东方证券ORIENT SECURITIES广汽集团动态跟踪一广丰销量回暖，埃安月度销量环比向上附表：财务报表预测与比率分析资产负债表利润表单位：百万元2020A2021A2022E2023E2024E单位：百万元2020A2021A2022E2023E2024E货币资金28,50024,03652,06064,33277.56062,71775,110104,121128,664155,119应收票据、张款及项触资6,5139,7039,89112,22314,736营业成本58,65969,16494,893116.553139.3181,1587602,5733,102营业税金及附加1,3641,8242,2912,8313,413存货6,6228,11112,82115,325营业费用3,6414,3405,7277.0778,532其他13,85018,58211,53513,17014255管理费用及研发费用4,3324,9236,7688,36310,08356,64361,19286,008105,120124,978财务费用35153154162长期股权投资33,38136.90536,90536,90536,905资产、信用减值损失770832749232310固定资产17.50717,96017,82017437公允价值变动收益293250250300在建工程1,4521,73016111,5521,432投资净收益9,91111,81415.05716,78418,920无形资产13,88715,38312,81910,255其他1,5181,4981,1101,4101,510其他19,08421,4809.0608,8098,9755,6387,1459,95711,89914,03286,16493,00578,35575,34172,440109116110110200资产总计142,807154,197164,362180,461197418营业外支出52255050503,5562,2965,8185,6957,23710,01711,95914,182应付票据及应付张款12,88015,9462182526,80732,043所得税(154(200(239(284其他25,94930,5642160223,18125,1386,0517,39110,21812,19814,466流动负债合计42,38548,80649,24555,59861,448少数股东损益56143171203长期借款2,8792,7022,7022,7022,7025,9667,33510,07512,02714,263应付债券5.5942,9952,9952,9952,9950.570.700.961.151.36其他5,2897,0985,9806,4506,70013,76312,79611,67712,14712,39756,14761,60260,92367,74573,8452020A2021A2022E2023E2024E少数股东权益2,3392,3352,4792.85210,35010,37110,49010,49010,490营业收入5.9%19.8%38.6%23.6%20.6%资本公积22,52023,49325,43825,43825,438营业利润-0.8%26.7%39.4%19.5%17.9%留存收益50,34955,67163,96272,98883,642归属于母公司净利润-9.8%22.9%37.4%19.4%18.6%其他1,1027251.0501,1501,15086,66092,595103,439112,715123,5736.5%7.9%8.9%9.4%10.2%142,807154,197164,362180,4611974189.5%9.8%9.7%9.3%9.2%ROE7.3%8.4%10.5%11.4%12.4%现金流量表ROIC6.1%7.1%9.0%9.9%10.8%单位百万元2020A2021A2022E2023E2024E739110,21814.466资产负债率39.3%40.0%37.1%37.5%37.4%折旧摊销4,6724,7524,3174,4504,379净负债率0.0%0.0%0.0%0.0%0.0%财务费用351721531541621.341.251.751.892.03投资损失(11814)(15,057)(16,784(18920速动比率1.181.081.511.631.75营运资金变动(4,659)其它2,5532,77311,85155226016.113.015.218.218.26,824479129存货周转率8.59.29.59.08.8资本支出(4,8032498(1,492)(1,492(1,313)总资产固转率0.50.70.70.8(1433787(171)其他6,7058,83421,19916,49518,916每股收益0.570.700.961.151.364691,64920,49414,86617,432-0.28-0.540.650.050.012,964)312780每股净资产8.048.609.6210.4911.51729942,06500其他(141216063,3855,113)20.316.512.010.18.573707(3,073)市净率141.31.084)-0-0-0EV/EBTDA10.08.67.26.35.6427428,02412,27213,227EV/EBIT18.214.110.28.67.3资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被常见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2