太平洋证券公司点评报告PACIFIC SECURITIES锂电设备大单落地，三大业务持续推进2021A2022E2023E2024E2021A2022E2023E2024E7581323257437971368236426%75%95%48%交易性金融资产20320320320350291718472747应收账款及应收票据43176414391691毛利2564067261049存货48883113101418%营业收入34%31%28%28%预付账款4378157234税金及册加31218其他流动资产1431442282581%0%0%流动资产合计1390215634194168销售费用63124171长期胶权投资15%营业收入8%6%5%5%投资性房地产000080901492091655077199507%6%6%3234854研发费用60134190576%营业收入8%6%5%5%递延所得税资产18181818财务费用9274044其他非流动资产4973175093401%2%2%1%21223062473455514短期借款4821132982信用减值损失2019-24应付票据及应付账款40361613341566其他收益22240000投资收益03应付职工薪酬3883152229净散口套期收益00003152104153公允价值变动收益22000其他流动负债15634627862资产处置收益0000流动负债合计19283350379359135266406长期借款45454545%营业收入8%10%10%应付债券00004递延所得税负债563133267407其他非流动负债3334338%10%10%1194201134343876归属于母公同的所有者所得税费用6101832权益93410611321净利涧57123249375少数胶东权益-22-368%9%10%10%92810511300167561260212230624734555112738938%109%105%50%-122021A2022E2023E2024E0.562.403.59-198-241926780002021A2022E2023E2024E-270-241-503-201EPS0.562.403.59其他-217BVPS8.629.7812.1815.76-507-243-505-200PE116.2156.1027.4318.34债权融资298349301PEG3.080.510.260.37800PB7.556.735.404.173329-43EV/EBITDA82.4229.2418.0211.94其他000ROE%12%20%23%321259-197ROIC3%10%13%17%45454282请务必阅读正文之后的免责条款部分守正出奇宁静致远