信达证券CINDA SECURITIES2.23/3.17/4.48亿元，同比增长42.8%/42.2%/41.6%，对应2023-2025年PE分别为39/28/20倍。风险因素：行业竞争加刷、国内国际政策变化、研发进度不及预期、核心技术人员流失等风险。2021A2022A2023E2024E2025E4946779421.30042.1%37.1%39.2%38.0%38.0%归属母公司净利润106156223317448(百万元)45.8%47.6%42.8%42.2%41.6%毛利率%53.4%55.5%54.3%54.0%54.0%13.9%17.4%19.8%22.0%23.7%1.511.952783.965.6080.5352.5139.3527.6719.55市净率PB(倍)12.779.147.796.084.63请阅读最后一页免责声明及信息拔露http:/www.cindasc.Com2