民生证券INSHENG SECURITIES爱美客(300896)/商业零售及社会服务公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入1939292342005792成长能力(%)营业成本100147206282营业收入增长率33.9150.7643.6937.91营业税金及附九加1062541EBT增长率34.1754.1541.7436.25销售费用163236367513净利润增长率31.9047.0941.5336.39管理费用125144220309盈利能力(%)研发费用173263365539毛利率94.8594.9895.1095.13EBIT1380212830164109净利润率65.3863.8462.8862.12财务费用-45-47-69-102总资产收益率ROA20.1923.6525.7926.43资产减值损失0000净资产收益率ROE21.6125.3827.4928.08投资收益33161616偿债能力1488219831104236流动比率18.4416.8519.0519.62营业外收支0速动比率18.1416.6118.7819.34利润总额1488219531074233现金比率14.0113.5016.0417.13所得税221329466635资产负债率(%)5.005.455.024.95净利润1268186626413598经营效率归属于母公司净利润1264185926303587应收账款周转天数24.0513.6617.8917.51EBITDA1409219731154206存货周转天数170.66141.50138.40136.70总资产周转率0.310.370.410.43资产负债表（百万元）2022A2023E2024E2025E每股指标（元）3140458967939987每股收益5.848.5912.1616.58应收账款及票据128189263357每股净资产27.0233.8444.2359.0421263852每股经营现金流5.528.7512.3616.95475778106每股股利2.802.802.802.80其他流动资产799865895932估值分析流动资产合计41345726806711434PE97664634长期股权投资935935935935PB20.916.712.89.6固定资产195201202205EV/EBITDA84.5653.5937.0726.70无形资产117117117122股息收益率(%)0.500.500.500.50非流动资产合计2125213121322140资产合计625978571019913574短期借款0000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据19213144净利润1268186626413598其他流动负债205319393539折旧和摊销29699997流动负债合计224340423583营运资金变动-60-27-54-14长期借款00经营活动现金流1194189426733668其他长期负债89898989资本开支-156-28-53-58非流动负债合计89898989投资-813000负债合计313428512672投资活动现金流-944股本21621621621695000少数股东权益1001071181280000股东权益合计59467429968712903筹资活动现金流-374负债和股东权益合计625978571019913574现金净流量-124145022043194资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告