公司点评报告SOOCHOW SECURITIES上汽集团三大财务预测表2021A2022E2023E2024E判润表（百万元)2021A2022E2023E2024E545.009552.823582.630607212779.846773050776.839792.749货币资金及交易性金融资产192.409171,669203,057226,502营业成（含金融类）691,368688014692,94185,889105,340102.50599673税金及附加5,48955165,629存货56.63665.9746644667,503销售费用29,50528.6032796627.746合同资产000管理费用24.10423.1912330522.593其他流动资产210.075209,840210.62121353519.66819,32619.03318233373.308379.076386.606财务费用564158722952,086长期股权投资60,84959,84960.34960,949加其他收益3,85342524273因定资产及使用权资产86,806840288239882.134投资净收益27,16417,7801398311.891在建工程14.82912,82911,82911329公允价值变动1,738000无形资产16,83717,71918,69919,889减值损失-330-22090商誉1,2681,2681,2681,268资产处置收益8101.160793长期特摊费用2.2002.0451.91829.7002498529.059其他非流动资产189,124195570202.615209261营业外净到收支11120222125916,923926.130961,70599381829.68025207480.481468210470359减：所得税7,6165.0304285短期借款及一年内到期的排流动负债53.54753,54753.547535473394224.602092224223经营性应付款项199.052175,313182556182,869减少数股东损益6,715合同负债2651417,41718.1022453317.8171512217508其他流动负债201368212,875214,005215,913非流动负债107,671113,558119,153124,894每股收益-最新股本摊薄元)2.101.521.291.5026.91130.79934,39438135应付债券19,39721,39723.397253978426807914,587租赁负债83468346834683463045523.51222.03027.090其他非流动负债53.01653.01653.01653016负债合计588.152572.709587363595253113511.0010.8011.20归属，母公司股东权益273,74291,591306,713324221归母净利%3.152.301.95221少数股东权益54.99761,83067,63074344328,771374343收入增长%5.080.870.492.05916.923926.130961.705993.81820.08-27.38-15.1215.782021A2022E2023E2024E2021A2022E2023E2024E经营活动现金流21,616-24,82434.63929.667每股净资元23.4324.9%26.2527.75投资活动现金流-14982,110-7315最新发行在外股份（百万股）11,68311,68311,68311,683筹资活动现金流-16,1701,97413171,093ROIC%)2.481.551.39238现金净增加额3.062-20.740234458.9%6.114.935.40折旧摊销17,68515.08%1250464.1461.8461.0859.90资本开支-16.654-9,613-10,582PE(现价&最新股本摊薄)7.119.7911.539.96营运资本变动-8,887-61,62610,2912,016PB(现价)0.640.600.570.54玫据来源：Wd,东吴证券研究所，全文如无特殊注明，相关数据的货币单位均为人民币，预测均为东吴证券研究所预测。东吴证券研究所请务必阅读正文之后的免责声明部分