民生证券INSHENG SECURITIES华工科技(000988)/通信公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入12,01115,24418,49822,584成长能力(%)营业成本9,7091221614,71217933营业收入增长率18.1426.9221.3522.09营业税金及附肋加6092113EBT增长率68.6850.3232.5824.72销售费用6087779431,152净利润增长率19.0733.0429.4123.27管理费用426534647790盈利能力(%)研发费用5667168691061毛利率19.1619.8720.4720.60EBIT6921,0411,3801,721净利润率7.547.918.438.51财务费用-86-60-56总资产收益率ROA5.406.337.488.00资产减植损失-59-59-69-84净资产收益率ROE11.0012.9014.4715.34投资收益240305370452偿债能力营业利润1,0061,7402,1451.711.721.831.86营业外收支333速动比率1.171.161.201.22利润总额1,0091,3471,7432,149现金比率0.500.450.400.39所得税119162209258资产负债率(%)50.7950.8648.4248.09净利润8911,1851,5341891经营效率归属于母公司净利润90612051.5601,923应收账款周转天数110.43109.00108.00107.00EBIT DA9491,3171,6952052存货周转天数89.4088.0086.0085.00总资产周转率0.850.931.01资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金3.5393,798每股收益0.901.201.551.91应收款及票据3,7884,7215,6786,872每股净资产8.199.3010.7212.47预付款项393476559664每股经营现金流0.580.530.830.91存货2,3782,8863,3974,093每股股利0.000.130.160.20其他流动资产1,5751,9132,2512,669估值分析流动资产合计11,49013.53515,16318,095PE24181411长期股权投资8219741,1591,385PB2.62.32.0固定资产1,7591,8171,8601,892EV/EBITDA22.1915.8512.049.69无形资产268271273276股息收益率(%)0.000.600.770.95流动资产合计5,3035,4965,6975,957资产合计16,79319.03120,86024,052短期借款739739739739现金流量表（百万元）2022A2023E2024E2025E应付款及票据4,1145,0546,0067,222净利润8911,1851,5341891其他流动负债20731,5431793257276315331流动负债合计6,7157,8668,2889,754营运资金变动-459-807-844-1,068长期借款1,4971.4971,4971497经营活动现金流579535833915其他长期负债318316316316资本开支-294-314-328-362非流动负债合计1,81418121,812投资113000负债合计8,5309,67810,10111,567投资活动现金流-1,181股本1,0061,00610064000少数股东权益266-21-53866-7310股东权益合计8,2639,35310,75912,485筹资活动现金流688191-951-258负债和股东权益合计16,79319,03120,86024,052现金净流量101183-261521资料来源：公司公告、民生证券研究院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