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华利集团(300979.SZ)光大证券财务报表与盈利预测202020212022E2023E202020212022E2023E2024E13,93117,47020,56923,8929,73816,179183542126725.028营业成本10.47412,71215,18617.62020,820货币资金24385,1426,2128,191418432570697836交易性金融资产01.8701,8701,8701,870税金及附加33456应收账数1,7702,4872,6273.0513,356销售费用1966578113应收票据00000管理费用5926868549941.178其他应收款（合计）44938195112研发费用209234288337404存货2.0882.6712,9783,386财务费用6146-871327其他流动资产90173173173173投资收益2252525流动资产合计6,51011,86513,0251496417,8922,3053,7024,0745,623其他权益工具00000利润总额22993,6844,0784,7465,623长期股权投资00000所得税4209178569971181固定资产2.5083.0063.5134.0834.6081,8792,7683,7494,442在建工程3103767489341,027少数股东损益00000无形资产20027929430732118792,7683,2223,7494,442000001.612.372.763.213.81其他非流动资产443273273273273229431453296.3037136202020212022E2023E2024E399752535,4895,7806,412经营活动现金流2,97824233,8904,1645,122短期借款1,4961,8761,4771,1681,010净利润1,8792,7683,2223,7494,442应付账款13071,8142.2022,5553.019折旧摊销418432570697836应付票据1021242833净营运资金增加2991,7165641339预收账款00000其他383-2492.466-1,621-2,296其他流动负债00000投资活动产生现金流-836.43501,560-1,645流动负债合计3975,08353195.6116242净资本支出-6111,620-1.620-1,620长期借款00000长期投资变化00000应付债券0000其他资产变化-225-3.08160.25其他非流动负债0116116116116融资活动现金流2,80520170170170170股本变化01170005,74110,92712,8651548618,616债务净变化55422309-158股本1,0501,1671,1671.1671,167无息负债变化-1393833636600789公积金2,1905,9806,2876,2876,287净现金流8298347341,0701.979未分配利润32014.5576,1888,81011.940归属母公司权益5,74110.92712.86515.48618,616少数股东权益00000主要指标202020212022E2023E2024E202020212022E2023E2024E毛利率24.829%27.23%26.17%26.259%26299%销售费用率1.419%0.379%0.38%0.39%040%EBITDA率22.09%25.339%23.989%23.719%23.609%管理费用率4259%3.93%4.15%4.16%4.179%EBIT率18.449%22.379%21.219%20.799%20.63%财务费用率0.449%-0.269%.0.423%0.05%0.109%税前净利润率16.509%21.09%19.83%1986%19.919%研发费用率1509%1.349%1.409%1.41%1.43%归母净利润率13.48%15.849%15.66%15.69%15.73%所得税率18%25%21%21%ROA19.29%17.11%17.55%17.63%17.75%32.729%25.33%25.049%24219%2386%202020212022E2023E2024E经营性ROIC25.369%27.229%27.55%26.48%25.889%每股红利0.001.100.971.121.33每股经营现金流2.842.083333.574.39202020212022E2023E2024E每股净资产5.479.3611.0213.2715.95资产负债率41%329%27%每股销售收入13.2714.9717.6320.4724.20流动此率1.642.332.452.672.87速动此率1.111.811892.062.23202020212023E归母权益/有息债务3.845.698.4712.8017.68PE36242118有形资产/有息债务6.278.1911.7717.1723.30PB10.66.2534.43.6EV/EBITDA21.315.613.711.810.0股息率0.0%1.9%1.7%1.9%2.3%敬请参阅最后一页特别声明证券研究报告
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