还有 3 页未读 ，您可以 继续阅读 或 下载文档
报告派所有资源均由用户上传分享，仅供网友学习交流，未经上传用户书面授权，请勿作商用。
1、本文档共计 3 页，下载后文档不带水印，支持完整阅读内容或进行编辑。
2、当您下载文档后，并不意味着拥有了版权，文档仅供网友学习交流，不得用于其他商业用途。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！
4、本本所有内容不构成任何投资建议，不具有任何指导和买卖意见。
5、如文档内容存在违规，或者侵犯商业秘密、侵犯著作权等，请点击“违规举报”。
公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E2116.6阅4667256.159637304.128528304,128.745445457,145359,214.591293.041805.931.965232386.11营业成本2500893306164317.695.531947.0996992.7262.671402711974213951609211127223489106850108281149096销售费用129.6716680200072441923527其他114.1214231179282214725918管理费用406.4647983593.0675560944854331257528.859512,9011,1142613355.47512848467713361237.6345244524452445241144(12.96)(5723)固定资产46325395413275725972资产信用减值损失1561(3059)(10.10)(10.10)45.05214.15214152141521415公允价值变动收益0000000.000.00000无形资产611557968869490592913031235740.00400040.00其他1733.731566.791500411555.97150653其他(1153012144)0000.000.002,908.863,188292,952.092,837,832618.5565422712318494410,7212112,464.9913,9520815974.03营业外收入180029023023029696.020.00500.005000050000营业外支出13.727057.057.057.05295275596378307642301,055471399.90其他49530523.791.036401195.79143757所得税12.133965422256007371853.792,022.972,255432720.6463018724.811,013.251343.900.0005005005017.09(43.96)应付债券0.000.000000.0064727788.771033.521370.781,80434其他215.121814021092202481412263.0039423721215.121819021142202.981,977.121,410.942466842923.627281243.64227.422059217762202120222023E2024E2025E425.06457.48457.4845748资本公积583189583189583189营业收入5704%3122%28.17%1656372316513.143324161%3773%3242%其他460.76750.0090000日属于母公司净利润4596%1877%3444%3263%31.63%9310.2710,260.1111,4852413050.4010,7212115974.03毛利率3929%3957%净利率1568%1412%1528%ROE1247%84%1030%14.02%ROIC3673%2721%3640%47.40%202120222023E2024E2025E净利润630.18724.811.033521370.78180434资产负债率2731%1759%17.68%1830%108.0218337169831698316983净负债率-25.66%-4944%-54.71%-5872%-6108%财务费用18.626304704.93491投资损失0.004000速动比率559417436营运资金变动(34611)10923)(507.610其它318.098379(2027039535142445013909978.871,151951318697.406967.45857921资本支出241.13634263372295☑8.4总资产周转率0620.70长期投资29597.610.000000.00其他(6548☑109540640694231581412263.00394(443.28)40.1239.9140.02每股经营现金流03010921425243632(69195367871421134198221.9324662814321780(20379其他000000市盈率722060794522340925.903452025082847337(4730(134.53)市净率5154664.14363汇率变动影响0.000.00000000000EV/EBITDA244033.91255319344101251.591492371,144491224.1850.742691335728722118资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
转换为Word/PPT