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爱旭股份(600732.SH)光大证券财务报表与盈利预测202120222023E2024E2025E202120222023E2024E2025E15,47135,07536,35046185585181790024,69026,78532,63839,870营业成本14.60630,26030,51638.66449215货币资金2,7075,6506.9271111416.5268041,3691,5491,729交易性金融资产1066666666税金及附加1652364659应收账款221202332499销售费用34567392117应收票据8319751.0901.3861,756管理费用292517545647819其他应收款（合计）4245364659研发费用6491.3781,4541.9402.458存货2.1881.5271.5692.0582,691财务费用260255273278331其他流动资产406373373373373投资收益32390007,4221023811,68217,06524.005-2072,4883.5804,6825,72其他权益工具000002452,4733,5444,689长期股权投资5333所得税129144213281343固定资产8,80910.12110.69011.08311.300净利润-116232933314.4085.379在建工程6421.8021,9021.9972,087少数股东损益100101010无形资产389605594584574-1263,3214,3985,36900000EPS元)-0.062.553.384.12其他非流动资产3662662662662610,47814.45215.10315.57415.864202120222023E2024E2025E总负债12,31815,63115,11017,22319957经着活动现金流4595,2295,0767,1498,644短期借款1330654000净利润-12623283,3214.3985.369应付账款1.7211.3431.5261.9332,461折旧摊销8041,0061.3691.5491.729应付票据4,7305,9266,1037,7339.843净营运资金增加.4811,01795559644预收账款00000其他261290643902其他流动负债40623623623623投资活动产生现金流-9824597-2,155-2018-2.0209,65610,87010,48412,59715,331净资本支出-895-3975-2.020.2.020.2.020长期借款1,0042,0052.0052,0052,005长期投资变化50应付债券00000其他资产变化91-626-13520其他非流动负债8381,7541,7541,7541,754资活动现金流2121592-1.643-944-12122,6624,7614,6264,626股本变化07340009,05911,67415,41619,913债务净变化78549200股本2,0361,3021,3021,3021,302无息负债变化4,66528201342,1122,734公积金1.6244,1224.4544.6494,64922451274,1875,412未分配利润14213,6535.9279,46313.950归属母公司权益5.0829.05911,66415,39619,883少数股东权益5000102030主要指标202120222023E2024E2025E202120222023E2024E2025E毛利率5.6%13.79%16.09%16.3%15.9%销售费用率0229%0.16%0.20%0.20%0209%EBITDA率5.9%12.1%14.4%14.19%13.4%管理费用率189%1.479%1.50%1.409%1.409%EBIT率0.7%9.3%10.6%10.8%10.4%财务费用率1.68%0.73%0.75%0.60%0.57%税前净利润率1.6%7.0%9.7%10.29%98%研发费用率4.20%3.93%4.00%4.20%4.20%归母净利润率0.8%6.6%9.1%9.5%92%所得税率6%6%6%6%ROA0.69%9.49%12.4%13.5%13.5%2.5%25.7%285%28.6%27.0%202120222023E2024E2025E经营性ROIC0.6%25.4%282%33.6%每股红利0.000.550.510.680.83每股经营现金流0.234.023.905.496.64202120222023E2024E2025E每股净资产2.506.968.9611.8215.27资产负债率69%63%56%53%50%每股销售收入7.6026.9427.9235.4744.94流动此率0.770.941.111.351.57速动此率0.540.800.961.191.39202120222023E2024E2025E归母权益/有息债务1.382.173314.375.64PE2014119有形资产/有息债务4.635.677328.9811.04PB14.45.24.03.02.3EV/EBITDA84.611.8937.05.4资料来源：WMnd,光大证券研究所调股息率0.0%1.5%1.4%1.9%2.3%敬请参阅最后一页特别声明-2证券研究报告
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