中银证券现金流量表（人民币百万）202020212022E2023E2024E202020212022E2023E2024E13,93117,47020,56923,97927,795净利润2,2993,6844,1844,7765,646营业收入13,93117,47020,56923,97927,79552035242445893营业成本10,47412,71215,19217,86420,651营运资金变动44614(758)(487)营业税金及附加3335其他93(493)697(377)132)销售费用19673852,4232,8042,8944,1245926867759091,053资本支出(119)643114196217研发费用111234276322373授资变动22525252561(46(46(46719(5,018)(436)(1,389)84483604350150216)(1,148)资产减值损失(104)(134)(134)(134)134银行借款6442)(41)(40)(39)信用减值损失4(7)(8)(8)(55)(1490)0000000(1224)4,334(1,9892,538)(2,308)公允价值变动收益000002,8052,0252,572)(2,340)22525259298792310763619(31)营业利润500营业外收入78营业外支出14262626202020212022E2023E2024E22994,7765,646成长能力所得税4209179621,0981,28725.417.716.615.9净利润1,8792,7683,2223,6774,358향业利润增长率(%)5.060.613.514.118.1少数股东损益000047.316.414.118.52,76832223,6774,3582.113.714.318.42,7074,0514,5725,1726,0512.313.514.318.4EPS(最新股本摊薄，元)1.792.372.763.153.731.8242.83.23.716.621220.420.020.4资产负债表（人民币百万）营业利润率%)16521220.420.020.4202020212022E2023E2024E毛利车(%)0.00.00.065101186514.1571556817.00513.515.815.715.315.7货币资金24384,40850325,1385,775ROE%)37.927.026.928.51,77024872,65533403.609ROIC(%)22222.020.121.022.50000存货2.0882.6713.3963.8954,464资产负债率41032529.828.225.5预付寒款80163135205188净负债杖益比69.648.142.539.334.2合同资产00000流动比率163.8232.1266.3其他流动资产9017310003,229431442614,4644,690总资产周转率1413120007.02.5083.0063,1263,3023,497应付寒款周转率7.48.18.09.011.0无形资产2002792742933151121121121121404049,73816,17918,41820,03221,6953.83.9775,08353165,4755,3410.8131.3短期借款14961,8761,8761,8761,8760.4(0.3)(0.2)(0.2)0.2)应付寒款13071,81419481,9931,731其他流动负债1,169142214921,6061,734182.413.7201701751811882.1161.32.92.30000每股净资产（最新摊薄）5.59412.313.9其他长期负债201701751811883.03.94.85.97.23.9975,2535,4915529股本1,0501,1671,1671,1671,16730.623.119.817.414.7000010.05.94.94.05.74110.92712.92614.37616.167EVEB1TDA23.615.814.012.410.69,73816,17918,41820,03221,695价格现金流（倍）26334.441.619.024.32023年3月4日华利集团2