电华旺科技(605377)HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度2022A2023E2024E2025E会计年度2022A2023E2024E2025E4268455253296141营业收入3436388445035043现金1859177422092568营业成本2802306635713983应收账款300348405484营业税金及附加12161619其他应收款0011销售费用20232525预付账款68管理费用48505453存货916100311721308财务费用4423其他流动资产1187141915341772资产减值损失-15-11252149516461787公允价值变动收益00长期投资0000投资净收益因定资产921146416151756533668788868无形资产747474营业外收入0100其他非流动资产257-43-43营业外支出0000资产总计55206046697579285326697888681860181120602266所得税6793109122短期借款235000465576679747应付账款7668409291037少数股东损益其他流动负债85997111301230467578682750非流动负债464646EBITDA552673761871长期借款0000EPS(元)1.461.742.052.26其他非流动负债46464646负债合计1906185621052312少数股东权益612022A2023E2024E2025E股本332332332332成长能力资本公积1936193619361936营业收入16.9%13.0%16.0%12.0%留存收益1339191725993349营业利润1.6%25.3%18.0%10.2%归属母公司股东权3608418648685617归属于母公司净利4.2%23.7%17.9%9.9%5520604669757928毛利率(%)18.5%21.0%20.7%21.0%现金流量表单位：百万元净利率(%)13.6%14.9%15.1%14.9%会计年度2022A2023E2024E2025EROE (%13.0%13.8%14.0%13.3%539651716603ROIC (%10.5%12.6%12.6%12.4%净利润467578682750偿债能力折旧摊销574959资产负债率(%)34.5%30.7%30.2%29.2%财务费用200净负债比率(%)52.7%44.3%43.2%41.2%投资损失-6流动比率2.292.512.592.71营运资金变动3速动比率1.801.952.012.13其他经营现金流538574680946432497-281-245总资产周转率0.620.640.650.64资本支出-234-299-200-200应收账款周转率11.4611.1611.1210.43长期投资0200应付账款周转率3.663.653.843.84其他投资现金流-197219682-23900每股收益1.461.742.052.26短期借款23523500每股经营现金流薄)1.621.962.161.82长期借款0000每股净资产10.8612.6014.6516.91普通股增加00资本公积增加773000P/E16.8112.9310.979.98其他筹资现金流372g0P/B2.261.791.541.33793-85435359EV/EBITDA11.838.496.935.65资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告