2022A2023E2024E2025E2022A2023E2024E2025E191.043204,119269.,495362,430328,594415,037516,476638.0406149396,653119,402营业成本282,050321,379391,653475,233预付账款19,43023,67928,732税金及附加9071,1461,76276,66994.027114,588139.041销售费用13.11016,29420.129175221275340管理费用6,9798.40010,45212.91342,68753,39565,96181,020研发费用15,51018,34622,83028,203387,735448.641570,375730.624-2,800-797-2.082-2.49717,5951759517,59517,595-1,146-146-146-14689.071101,004112.650-2827-2,962-3,462在建工程35,39845,39850,39850,3984004004002009,54016,22717,6052.5152,5151,0155157047047047043,0373.0372,6371,93760,9106246263,70964,71236,82256,59276,841101,336213217249,637263,663160158155149600,952681267820,012994,287营业外支出30920920920914,41500036,67356,54176,787101,276220,764270,747329,949400,361所得税32164,9586,7338,88100003345751,58370.05492,39522,44528,34935,27843,5822,7285,1587,0059,240其他应付款15.00615,00615,00615,00630,72946,42563,04983.15523,13125.42828,65032.508EPS(掉薄)12.5819.0125.8134.05295,761339529408,883491,457长期倍款59,09959,14959,07959,159主要财务比率19,17819,17819,17819,1782022A2023E2024E2025E50.00550.00550,00550.005128,282128332128,282128,342营业收入增长率152.1%26.3%24.4%235%424,043467,861537,145619,798EBIT增长率76.0%64.6%34.0%322%归属母公司所有者权益164,481195,820258,275340,658归母净利润增长率92.9%51.1%35.8%319%124281758624,59233,831176,909213,406282,867374,489毛利率20.3%22.6%24.2%255%600,952681,267820,012994,28710.2%12.4%13.6%145%ROE17.4%21.8%22.3%222%ROIC13.7%20.7%22.1%23.0%2022A2023E2024E2025E61,20967,10098,787125,69670.6%68.7%65.5%623%43,74887,095111,019131.31.41.5-36469-17358-20,560-24,4531.11.01.11.242,825-17,102-20,270-24,340经营性应付影响122,41149,98259,20370,4120.50.60.60.6其他影响25.655-16,9216,6816,941应收账款周转天数45575757-64,14034301-34,83034,565存货周转天数809696资本支出-70,34735569-34,887-34,1446,6460012.5819.0125.8134.05其他长期资产变化12,8531,26857-42125.08274740.4451.4682,26619,7231,4191,80367.3480.17105.74139.4746279-14365-7080股利及利息支付355148784,7904,983P/E211647455000P/B643其他影响-7,9174806,2796,706EV/EBITDA1671078466