4.06 | -- | 0.41 |
| 2017 | 36.60 | 1.0100 | 0.49 | 1.5000 | 3.69 | -- | 0.48 |
| 2018 | 40.64 | 10.5700 | 5.44 | 11.1600 | 3.04 | -- | 0.51 |
| 2019 | 43.15 | 10.0300 | 5.36 | 9.6200 | 3.03 | -- | 0.53 |
| 2020 | 43.39 | 10.0600 | 5.90 | 8.1600 | 3.48 | -- | 0.59 |
| 2021 | 43.40 | 12.3900 | 7.36 | 10.5800 | 2.74 | -- | 0.59 |
| 2022 | 43.84 | 17.7100 | 10.57 | 14.9000 | 2.94 | -- | 0.60 |
| 2023 | 46.11 | 24.3400 | 15.91 | 21.2100 | 3.31 | -- | 0.65 |
| 2024 | 44.21 | 23.9100 | 12.73 | 18.4900 | 3.15 | -- | 0.53 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2004 | 60.78 | 39.22 | 1.01 | 0.85 |
| 2005 | 66.23 | 33.77 | 0.85 | 0.70 |
| 2006 | 64.67 | 35.33 | 1.00 | 0.83 |
| 2007 | 48.37 | 51.63 | 1.27 | 0.96 |
| 2008 | 54.35 | 45.65 | 0.84 | 0.57 |
| 2009 | 57.20 | 42.80 | 0.77 | 0.56 |
| 2010 | 46.82 | 53.18 | 1.06 | 0.78 |
| 2011 | 56.37 | 43.63 | 1.03 | 0.75 |
| 2012 | 62.24 | 37.76 | 0.75 | 0.54 |
| 2013 | 66.93 | 33.07 | 0.66 | 0.53 |
| 2014 | 63.16 | 36.84 | 0.74 | 0.58 |
| 2015 | 61.40 | 38.60 | 0.68 | 0.51 |
| 2016 | 64.27 | 35.73 | 0.86 | 0.71 |
| 2017 | 61.44 | 38.56 | 1.20 | 0.96 |
| 2018 | 58.07 | 41.93 | 1.03 | 0.80 |
| 2019 | 57.50 | 42.50 | 1.35 | 1.11 |
| 2020 | 42.45 | 57.55 | 1.69 | 1.40 |
| 2021 | 42.81 | 57.19 | 1.53 | 1.22 |
| 2022 | 44.10 | 55.90 | 1.78 | 1.47 |
| 2023 | 39.35 | 60.65 | 2.08 | 1.74 |
| 2024 | 44.12 | 55.88 | 1.83 | 1.55 |
成本费用分析
| 类别\年份 | 销售成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2004 | 801556000.0000 | -- | 93952000.0000 | 18684000.0000 |
| 2005 | 1120682000.0000 | -- | 104938000.0000 | 47353000.0000 |
| 2006 | 1344180000.0000 | -- | 122956000.0000 | 85485000.0000 |
| 2007 | 1389152000.0000 | -- | 173267000.0000 | 79961000.0000 |
| 2008 | 2326256000.0000 | -- | 240780000.0000 | 117181000.0000 |
| 2009 | 2829159000.0000 | -- | 291582000.0000 | 88490000.0000 |
| 2010 | 3934763000.0000 | -- | 359927000.0000 | 91818000.0000 |
| 2011 | 4576261000.0000 | -- | 460226000.0000 | 154749000.0000 |
| 2012 | 4904338000.0000 | -- | 590305000.0000 | 214931000.0000 |
| 2013 | 5010782000.0000 | -- | 556073000.0000 | 201146000.0000 |
| 2014 | 4801444000.0000 | -- | 719065000.0000 | 371961000.0000 |
| 2015 | 4733378000.0000 | -- | 733683000.0000 | 349508000.0000 |
| 2016 | 3915320000.0000 | -- | 608732000.0000 | 234497000.0000 |
| 2017 | 4328428000.0000 | -- | 596746000.0000 | 266735000.0000 |
| 2018 | 4458446000.0000 | -- | 646830000.0000 | 246897000.0000 |
| 2019 | 4771336000.0000 | -- | 740653000.0000 | 280838000.0000 |
| 2020 | 4966270000.0000 | -- | 742002000.0000 | 181273000.0000 |
| 2021 | 5492391000.0000 | -- | 698335000.0000 | 60231000.0000 |
| 2022 | 6365272000.0000 | -- | 703354000.0000 | 81595000.0000 |
| 2023 | 7405042000.0000 | -- | 1547107000.0000 | 66896000.0000 |
| 2024 | 7676546000.0000 | -- | 1784869000.0000 | 34958000.0000 |