民生证券INSHENG SECURITIES华阳股份(600348)/能源开采公司财务报表数据预测汇总2021A2022E2023E2024E主要财务指标2021A2022E2023E2024E营业总收入38,00735,04236,64240,340成长能力(%)营业成本24,28219,75621,25824,212营业收入增长率2189-7.804.5710.09营业税金及附九加2,27020322,2422,469EBT增长率405.6526.41-1.503.16销售费用108140128141净利润增长率134.8098.825.543.68管理费用1.3241.0511,0991,210盈利能力(%)研发费用341158183202毛利率36.1143.6241.9839.98EBIT9,36011,83311,65512,023净利润率9.3020.0520.2419.06财务费用740432356306总资产收益率ROA5.3410.149.848.72资产减值损失-1,200-25-28-32净资产收益率ROE16.5225.2522.5720.22投资收益107175183202偿债能力7.53111,55011,45311,886流动此率0.711.061.33营业外收支-1,378-719-21-25速动比率0.671.021.281.53利润总额6,15310,83111,43211,861现金比率0.500.791.04130所得税1,8972,9083,025资产负债率(%)63.1353.9749.5149.69净利润4,2568,0768,5238,837经营效率归属于母公司净利润3,5347.0267.4157,688应收账款周转天数22.5326.0026.0026.00EBITDA11,68214,21714,19614,685存货周转天数9.679.009.509.50总资产周转率0.610.520.510.49资产负债表（百万元）2021A2022E2023E2024E每股指标（元）16,06818,3422401536,073每股收益1.472.923.083.20应收账款及票据2,3462,37124802,730每股净资产8.8911.5713.6615.81224198213242每股经营现金流3.523.995.225.79643463526599每股股利0.500.991.051.09其他流动资产3,4813,3413,4813,806估值分析流动资产合计22,76224,71530,71443.450PE10长期股权投资1,2171,3921,5751,777PB1.61.31.10.9固定资产23.83426,19827,65529,123EV/EBITDA2.431.94132无形资产4,8635,1005,0905,084股息收益率(%)3.436.827.20非流动资产合计43,46344.61944.699资产合计66,22669,30775,33388,149短期借款9,6225,1224,1226,122现金流量表（百万元）2021A2022E2023E2024E应付账款及票据11,85810,44611,24112,802净利润4,2568,0768,5238,837其他流动负债10,6007,7087.807折旧和摊销2,322238425412,662流动负债合计32,08023,27623,17027,673营运资金变动-1623-23227671.650长期借款5,3308,3308,33010,330经营活动现金流8,4649,58612.55213,934其他长期负债4,3985,7965,7965,796资本开支-1604-4075-2,370-2,530非流动负债合计9,72814,12614,12616,126投资-192000负债合计41,80837,40337,29643,799投资活动现金流-2,272-2.530股本2,40524052,40524050000少数股东权益3,0304,0805,1886,3367,115-1879-1,3584,000股东权益合计24,41731,90438,03744,350筹资活动现金流752-3,289654负债和股东权益合计66,22669,30775,33388,149现金净流量6,9432,2745,67312,058资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告