国联证券公司报告|年报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金14561874347965691005390408382993111589134164051营业成本677163027388851397454322424817917821525129110281359134515501774营业费用78其他22712388286527262793管理费用2653112983243764838568375761094514737财务费用6738-15长期股权投资000001资产减值失00002846294121161324521公允价值变动收益2112000在建工程425247465533911089696无形资产71126572547843813286254-20-24-29其他非流动资产7137237106976971865161620862580309211096104848767696850370营业外净收益-205159331616716343179131977418451609208125753088682840000所得税423385520772188115301759○201314221244156119312316其他525606628719819少数股东损益1481201521872253089297521552478283212731124141017442091长期带息负债101197331长期应付款150989898其他345295295295◆2952021A2022A2023E2024E2025E506512467424384负债合计359534872621/29023216营业收入14.35-7.29%18.4916.6915.77少数股东权益18721767191821062330EBIT5.94%27.1722.2019.50股本27772777277727772777EBITDA10.133.79%50.8614.0313.99资本公积44314431443144314431归母净利润2.49%25.3623.7219.91留存收益3258370570201233912679◆13722150111655825.1024.81%25.6028.542736159331616716343179131977415.7314.85%15.7216.671726ROE12.1710.30%11.9413.5114.70现金流量表ROIC15.0712.38%15.2821.3331292021A2022A2023E2024E2025E净利润14221244156119312316资产负债22.5621.57%16.0416.2016268101177216723002480流动比率1.571913.524.425.20财务费用6714-15-291.211442.733.634.41存货减少-133114205-224550335-26847226.13210.53196.36196.3其它-812180-841341546.584.645.495.495.49203519753403418947440.570520.610.650.68-658-711450-500-550-843-908000每股收益0.460.400.510.630.75其他6962587070700.730.711.231.511.71-805-1360-380430-4803.773.934.254.655.12278287-888400000025729.123.218.815.7其他1212-532627-7413.02.82.52.3-934595-1418669-781EVEBITDA8.910.67.05.64.329528160530903484EVEBIT12.618.214.310.67.9请务必阅读报告末页的重要声明