中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元20212022E2023E2024E20212022E2023E2024E货币资金1,3212,7693,4925,842营业收入5,8376,7317,7729,359应收票据4000营业成本3.0293.4614.0064.796应收账款125904223税金及附加26354247预付账款29526072销售费用9381,2791.4381,685存货5964791,240943119168171187合同资产03研发费用441512560655其他流动资产4.4454.1674.1994.250财务费用-5242-63-72流动资产合计6.5207.5579,03411,130信用减值损失-3-5-5其他长期投资0000资产减值损失-305-30-30长期股权投资1212公允价值变动收益623000102471753982投资收益191100160160在建工程1,1471.2471,2471,147其他收益2043无形资产6891.5981,3971.7872.229其他非流动资产2.0202.0212.0222.024营业外收入030非流动资产合计3.2873.7594.0434.175营业外支出00009,80711,31613,07715,3051,5981,4001,7872,2290226335所得税196171218272应付票据00001,4021.5691.957应付账款8201,0381,2141,468少数股东損益0000预收款项03421,4021,2291.5691,957合同负债85121140168NOPLAT1,3571,1931.5131.894其他应付款109109109109EPS(按最新股本摊薄)14.9713.1216.7420.89一年内到期的非流动负888其他流动负债276329336358流动负债合计1,2981.7052.0372.4482021E2022E2023E2024E长期借款0000应付债券0000营业收入增长率28.8%15.3%15.5%20.4%其他非流动负债1717EBIT增长率1.4%-12.1%26.9%25.2%非流动负债合计171717归母公司净利涧增长率2.4%-12.3%27.6%24.8%负债合计1,3151,7212,0532,465归属母公司所有者权益8.4929.59411,02212.839毛利率48.1%48.6%48.5%48.8%少数股东权益111净利率24.0%18.3%20.2%20.9%所有者权益合计8.4939.59511.02312,840ROE16.5%12.8%14.2%15.2%9,80711,31613,07715,305ROIC64.1%37.7%33.6%30.7%单位：百万元资产负债率13.4%15.2%15.7%16.1%2021E2022E2023E2024E债务权益比0.3%1.3%2.3%2.8%1,5191.8511.0062,619流动比率504.4444.51,3881.2311,6972,189速动比率4.64.23.84.2存货影响-215117-761297经营性应收影响38217037总资产周转率0.60.60.60.6经营性应付影响476222177252应收账款周转天数631其他影响-169261-175-156应付账款周转天数7197101101-1,461-401-335-310存货周转天数58567782资本支出-1.226-515-474-434股权投资000014.9713.1216.7420.89其他长期资产变化-235114139124每股经营现金流22.7427.7115.0639.20-155-25241127.11143.61164.99192.1997129109殿利及利息支付-137-125-163-207P/E2422178000P/B433其他影响-342686139EV/EBI TDA5359-2请务必阅读正文之后的重要声明部分