国联证券公司报告|年报点评位万元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E3,3203,3563,7524,5885.61610,16712,01115,00918,35122,4624.0755.1138,1529,979营业成本8,4359,70911,55713,94717,071302393487596730税金及附加45721082,3783,2714,831营业费用5266081,0821,324其他229249329376435管理费用8271,30916011,9609,97211,4g014,50721,590财务费用●89102103长期股权投资5678219431,185260731,8151,5371257976公允价值变动收益246000在建工程46332620332240261261261无形资产264268230190149665236其他非流动资产1,3412,32522922,2848221,3641,7722.1043,9125,3035,0674.615营业外净收益2322213,88416,79319,57422,489262048251,7742,1065717391,7012,512)所得税2102503,1054,1145,2097,6947481,2041,5641,857其他12631,8742272●2,781-13334,9396,7158,78410,63312,9867611,2261,5921,890长期带息负债1,3071,5341,131388长期应付款00000其他2092802802802802021A2022A2023E2024E2025E1,5161,8141,4111.0276686,455853010,19513,654营业收入65.65%1814%24.96%22.27%22.40%少数股东权益4026424EBIT28.90%20.60%57.64%28.91%17.74%1.0061,0061,0061,006EBITDA27.16%17.12%55.81%23.34%资本公积2,6632,6862,6862,6862,686归母净利润38.24%19.07%35.26%1871%3,7205,6847,1628.9167,4298,2639,37910,82912,550毛利率17.04%19.16%23.00%24.00%24.00%13,88416,79322,48926,2047.36%7.41%8.02%8.52%827%ROE10.30%11.00%13.07%14.67%14.99%现金流量表ROIC11.50%9.63%12.73%13.66%14.37%2021A2022A2023E2024E2025E净利润7488911,2041,5641,857资产负债46.49%50.79%52.08%51.85%52.11%227240357359336流动比率2.021.711.66财务费用59891021031.541.29121122123884营运资金变动-646-479-1,5148429852.622.422.402.40其它157329677461669存货周转率4.124.083.533.533.5373562799671,095总资产周转率0.730.720.77082086资本支出3392240长期投资93000.901221.58188其他-806100494每股经营现金流0.070.56-0.081.09-1.053-1,18194947.358.199.3210.7912.54债权融资944396559-10772300027.1422.7916.8512.9710.93其他270-1772162382.802.512201.901641,029688381226EV/EBITDA29.2115.75128910.449.1846843968361.028378919.8516.0612.4310.58数鸳来源：公司公告，iFD,国联证泰研究所预测，股价取2023年3月7日收盘价请务必阅读报告末页的重要声明