东方证券ORIENT SECURITIES长安汽车动态跟踪一自主品牌和自主新能源车销量均实现快速增长附表：财务报表预测与比率分析资产负债表利润表单位：百万元2020A2021A2022E2023E2024E单位：百万元2020A2021A2022E2023E2024E货币资金32,00251,97638,76645,83951,94684,566105,142129,222152,798173,153应收票据、张款及项触资30,51325,94346,22454,95461,948营业成本72,10187,649103,301121,175137,14946132411,9432,6133,634营业税金及附加3,2283,9724,7815,6546,407存货5,9686,85374729,42310.436营业费用3,4064,6465,9446,8767,619其他3,9473,1276,5425,6436,123管理费用及研发费用7,0617,0159,82111,61313,16072,89091,140100,948118,473134,088财务费用210781)610长期股权投资12,10913.24512,12112,49212,619资产、信用减值损失1,042421385598固定资产26,43721,32636,93645,375公允价值变动收益2.035000在建工程1,0481,4607,75910,90912,484投资净收益3,1541,0142,557677827无形资产4,4324,3863.6552,9242,193其他811,076530830830其他1,3503,8473,5393,6383,6652,6243,7318,8859,21210,30545,37644,26456,17266,90076,3376213060资产总计118,265135,405157,119185,373210,425营业外支出894080505781911.01119,39625.0972,5973,8218,8659,22210,315应付票据及应付张款40,69347,94356,75567,08275,432所得税216443461516其他21,32228,14523.08625,4313,2883,6048,4228,7619,799流动负债合计62,59376,10790,851110,986125,960少数股东损益524249长期借款9556006006006003,3243,5528,3808,7179,750应付债券000.340.360.840.880.98其他1,2372,8322,4841,8352,1082,1923,4323,0842,4352,70864,78579,53893,936113,421128,6682020A2021A2022E2023E2024E少数股东权益701331752192685,3639,9229,9229,922营业收入19.8%24.3%22.9%18.2%13.3%资本公积10,9319,12074877,4877,487营业利润224.5%42.2%138.2%3.7%11.9%留存收益36,99738,88345,48554,20263,952归属于母公司净利润225.6%6.9%135.9%4.0%11.8%其他1199711512212853,48055,86663,18371,95281,75714.7%16.6%20.1%20.7%20.8%118,265135,405157,119185,373210,4253.9%3.4%6.5%5.7%5.6%ROE6.8%6.5%14.1%12.9%12.7%现金流量表ROIC6.2%5.0%11.6%9.8%9.4%单位百万元2020A2021A2022E2023E2024E3,2883,6048,4228,7619,799资产负债率54.8%58.7%59.8%61.2%61.1%折旧摊销4,0282.6543.0293,8074,780净负债率0.0%0.0%0.0%0.0%0.0%财务费用210781)(4281.161.201.111.071.06投资损失3.154(10142,557)67速动比率1.061.100.990.950.95营运资金变动9,38814,738(20923)348其它3,77091984356.855.165.257.757.010,67622,97211,42313,354存货周转率13.812.511.410.29.9资本支出(15032.574(14.059)(14,059总资产固转率0.80.90.90.9(1,131,124其他6,2081,8281,204719每股收益0.340.360.840.880.983,60511,107)(13,226(13,468周1.993.01-1.201.151.35404643(862)(12092每股净资产5.385.626.357.238.216,12545865600其他51810,0588,9956,12839.336.815.615.013.47,0479,8528,8756,220市净率242.31.81.6(3325-0-0-0EV/EBTDA15.517.99.08.16.821,29518,86213,21017,0736,107EV/EBIT41.533.912.411.610.1资料来源：东方证券研究所有关分析的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。井请阅读本证券研究报告最后一页的免责申明。2