民生证券INSHENG SECURITIES中直股份(600038)/军工公司财务报表数据预测汇总利润表佰万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入19473237452779132394成张能力(%)营业成本17468210962470728781营业收入增长率-10.6321.9417.0416.56营业税金及附肋加23313540EBT增长率-62.8574.2734.7928.94销售费用174212240272净利润增长率-57.6144.8933.9429.59管理费用912111212461392盈利能力(%)研发费用513631668755毛利率10.3011.1611.1011.15EBIT3816648951153净利润率1992.292.703.01财务费用21922总资产收益率ROA1401.752.102.45资产减值损失-15-3-3-3净资产收益率ROE3.975.456.838.15投资收益-600偿债能力营业利润37264788311451451.381.361.35营业外收支1111速动比率0.500.480.500.51利润总额3836488841146现金比率0.130.130.160.18所得税-4104133172资产负债率(%)63.6967.0668.3869.28净利润387545751974经营效率归属于母公司净利润387561751973应收账款周转天数111.03105.47100.2092.18EBIT DA66196411951478存货周转天数264.47261.83240.88226.43总资产周转率0.700.740.780.81资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金2117265936324856每股收益0.660.951.271.65应收款及票据6128713379458546每股净资产16.5417.4518.6720.25预付款项10967388651007每股经营现金流-2.861.942.042.49存货12657151301630317852每股股利0.200.200.200.20其他流动资产2236270131413642估值分析流动资产合计24234283623188635903PE6947长期股权投资29323538PB2.72.62.422固定资产1762192420732211EV/EBITDA39.1326.2720.5615.94无形资产510488466444股息收益率(%)0.440.440.440.44流动资产合计3460373338253898资产合计27694320953571139802短期借款88388310831283现金流量表（百万元）2022A2023E2024E2025E应付款及票据13488155221747219570净利润387545751974其他流动负债2300413448655705280300301325流动负债合计16670205382342026558营运资金变动-243025199114长期借款7894110126经营活动现金流-1686114412021466其他长期负债890890890890资本开支-136-186-190-194非流动负债合计96898410001016投资0-186-3-3负债合计17638215222442027574投资活动观金流42-192股本5895895895890000少数股东权益304287288288债务募资70216216216股东权益合计10056105721129112228筹资活动现金流437-230-37负债和股东权益合计27694320953571139802现金净流量-12925429731224资料来源：公司公告、民生证券研究院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