恒顺碱业(600305)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E2139.022449.322811.783159.47129.48185.62240.72288.45营业成本1403.871594.681804.962002.56折旧与摊销85.50115.47133.40156.62营业税金及附加24.8726.9430.9334.753.352.707.7815.18销售货用346.93453.12506.12568.71-0.900.000.000.00115.72146.96165.89183.25经营营运黄本变动36.48.110.99-10.90-11.96财务货用3.352.707.7815.18其他62.187.15-13.44-1.00-0.900.000.000.00191.72199.95357.56447.30-8.534.96-5.79-5.97-107.69-300.00-400.00-500.0012.969.959.0910.02226.534.993.304.05其他经营损益0.000.000.000.00118.85295.01-396.70-495.95163.54229.91299.39359.0761.05106.66221.65278.200.11-0.29-0.62-0.39.105.160.000.000.00163.64229.62298.77358.69-0.430.000.000.00所得税34.1743.9958.0570.24支付股利0.00-96.60-138.49-179.59129.48185.62240.72288.45-107.87-18.37-7.78-15.18-8.52-12.21-15.84-18.98-274.52-8.3075.3983.42137.99197.84256.56307.4336.03-103.3736.2534.772022A2023E2024E2025E2022A2023E2024E2025E348.30244.93281.18315.95成长能力应收和预付款项83.14110.74122.95136.76销售收入增长率12.98%14.51%14.80%12.37%存货297.53325.83380.54419.3711.84%40.58%30.22%19.93%484.98504.22526.69548.259.42%43.37%29.68%19.83%101.13101.13101.13101.13BTDA增长率6.76%37.92%26.57%20.50%374.14374.14374.14374.14固定资产和在建工程1077.961266.491537.081884.4634.37%34.89%35.81%36.62%无彩资产和开发支出120.72116.92113.12109.3221.79%24.61%24.18%24.28%79.8179.6179.4179.21净刹率6.05%7.58%8.56%9.13%2967.703124.013516.233968.59ROE5.82%8.02%9.96%11.42%29.04135.71357.36635.55ROA4.36%5.94%6.85%7.27%273.76342.60382.63421.32ROIC10.90%13.55%14.49%14.59%长期借款0.000.000.000.0011.80%14.21%15.67%16.80%其他负债438.94330.71359.02385.63负债合计741.74809.021099.011442.500.690.800.850.84股本1002.961002.961002.961002.962.342.562.512.3537.6137.6137.6137.6128.9830.3528.8229.101327.991429.231547.311675.14存货周转率4.015.025.014.962195.062296.302414.382542.21107.92%30.9018.692.85-16.132225.962314.992417.232526.0924.99%25.90%31.26%36.35%2967.703124.013516.233968.59带息债务总负债3.92%16.77%32.52%44.06%流动比率1.941.711.331.072022A2023E2024E2025E速动比率1.461.240.950.75EBITDA252.38348.07440.57530.880.00%48.83%53.98%58.42%PE92.7464.6949.8841.635.835.575.305.030.140.200.260.31PS5.985.224.554.052.192.292.412.53EV/EBITDA43.3531.9925.7021.78每股经营现金0.190.200.360.450.00%0.75%1.08%1.40%每股股利0.000.100.140.18请务必阅读正文后的重要声明部分