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国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E4627370,036148,35245,80362,30327,85354,94382,63440,02528,02应收账款+柔据20,33828,55626,88730,92037,104营业成本247,36268,88333,317,5107,8428,57711,836税金及附加1,4271,3971,625224318461,8822,2372,5733,087营业费用32,21234,45534,43739.60247,523其他5028437,95351,61758,91670,108管理费用29,57229,81728,69733.00239.07412625146,26348,07484,44财务费用7481,213367501长期股权投资48,41651.05154,1685728560,401资产减值损失366-444-510-612334,84353,81304,80254,61203,21公允价值变动收益24000在建工程41,19245,71538,09630,47722,8574,3774,3283.8513,8513,851无形资产27,17329,8462525415,841其他-3,336-4,7266210-7,515其他非流动资产15,40417,99216,13414.03713,57820,40128,99635,431467,03498,41438,46376,99315,89营业外净收益3414914914959328644,68676,13725,06800,3317,80720,36725,01329,14535,580385502000所得税3,3913,7164,9035,7136,975129,76149,34156.13179,55215,4614,41616,65120,10923,43128,605其他104.9898,142118,522136,30163,52少数股东益9,35211,28413.14816.051235,13247,98274,6531585378,986,3057,299882510,28312,55412,2503825727.06816,5156,705长期应付款12888其他9,67411,16411,16411,16411,164202120222023E2024E2025E21,93649,42938,23927,68717,877成长能力257,07297,41312,89343,54396,85营业收入7.90%826%780%15.00%20.00%186,9919290204,18217,33233,38EBIT10.61%9.58%33.67%12.53%1886%股本（百万股）31,8043180431,80431,80431,804EBITDA4.77%123%-089%5.09%5.53%资本公积80,4438182481,82481,82481,24归母净利润14.20%15.76%20.90%16.52%22.08%留存收益37,78340,74245,41950,561获利能力336,21347,2736323381,52403,4724.55%2425%2425%24.25%2425%593,28644,68676,13725,06800,33净利率4.40%526%5.33%5.42%ROE4.23%4.73%5.55%6.26%738%现金流量表ROIC5.14%5.09%6.15%7.42%10.98%202120222023E2024E2025E净利润14,41616.65120,10923,43128,605资产负债43.33%46.13%4628%47.38%49.59%71,34270,72663,31364,58364,216流动比率0.540.590.871.10128财务费用97-7481,2133670.310.430.901.08105355336515-3.60314.0902824443,26816.5412.5414.5014.5014.50其它3,5995,582515295133.9814285129.57129.57129.5799,52588,57297,856115,995134.,95总资产周转率0.550.550.570.610.66资本支出69,182-70.982000-7,8819,725000.200230.280.32039其他2,2845,130-24862,486每股经营现金流3.132.783.083.65424-74,780-56,127-2,486-2,4852,4864855.005.165.35-10.04326,124-10,5539,8102481300030.6226.4521.8818.7715.38其他1584451886-5,361-5,5096,1521.291251.211.181.1425,910-24,94917.052-16,061-15,963EV/EBITDA3.524.064.29325224-1243789578,31897448116,508EV/EBIT17.56187114.6310.376.33请务必阅读报告末页的重要声明
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