国联证券公司报告|年报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金16762258372651616774793270091233815359199442918285744055268营业成本59225440916211471预付账款3215380税金及附加3451607815181321229728283621营业费用134147200230299其他186243239254277管理费用439350691829107763306831107171357417593●213631长期股权投资27272828资产减值损失-476517471700174817356-36008741581251251014555无形资产280324316308301-652-60其他非流动资产12519218313729572140267220542356238923912367000838491881310615966199601370960214026723680246102所得税181118280350482183516712811336341441189842186023223199其他1331668206325403262000003413244048755903●74061189842186023223198长期帝息负债31075107110671064长期应付款69999其他761701701701702021A2022A2023E2024E2025E1254125012451243成长能力34983694612571508649营业收入57.00%-11.64%76.04%24.49%29.8540000EBIT33.78%-28.95%122.51%24.02%37.04%股本689EBITDA32.00%-22.58%112.87%23.11%34.85%13041304130413041304归母净利润33.98%-29.14%120.76524.8637.75%350249896824931848865494698288161131122.39%25.74%25.32%26.37%8384918813106159661996014.99%12.02%15.07%15.12%16.04%ROE24.35%15.33%26.63%26.34%28.28%ROIC33.70%18.69%34.15%36.46%43.55%2024E2025E净利润118984218602322319941.73%40.20%46.73%44.78%43.33%折旧掉销761472182482751.92.82.22.411214436311.42.21.71.81.9-568197-976-532-792-729-492119-394-9032.72.52.82.92.9其它604-749675237833.94.14.04.14.15836412231220425920.90.80.91.01.0资本支出-714-346-250-250-250长期投资1160001.71.22.73.44.7其他256-739每股经营现金流0.80.93.23.23.8-464436-241-241-241每股净资产7.18.010.212.816.4-452927-1053400030.042.419.215.411.2其他831-647-416-524-7347.36.55.14.03.2412280-521-527-738EV/EBITDA24.141.414.611.68.414361613EV/EBIT25.447.616.112.79.0请务必阅读报告末页的重要声明