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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202020212022E2023E2024E202020212022E2023E2024E货币资金1865317.632.7798386612216.6213.7502074.939.9183,739.45103,978.94117.031.8834283412.22213036790539419营业成本60223.19703558468272.62818901492633341253.7785704638281485.1391831营业税金及附加90.121087983.7410398117.03存货133122414.943.69148617419,705871921102销售费用813031155.601299741.46290其他11.73753126731113108.4512502755763.634.759285861.765.406906.4367423,0428635583.2538,2248347,19512研发费用679.0760341753.6693581105328509.67749357493574935财务费用196331.163481507311039791.17032固定资产35.404.17369338038865.984029944资产信用减值损失(55281(47.63)在建工程8582.474752203376103189.05309402公允价值变动收益1323.5195352642.06(1382)(13.41)无形资产1742.741761.6163425157053投资净收益389397939220000200.00其他18101.78185318317347.1117.442.5917.74367其他239360605550.0057445.0561,1992360,10433618802363,457.026,114.0013443.5814,297.0196,788.37109.0753511022349营业外收入722135864685516444783990.60175690137581817549.791157496营业外支出487.63216053100020000200.004139856771.781.676729014.09362743(13143.99)5,8508613,2952114,141.79其他823329146296914716311793742所得税4875940363207.78332383535416363.7219297.8741,2791833139817483.9813547.82)12962.8313,788257.161.67183955017667.656342.1124000014326)423232592627577应付债券75673415.003.5088521410807.661189777742587(1340436)5,2198512703.5813,51249其他1383.90796553,352684234.05518410113(205)1.9420616,112,9142354.5829,872492138383194718732,911.9462.0392459,937.071800222301452.661202816.75303736202020212022E2023E2024E6373.466351816.554146554.14655414资本公积5408.02550982550982550982550982245%-1331w%2890%2417%343593619.630.07240669431689.0943.71%-25457%-14716%635%其他(35287955.97400.00)(157.4均1141-28051%13894%14337%637%34,749.1246,4123457,6118180500.1296,788379329.16109,0753511022349毛利率1953%-830%1847%2085%净利率991%-2063%623%1222115%ROE1522%-4131%2914%24.76%ROIC2051%-2684%1680%2907%30.91%202020212022E2023E2024E净利润(13547.6☑521985127035813.51249资产负债率4088%6410%6096%47.73%3409.035108855.910186319586,72428净负债率3701%89928291%519%2435%财务费用233.121312.761507311033.79117032流动比率137181127114141投资损失(38839(7939☑8000(200.00(200001050.67083营运资金变动77132483.91(363055)1395.1216909其它2201306202.181.065292454326235230.641720826786233112201410,152.0821-503.5021638525814505626.02601资本支出14296.721550.1710612907118.637.04995总资产周转率103073107长期投资2140000.00其他(12042801784125)(14.91860(148499月113-2051.94206(10,253.00)72283(7800.00)01215533012180251282264955.458332.73750(2000.11)4.94259其他0000.000.00市盈率17.71-981252010359734,753.1117.004.69717841132554)(12304.94)市净率4053.022410.000.000000.000.006292569(2,47142)7517852377.961533581132-187416.65资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明2
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