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国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E50,71356,34650.64161,301114,522122,954146,316164,605183,167应收账款+柔据2929126,31535,7914026444,805营业成本74,1607722891,886103,701115,395607524589656税金及附加7879511,2381,35836,31745,2354781253,96060,045营业费用8,7339,17310,53511,85213,005其他10,94312,77014,28515,823管理费用024,24926,93530,94634,73238,465127,871137,874147,537163,734182,630财务费用1631,484711166长期股权投资1,7541,6671,5801,493-1,5211,190-1,221-1,5281225213,99311,4088,7916.144公允价值变动收益000在建工程1,3739648036434821,5641,0871,1861,1851,186无形资产8.0957,3425,4693,3098其他1,5351,4141,3551,296其他非流动资产17,4881786916,74015,6128,6768,79513,54115,73240,89243,0803721631,06324,592营业外净收益43-209-209-209184,75314,7978,4998,75211,5613,33215,5238,9479,96200所得税1,4639601,3471,5531,8083327529,70538,11343.01347,8647.0367,79210,22011,77913,715其他36,46438.75746.93552,851○58785少数股东损益22330335040778,68578,42485,04895,874106,64g6,8139,91611,42913,30830,44035,91524.04912848长期应付款0000其他6,3507,0727,0727,0727,072202120222023E2024E2025E36,79142,98731,12119,9209438成长能力115,476121,410116,169115,794116,087营业收入736%19.00%12.50%1128%1,8069021,205/1,5551,962EBIT72.51%578%46.39%7.60%11.73%4,7364,7364,7364,736EBITDA44.29%44.90%6.97%9.77%资本公积25,36025,89325,89325,89325,893归母净利润58.33%18.60%22.72%15.26%16.44%留存收益21,39128,01236,74946,81958,5445328868,58379.00391,13535.24%37.19%3720%37.00%37.00%184,75320722边净利率6.14%6.34%698%7.16%7.49%ROE13.23%13.78%14.72%14.76%14.92%现金流量表ROIC13.22%17.97%19.46%22.73%26.80%2021◆20222023E2024E2025E净利润7,79210,22011,77913,715资产负债68.42%67.09%6288%59.44%56.02%4,1834,0585,7476,384流动比率1.631.761.731.711.71财务费用9631631,4841661.051.081.041.021.02-2,577-6,148-6,0852,357-8,4711218-1,377-1,4553.914.674.094.094.09其它3,40712,6261,6735,21451512.041.711.921.9219215,3187,25017,7641624417,876总资产周转率0.680.680.790.850.88资本支出-6,1210002,440001441.712.412.81其他4991,0211,0211,021每股经营现金流3231.533.753.433.77-10,592-1,2911,0211,0211087123814.2316.3518.835,496-21,828-11201-10,48211750022.45189315.4213.3811.49其他-2,835-5,040-2.663-1,7492.972.612271.712,7791,455-24,491-13271-12231EVEBITDA11.569.547.486.3551172627,673-5,7063994EVEBIT16.67138810.789.097.19请务必阅读报告末页的重要声明
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