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光大证券财务报表与盈利预测202120222023E2024E2025E20212022管业收入798212,59119,21323.79927.338总资产4757555.25761,724营业成本4,0026,5689,44611,77313,653货币资金1,8333.9545,2236.4707,432折旧和摊销7971,06586219362交易性金鞋资产510101010税金及附加3758154167191应收账款4.4056.5609.75612.17014.034销售费用7474134167191应收票据3696389731.205管理费用216323493611702其他应收款（合计）821313945研发费用4097241,1051,369存货1.6812.4633,5434,4165.121财务费用153212443396242其他流动资产9341.0141.0141.0141.014投资收益2723232323流动资产合计9,46314,96720.95525,80729,58632174,7697.4449,66011169其他权益工具1101111111111113220476574409,65611165长期股权投资5555所得税3335538631,1211296固定资产10,8781430716,25818,24820,223净利润2,887421265785359,869在建工程1.7533.5614.2464.7595,144少数股东损益169212254305366无形资产5611.1101.1382,718632382309509520520520520520EPS元)3.054.487.0892210.65其他非流动资产25693.7453.7453.7453.745非流动资产合计16,66023655266202945132.13820212023E2024E2025E总负债1158519,76822.04921.19617,794经着活动现金流1,4195043,6256,3708,434短期借款4,1169.52810.3778.5754.315净利润2,7184,0006,3239,503应付账款6511,7212,4753.0843,5767971,065862193624876098761.0921.267净营运资金增加3.1713,8935,2574.0052.979预收账款00000其他-8455-8,040-6.085.4,411其他流动负债241275275275275-3,7153.029.3.027流动负债合计6,9341355915,8421499011587净资本支出.3.991.52533.050.3.050长期借款2,8034,1794,1794,1794,179长期投资变化400应付债券413426425425425其他资产变化2724382123其他非流动负债12931,3661,3661,3661,6136,779673-2.096.4.445非流动负债合计46516,2096,20762076207股本变化600001453718,8542552634,06143,930债务净变化1.97172761.020-1,699.4,203股本892892892892892无息负债变化6379081,260847800公积金7,8097,8778.1338.1338,133-6861,6031,2691,247962未分配利润5,2889.00015.06923,29932,802归属母公司权益13,83217,72624,14432,37441.878少数股东权益7051.1281.6872.053主要指标20212023E2024E2025E202120222023E2024E2025E毛利率49.9%4789%50.8%50.59%50.19%销售费用率0.939%0.599%0.709%0.709%0.70%EBITDA率52.5%48.59%42.79%43.0%42.9%管理费用率2.71%2.579%2.579%2.57%2.57%EBIT率42.49%40.09%42.3%42.19%41.69%财务费用率1929%1.689%2.30%1.669%0.88%税前净利润率40.39%3789%38.79%40.6%40.89%研发费用率5.13%5.75%5.75%5.759%5.75%归母净利润率34.09%318%32.9%34.69%34.89%所得税率109%129%129%129%129%ROA11.19%10.9%13.8%15.4%16.0%19.6%22.6%26.29%25.49%22.79%202120222023E2024E2025E经营性ROIC13.5%13.4%17.3%18.3%18.6%每股红利0.300.000.000.000.00每股经营现金流1.590.564.067.149.45202120222023E2024E2025E每股净资产15.5019.8627.0536.2846.93资产负债率449%519%38%29%每股销售收入8.9414.1121.5326.6730.63流动比率1.361.101.321.722.55速动比率1.120.921.101.432.11202120222023E2024E2025E归母权益/有息债务1.791.512.264.14PE3926171311有形资产/有息债务3.212.452.853.725.91PB7.65.94.33.22.5EV/EBITDA27.319.915.012.010.1资料来源：WMnd,光大证券研究所调股息率0.3%0.09%0.0%0.0%0.0%敬请参阅最后一页特别声明-2证券研究报告
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