附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4665505863897401947230234454632588321118520792327241917613338营业成本229633894846672485009701268150126092616营业税金及附加143136其他应收款1561657216056预付寒款233732567689108150190存货9201344189426003081研发费用129173253358447其他流动资产65710048938332422-1344-1735134566613080799755-800000230181717固定资产17972923415957537137无形资产3614555185856481341719其他非流动资产135511881450173019390817896241251915480192264671141558200827353095449354207101营业外收入000007351071635814840营业外支出2222应付票据及应付寒款1780179933193784519546572114015572006其他流动负债2192245398221066所得税53821421882321786904148322432653413700999136917741670700127820392449少数股东损益其他非流动负债11620420420420441370110001370177645213999597676639754EBITDA6821046143420022607312108EPS(元)0.621.051502.062.66股本447667667667667180929612961296129612021A2022A2023E2024E2025E1302195027773852534636535613653278079465营业收入%)85.847.342.039.626.681789624125191548019226향业利润(%)20.568.045.636.428.924.269.742.537.129.624.123.923.423.924.013.715.715.815.515.92021A2022A2023E2024E2025EROE(%)12.417.518.737837518854493145ROIC(%)8.09.811.412.313.3净利润4137009991369177412422228141055355.341.647.49.550.722-14-17净负债比率%)11.422.99.5-31-14-17-19流动比率1.7141.3-206-612665-1297853速动比率1.31.21.00.90.9其他经营现金流381101-1191-756-2219-2235-21510.50.50.6资本支出14461262156219401656434.04.34.32404609-19应付寒款周转率1.91.91.91.9其他授资现金流965659-304-514192859742611285830.621.051502.062.666353364361780.570.562.830.674.721670-9705787614095388.429.8011.7114.2002200000115200P/E57.533.923.817.413.4其他筹资现金流-377-140283189148P/B6.64.23.63.02.51103272926581577EV/EBITDA34.722.316.212.69.4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