請參考最后一頁評級說明及重要聲明健盛集（健盛集（603558）公司態點評 2021年04月23紡織服裝投資評級：增持（維持）報告日期：2022年10月26日市場數據目前股價 432.10總市值億元） 934.89流通市（億） 382.74總股本萬股） 21,636流通股（萬） 8,85812個月最高/最低 630.48/389.41分析師 公司報告分析師：黃淑妍S1070514080003公司報告huangsy@股價表現數據來源：同花順公司動態點評相關報告公司動態點評<<Q220%頭地位>>2022-08-29<<Q1業績持續快速增長，歸母凈利潤同比增長64%>>2022-04-27<<溶液類產品持續放量，歸母凈利潤同比增長118%>>2022-03-25

盈利預測2020A 2021A 2022E 2023E 2024E營業收入（百萬元） 709 1448 2191 3196 4574(+/-%) 27.2% 104.1% 51.3% 45.9% 43.1%歸母凈利（百萬元） 440 958 1408 2021 2834(+/-%) 43.9% 117.8% 47.1% 43.5% 40.2%攤薄EPS（元/股） 4.51 4.43 6.51 9.34 13.10PE 96 98 66 46 33資料來源：長城證券研究院核心觀點Q3歸母凈利潤同比提升42%。202214.89+45.58%9.929.654.593.28年Q36.05+55.15%4.01+41.55%3.95+52.26%94.61%+1.07pct202218.08%+1.73pct//8.98%/4.16%/7.73%/-2.79%-0.83pct/+0.06pct/+1.43pct/+1.07pct33.22%47.95%+86.66%66.60%，同比-2.65pct41%，存貨增加18%。9.4941.30%20220.37121.002.15天。投資建議：2022-2024EPS6.51元、9.3413.10元，對應PE66X、46X、33X公司動態點評公司動態點評PAGE2PAGE2請參考最后一頁評級說明及重要聲明注冊風險，市場競爭加劇的風險，產品質量風險。附：盈利預測表利潤表（百萬）2020A2021A2022E2023E2024E主要財務指標2020A2021A2022E2023E2024E營業總收入709.291,447.872,190.633,196.134,573.66成長性營業成本58.1291.27120.48175.79246.98營業收入增長27.18%104.13%51.30%45.90%43.10%銷售費用70.95156.49249.73370.75553.41營業成本增長41.42%57.03%32.01%45.90%40.50%管理費用43.5064.7296.39156.61237.83營業利潤增長43.55%124.10%44.40%43.73%40.76%研發費用61.80102.31154.80233.32347.60利潤總額增長43.29%123.18%44.89%43.72%40.77%財務費用-14.33-51.92-43.18-63.00-90.15歸母凈利潤增長43.93%117.81%47.06%43.48%40.24%其他收益1.725.023.183.313.84 盈利能力投資凈收益14.7318.4813.4015.5415.80毛利率91.81%93.70%94.50%94.50%94.60%營業利潤502.741,126.621,626.862,338.243,291.36銷售凈利率70.88%77.81%74.26%73.16%71.96%營業外收支-0.09-4.78-1.43-2.10-2.77ROE9.56%19.03%24.16%30.95%36.14%利潤總額502.661,121.841,625.432,336.143,288.59ROIC317.33%558.81%123.34%176.62%227.48%所得稅69.27164.50235.70334.41476.62營運效率少數股東損益-6.36-0.47-18.76-19.12-22.06銷售費用/營業收入10.00%10.81%11.40%11.60%12.10%歸母凈利潤439.75957.801,408.492,020.852,834.03管理費用/營業收入6.13%4.47%4.40%4.90%5.20%資產負債表（百萬）研發費用/營業收入8.71%7.07%7.07%7.30%7.60%流動資產4,375.843,803.254,623.775,314.806,686.19財務費用/營業收入-2.02%-3.59%-1.97%-1.97%-1.97%貨幣資金3,455.843,263.544,464.045,025.476,367.09投資收益/營業利潤2.93%1.64%0.82%0.66%0.48%應收票據及應收賬款合計29.8272.3556.28148.39146.34所得稅/利潤總額13.78%14.66%14.50%14.31%14.49%其他應收款3.339.696.518.107.30應收賬款周轉率31.8428.3434.0631.2331.04存貨26.8034.9462.2875.14111.33存貨周轉率28.3246.9045.0746.5249.05非流動資產256.831,461.581,342.161,395.071,362.17流動資產周轉率0.290.350.520.640.76固定資產142.87142.86141.72136.97134.10總資產周轉率0.260.290.390.500.62資產總計4,632.675,264.835,965.936,709.878,048.36償債能力流動負債89.75178.59180.60196.89228.62資產負債率2.19%4.47%3.60%3.61%3.33%短期借款流動比率48.7521.3025.6026.9929.25應付款項16.8532.0041.6554.1990.02速動比率48.4621.1025.2626.6128.76非流動負債11.6956.5934.1445.3639.75每股指標（元）長期借款 EPS4.514.436.519.3413.10負債合計101.44235.18214.74242.26268.37每股凈資產20.9523.2526.6730.0736.23股東權益4,531.225,029.655,751.206,467.617,779.99每股經營現金流1.974.366.748.2212.73股本120.20216.36216.36216.36216.36每股經營現金/EPS0.440.981.030.880.97留存儲備4,413.624,816.805,553.426,288.957,623.39少數股東權益-2.590.18-18.58-37.70-59.76估值2020A2021A2022E2023E2024E負債和權益總計4,632.675,264.835,965.936,709.878,048.36PE95.8197.5466.3846.2632.99現金流量表（百萬）PEG1.442.260.990.700.76經營活動現金流425.68942.781,457.351,777.642,753.66PB20.6218.5916.2014.3711.93其中營運資本減少-13.86-147.74111.41-161.5827.78EV/EBITDA148.66103.7355.9838.7127.10投資活動現金流-916.25-647.78372.134.12-1.59EV/SALES104.8477.4040.5527.5918.99其中資本支出7.893.051.73-1.570.59EV/IC453.11102.0780.4773.2972.17融資活動現金流3,440.80-487.30-628.98-1,220.33-1,410.45ROIC/WACC17.0331.516.969.9612.83凈現金總變化2,950.23-192.301,200.50561.431,341.62REP26.613.2411.577.365.63研究員承諾 本人具有中國證券業協會授予的證券投資咨詢執業資格或相當的專業勝任能力，在執業過程中恪守獨立誠信、勤勉盡職、謹慎客觀、公平公正的原特別聲明試行201771因此受限于訪問權限的設置，若給您造成不便，煩請見諒！感謝您給予的理解與配合。免責聲明長城證券股份有限公司（以下簡稱長城證券）具備中國證監會批準的證券投資咨詢業務資格。（以下統稱客戶行有悖原意的引用、刪節和修改。對任何人的投資建議。在任何情況下，本公司不對任何人因使用本報告中的任何內容所引致的任何損失負任何責任。在內的服務或業務支持。長城證券可能與本報告涉及的公司之間存在業務關系，并無需事先或在獲得業務關系后通知客戶。長城證券版權所有并保留一切權利。長城證券投資評級說明公司評級：買入——預期未來6個月內股價相對行業指數漲幅15%以上65%~15%6-5%~5%之間65%以上

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