中银证券现金流量表（人民币雨万）202020212022E2023E2024E202020212022E2023E2024E营业总收入4,1615,8096.6308,66711,030净利润(341)(55480332684营业收入4,1615,8096,6308,66711,030折旧摊销197359400435459营业成本2,32332283,941营运资金变动(409(1,314)7972,043)555营业税金及附加3948557291其他(136208193(85)(82)销售费用1,3201,7611,73522271,084(1,361)1,6165266526638671,092资本支出298)250455455)(550)研发费用12281,7481,724(505)(454(100)(120)140)(8)3269其他180(103)140140140209248248248623806415435)550)资产减值损失(82)银行借款14161211,6469信用减值损失(84(199)(120(135)5,29000011其他2250123489(129)公允价值变动收益383105,3251,735120)1821391391391394,014231655594500222营业利润(326(556341701营业外收入7营业外支出1810101010202020212022E2023E2024E(343)(55581338698所得税2)271431939614.130.727.3净利润(341)(554)332(39.1)70.4(115.1)306.6105.6少数股东损益6)25714(32.465.9(109.9)490.5106.3(55555325671273(68.3(94.7)2,3790)(582)(633)41983928.4)8.8(113.6386.6100.4EPS(最新股本摊薄，元)081)0.080.480.9865.9(109.9490.5106.33.4营业利润率%)(7.8)(9.61.33.96.4202020212022E2023E2024E59.660.061.162.864.38.6648.2978.018(9.5)0.83.8货币资金52742,97335283467(3.3(5.60.63.26.11,85934802,6145,3534,786R0IC%)0.2)5.93311755170116存货60581576112131,197资产负债率02030.3040.4预付寒款236739260(0.5(0.1)0.2)合同资产255348321517507流动比率3.92.82.82.1其他流动资产6144967067039523,76153615,4915,7270.40.4长期授资1,05215371,6371,7571,8972.621,28112611,30313571,402应付寒款周转率434.745.3无形资产81149171196220134622412,2502,1812,20831.730326.2724.012,42413.48313,37917,00417,75612.611210.010.09.92,23229742.9045397563829.530.126.024.024.01429501,0021,131(0.3)(0.1)0.40.6应付寒款10541.4231,3252,1162,085其他流动负债1,1641522152922792,422(0.5)(0.8)0.10.51.01705984841,285每股经营现金流最新摊薄)1.6(2.0)2.40010079467414.714.514.615.116.0其他长期负债1705983844914380.00.00.00.00.02,A02357233886.6826,749股本680682682682682257.2)(108.1)930.9157.676.41514394660PB(最新摊薄)8.66.15.15.04.710,0089,8969.95110.27610.947EV/EB1TDA134.687.0527.2114.455.512,42413,48313,37917,00417,756价格/现金流（倍）47.3(37.7)31.72023年3月6日奇安信U