附：财务预测摘要2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E312641474322529462102738477755466904869619292259317832644436营业成本1838286535464488573922233200营业税金及附加31410其他应收款16212236758788109130预付寒款2811892106123148176存货330107266415331276研发费用578904108712811565其他流动资产626454454454454618484442579910781786877272342441516固定资产23023826834243703无形资产1221808276711159172127其他非流动资产44732332500370550565103608070871228477491511127131086403499435营业外收入00000000营业外支出302应付票据及应付寒款4086110001198477479141111其他流动负债305476403412435所得税4191620246962626262114828730894108600000少数股东损益1625其他非流动负债696262626281272989110817821149466561497EBITDA2199578959731095433343742EPS(元)0281.972.172.63股本411411411411206422172217221722172020A2021A2022E2023E2024E4891301197427813819归属母公司股东杖益2919387546045483654816.174.516.124.525.9负债和股东杖益37055056510360807087향业利润(%)-28.0595.5-11.722.321.6-27.3606.8-10.222.321.332.940.036.135.034.04.217.313.212.912.5现金流量表（百万元）2020A2021A2022E2023E2024EROE(%)3.921.215.716.216.5经营活动现金流927577983ROIC(%)13.963.167.043.458.8净利润82873010861581782241489121.19.27.018-48-44-42净负债比率%)62.5-55.656.766.5-59-17-27流动比率4.410.614.3554-566-878277速动比率3.92.89.07.511.3其他经营现金流861792授资活动现金流60-992-129-1530.81.21.32642639615318311.817.20.00.0274-760000应付寒款周转率5.95.611.60.00.0其他授资现金流4930筹资活动现金流-137や260281.971.772.172.63002251.402.390243.37000007.109.42112013.3415.930000015200P/E200.128.331.525.821.3-213-150-55113P/B7.95.95.04.23.5805-4369201258EV/EBITDA93.921.321.720.016.6数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明