民生证券MINSHENG SECURITIES太阳纸业(002078)/轻工公司财务报表数据预测汇总利润表百万元)2021A2022E2023E2024E主要财务指标2021A2022E2023E2024E营业总收入31,99739.95141,29044,920成长能力(%)营业成本26,43834,01535,01838107营业收入增长率48.2124.863.358.79营业税金及附肋加139174180196EBT增长率37.20-5.748.178.52销售费用136170176191净利润赠长率51.39-6.058.559.03管理费用8141.0161,0501,142盈利能力(%)研发费用538839826898毛利率173714.8615.1915.17EBIT3,9303,7044,0074,349净利润率9.246.957.307.32财务用565565587607总资产收益率ROA6.925.646.176.27资产减植损失-17-23-24-26净资产收益率ROE15.7812.63123112.07投资收益43202122偿债能力营业利润3,3993,1363,4173,738流动比率0.630.740.780.91营业外收支-20392919速动比率0.370.450.440.55利润总额3,3793,1753,4463,757现金比率0.190.260.200.30所得税412387421459资产负债率(%)55.9855.1449.6947.81净利润29672,7873,0253,299经营效率归属于母公司净利润2.9572,7783,0153,288应收款周转天数20.3820.0020.0020.00EBITDA5,7015,5816,0536,617存货周转天数48.4150.0050.0050.00总资产周转率0.810.870.840.89资产负债表（百万元）2021A2022E2023E2024E每股指标（元）货币资金3.46849625,155每股收益1.060.991.081.18应收款及票据1,792226623422548每股净资产6.708.779.75预付款项555680700762每股经营现金流1.761812.022.19存货3,5064,6364,7735,194每股股利0.200.180.200.21其他流动资产1,9291,7461,7971,934估值分析流动资产合计1125114,29112,89615,593PE12131211长期股权投资241281321361PB191.61.51.3固定资产27,92229,07830,07633,366EV/EBITDA8.568.787.866.91无形资产1,2741,7611,9422,031股息收益率(%)1.551401.521.65流动资产合计31,48734,92335,99436,812资产合计42,73749,21448,89052,405短期借款7,6987,6987,698现金流量表（百万元）2021A2022E2023E2024E应付款及票据5,1056,24464286995净利润2,9672,7873,0253,299其他流动负债5,0725,3622,3342,530折旧和摊销1,7721.8772,0462,268流动负债合计17,87519,30416,45917,223营运资金变动-367-195-92-125长期借款5,3917,0327,0327,032经营活动现金流4,9295,0685,6346,110其他长期负债657801801801资本开支-7,234-5933-3,048-3.027流动负债合计60497,8337,8337,833投资000负债合计23.92427,13624,29225,056投资活动观金流-72265,251-3,067-3044股本2,68727952,7952,795股权募资520000少数股东权益100111债务募资3,8381,617-3,094022.07824,59827,349筹资活动现金流2,7961,677负债和股东权益合计42.73749.21448,89052,405现金净流量5111.495-1.6781,871资料来源：公司公告、民生证正券研究完预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告2