德邦证券公司，点评今世缘(603369.SH)财务报表分析和预测20212022E2023E2024E20212022E2023E2024E每股指标（元）营业总收入6,4087,8509,74512,3061.621.982.392.92营业成本1,6261,8572,2652,839每股净资产7.418.8010.5612.28毛利率%74.6%76.3%76.8%76.9%每股经营现金流2.411.913.133.54营业税金及附加1,1051,3341,6862,129每股股利0.590.590.641.20营业税金率%17.2%17.0%17.3%17.3%价值评估（倍）9681,2921,6372,206P/E33.6231.4626.0121.31151%16.5%16.8%P/B7.347.075.895.07258283361455P/S12.189.948.016.34管理货用率%4.0%3.6%3.7T%EV/EBITDA25.2222.2517.8514.30研发费用303849621.%0.9%1.0%1.9%0.5%0.5%0.5%0.5%星利能力指标(%)EBIT2,4283,2153,9194,796毛利率74.6%76.3%76.8%76.9%-65-798187净利润率31.7%31.6%30.8%29.8%-1.0%-1.0%-0.7%21.8%22.5%22.7%23.8%资产减值损失000014.1%15.2%15.1%15.4%12118117518519.6%21.9%22.2%23.4%营业利润2,7123,3234,0134,898표利增长(%)营业外收支-13-2925.1%22.5%24.1%26.3%2,6993,2944,0004,88348.6%32.4%21.9%22.4%EBITDA2,5493,3244,1385,12729.5%22.2%21.0%22.1%所得税6708141,0001,221偿债能力指标有效所得税率%24.8%24.7%25.0%25.0%资产负债率35.6%32.4%33.3%35.3%少数股东损益0000流动比率2.02.01.71.5归属母公司所有者净利润2,0292,4803,0003,662速动比率1.41.31.10.90.80.80.70.620212022E2023E2024E3,9584,0834,1684,7132.32.3222.2404876存货周转天数716.8650.7600.0620.0存货3,1943,3113,7244,8230.40.50.50.5其它流动资产2,7422,7622,7692,7845.05.3241.6流动资产合计9,93310,20410,71912,396242424241,2941,4734,0777,807在建工程7262,1182,49599520212022E2023E2024E无形资产170170170170净利润2,0292,4803,0003,662非流动资产合计4,5006,1279,13711,400少数股东损益0000资产总计14,43416,33119,85623,796非现金支出121109219330000-162-162-170应付票据及应付寒款570566762938营运资金变动1,2013187561700经营活动现金流3,0242,3973,9314,440其它流动负债4,4094,5295,6377,2095761,710-3,213-2,575流动负债合计4,9805,0946,3998,1477670000000其他127173166181其它长期负债157195215245授资活动现金流-1,216-1,537-3,047-2,394非流动负债合计157195215245-36200负债总计5,1375,2896,6148,3920000实收资本1,2551,2551,2551,255其他999-736-800-1,5009,29711,04213,24215,4051,361736-800-1,5000000现金净流量44812585546负债和所有者权益合计14,43416,33119,85623,796备注：表中计算估值指标的收盘价日期为3月13日资料来源：公司年报(2020-2021)，德邦研究所请务必阅读正文之后的信息被露和法律声明