> 数据图表各位网友请教一下2.22025-9-12.2渠道库存有所降低，盈利能力有望持续提升2017-2025H1申万中药板块主要核心指标边际向好的公司及趋势图 中药企业2018-2021年处于去库存周期，应收账款周转天数下降、渠道库存降低。 2022Q2开始各地陆续放开“四类药品”管控，渠道备货意愿强烈，应收账款周转天数陡增；2022年12月防疫政策优化导致的需求暴涨，订单涌入、库存消化，2023年应收账款周转天数有所好转。 2023Q1-2024Q1流感发病率维持高位，且明显区别于过去几年的同期表现，厂家发货、渠道备货和家庭库存水平均较高，2024年应收账款周转天数超越2022年高位。 2024Q2以来，受前期渠道库存/家庭库存较高（消化此前疫情需求带来的影响）、下游经销商周转压力较大、感冒呼吸发病率较低等原因，整体周转效率有所下降，板块应收账款周转天数未见明显下降。 截至2025H1，应收账款及应收票据周转天数在60天以下，且2020年以来持续向好的公司有：新光药业、东阿阿胶、沃华医药、同仁堂、亚宝药业、天士力、羚锐制药、康缘药业、启迪药业。 中药材价格自2023年开始迅速上涨并维持价格高位至2024年7月，因公司往往有6-12个月的原材料库存，所以毛利率自2024年开始呈现明显下滑。受中药材价格上涨影响较小的公司有：羚锐制药、汉森制药、桂林三金、达仁堂、东阿阿胶、天士力、健民集团、精华制药、千金药业、马应龙、云南白药。 在发货和毛利率压力明显的环境下，业绩表现较好的公司往往通过提质增效获得净利率的稳步提升，代表公司有：东阿阿胶、佐力药业、羚锐制药、精华制药、方盛制药、马应龙、云南白药、天士力、亚宝药业、健民集团。资料来源：wind，浙商证券研究所整理8公司名称公司名称SW中药II应收账款及应收票据周转天数股票代码2017300519.SZ 新光药业 38.94000423.SZ 东阿阿胶 36.86002107.SZ 沃华医药 65.04600085.SH 同仁堂56.41600351.SH 亚宝药业 90.77600535.SH 天士力191.85600285.SH 羚锐制药 87.96600557.SH 康缘药业 223.34000590.SZ 启迪药业 117.95801155.SI56.71毛利率股票代码2017600285.SH 羚锐制药 73.1%002412.SZ 汉森制药 72.9%002275.SZ 桂林三金 75.9%600329.SH 达仁堂38.8%000423.SZ 东阿阿胶 65.0%600535.SH 天士力36.3%600976.SH 健民集团 27.5%002349.SZ 精华制药 49.9%600479.SH 千金药业 45.2%600993.SH 马应龙50.1%000538.SZ 云南白药 31.2%801155.SI48.9%扣非归母净利率股票代码2017000423.SZ 东阿阿胶 26.6%300181.SZ 佐力药业4.1%600285.SH 羚锐制药 10.9%002349.SZ 精华制药 11.3%6.9%603998.SH 方盛制药600993.SH 马应龙14.0%000538.SZ 云南白药 11.4%8.2%600535.SH 天士力7.5%600351.SH 亚宝药业2.7%600976.SH 健民集团801155.SISW中药II11.2%SW中药II公司名称201924.32223.2746.1354.2590.0420222020201820.3524.2832.8439.0591.4484.9539.9040.5664.7638.2043.6958.6256.80105.2476.6545.79213.54 187.97 138.3950.8899.2597.31205.89 125.63 119.5060.41195.98 103.22 148.96 141.26 96.5769.4271.97202119.6137.1743.4235.5959.9771.6869.6583.2498.4973.1573.4066.18202322.5037.7841.0630.8448.2832.7849.9551.1064.5474.3020222021202020192018202376.1% 77.3% 76.9% 74.3% 72.3% 73.3%74.3% 73.8% 70.3% 72.4% 72.1% 73.2%72.7% 72.9% 71.3% 74.3% 71.0% 73.0%41.5% 42.1% 39.0% 39.9% 39.9% 44.0%66.0% 47.7% 55.0% 62.3% 68.3% 70.2%36.2% 31.3% 40.7% 66.3% 64.0% 66.8%34.9% 39.9% 40.6% 43.5% 43.3% 46.0%48.0% 45.5% 48.3% 46.6% 46.7% 48.7%46.6% 45.6% 44.0% 44.5% 43.1% 46.1%45.1% 41.0% 40.4% 40.4% 42.4% 41.9%30.5% 28.6% 27.8% 27.1% 26.3% 26.5%48.7% 44.4% 43.4% 44.7% 44.3% 44.1%20222021202020192018202326.1% -18.1% -1.2% 9.2% 17.3% 23.0%-0.8% 1.8%7.7% 11.9% 14.7% 19.2%11.8% 13.2% 12.8% 13.2% 13.6% 16.1%9.7% 11.2% 15.7%16.2% -36.2% 7.9%5.8%3.8%4.0% 5.9% 8.2%12.9% 11.9% 11.7% 12.8% 13.1% 11.2%10.9% 7.7%9.2% 8.9% 9.6%7.7% 8.4% 13.6%7.5%5.0%5.1% 3.2% 6.2%8.8% -0.4%3.7%2.9%9.2% 10.3% 10.4%8.4%4.4% -2.1% 5.1% 6.5% 7.9%8.9%6.1%2.4%5.6%4.6%趋势图趋势图趋势图202414.6523.5135.1827.7642.1631.1048.5154.4866.1677.88202475.8%75.9%73.4%48.2%72.4%67.1%47.7%49.7%46.4%46.6%27.9%41.7%202424.4%19.7%18.3%14.0%10.9%13.7%11.3%12.2%8.0%8.7%6.8%2025H114.4515.7728.8829.1638.8240.2949.5856.6557.9579.832025H176.8%76.6%77.8%73.9%73.6%66.6%57.6%51.8%47.2%49.9%31.6%41.9%2025H125.8%23.2%21.1%17.3%17.0%16.5%16.3%14.9%14.0%10.8%10.8%浙商证券综合其他
