中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元20212022E2023E2024E20212022E2023E2024E5433281333840053569966910营业成本114130172228应收账款137100128161税金及附加6预付账款销售费用486710394124管理费用261114研发费用674116其他流功资产19019219519834589951,31353其他长期投资0000资产减值损失-1-1-1长期股权投资000000国定资产72231337101315035404550无形资产1111118154185其他非流动资产4551营业外收入22743617785营业外支出0005027681,0721,398120138097226335所得税8101214000112128144172应付账款344500000000112128144172277091NOPLAT115125140170其他应付款223EPS(掉薄)2.112.412.733.28一年内到期的非流动负债65169779210825141657120212022E2023E2024E长期倍款00000营业收入增长平462%18.5%33.6%30.7%343747198%8.6%12.0%215%3437414712.8%14.3%13.1%19.4%141288456618归属母公司所有者权益360480616780663%67.6%67.9%67.7%少数股东权益000033.0%31.8%27.0%24.6%360480616780ROE31.0%23.4%22.1%5027681.0721,398ROIC66.6%33.3%22.5%19.4%42.5%43.4%28.2%375%20212022E2023E2024E10.8%29.0%44.2%49.6%231951101434.22.42.31281461783.6252.22.195-30经营性应收影响-893731350.70.50.50.5经营性应付影响4911应收账款周转天数1001077774其他影响31应付账款周转天数7467636344-12-9223191174174资本支出-19-16-11股权投资00002.112.412.733.28其他长期资产变化560.584.922.783.61951301099.0912.1015.5419.6997129109股利及利息支付-10-13-18-25P/E1058168股东融资00P/B32241915其他影响1925EV/EBITDA39328请务必阅读正文之后的重要声明部分