光华科技（002741)HUAAN家ESEARCH财务报表与叠利预测单位：百万元单位：百万元会计年度20222023E2024E2025E会计年度2022A2023E2024E2025E2130363150066436营业收入3302629182329290现金33081313822384营业成本2798517366407374应收账款640103413531527营业税金及附加113141其他应收款10263438销售费用78176231260预付账款58103133147管理费用135283370418存货762110614191576财务费用38717984其他流动资产330549685763资产减值损失000非流动资产1598138212181041公允价值变动收益0000长期投资4040投资净收益0000因定资产1231101485067486304543736无形资产102102102102营业外收入000其他非流动资产225225225225营业外支出00372950136224747783304543736流动负债1565234928063171所得税-3161109147短期借款540540540540114243434589应付账款303425455505少数股东损益00其他流动负债7221384181121261172434345893936509701270EBITDA239379603784长期借款332432532632EPS(元)0.300.611.091.48其他非流动负债218438638负债合计1958299937764441少数股东权益11会计年度2022A2023E2024E2025E股本398398398398成长能力资本公积668668668668营业收入28.0%90.5%30.9%12.9%留存收益70494713811970营业利润51.4%255.3%78.4%35.6%归属母公司股东权1770201324473036归属于母公司净利87.6%108.1%78.4%35.6%3729501362247477毛利率(%)15.3%17.8%19.3%20.6%单位：百万元净利率(%)3.5%3.9%5.3%6.3%会计年度20222023E2024E2025EROE (%6.6%12.1%17.7%19.4%8153222670ROIC (%6.3%10.9%12.0%净利润117243434589折旧摊销1156457资产负债率(%)52.5%59.8%60.7%59.4%财务费用577388净负债比率(%)110.6%148.9%154.2%146.2%投资损失000流动比率1.361.551.782.03营运资金变动-187-348-64速动比率0.841.031.231.49其他经营现金流368404783653-227150100120总资产周转率0.891.261.321.24资本支出-187150100120应收账款周转率5.166.086.086.08长期投资-400应付账款周转率9.2312.1714.6014.60其他投资现金流000341180247212每股收益0.300.611.091.48短期借款88000每股经营现金流薄)0.020.380.561.68长期借款324100100100每股净资产4.445.056.147.62普通股增加5000资本公积增加81000P/E60.1736.2720.3214.98其他筹资现金流-15780147112P/B4.064.383.612.911224835691002EV/EBITDA32.5824.2714.8510.52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