中国银河证券研究院CHINA GALAXY SECURITIES公司点评/轻工行业2021A2022E2023E2024E2021A2022E2023E2024E营业收入3447.773552324624.065504.942475882665.403131.37389411营业成本2396.812503.323230.373826.49现金759.96958.70947.861816.66营业税金及附加20.6221.3127.7433.03应收账款89.81100.04148.63148.02405.53443.18554.89660.59其它应收款23.9022.0340.3733.91管理货用160.28171.58218.26258.73预付账款63.0260.9881.8196.91-5.43-4.04-6.02-5.91471.06448.14788.65676.37-1.280.000.000.00其他1068.121075.521124.051122.23公允价值变动收益9.370.000.000.002040.402326.002591.612837.2118.3919.5425.4327.523.183.183.183.18营业利润361.11292.28441.61533.841239.761525.361790.962036.57营业外收入9.1310.0011.2312.00无形资产124.21124.21124.21124.21营业外支出2293.193.874.15其他673.25673.25673.25673.25367.95299.09448.97541.694516.284991415722.986731.32所得税33.1726.9240.4148.752016.182384.542707.54322295净利润334.78272.17408.56492.94短期借款333.01333.01333.01333.01-3.20-3.18-3.474.88应付账款702.36883.511099.491249.44归属母公司净利润337.98275.35412.03497.82980.821168.021275.051640.50445.60383.10544.55654.80798779.8779.877987EPS(元/殷)2.191.782.67323长期借款0.000.000.000.002021A2022E2023E2024E其他79.8779.8779.8779.87403.38741.36359.931236.992096.062464.412787.423302.82净利润334.78272.17408.56492.949.556372.91-1.98折旧摊销117.06114.40134.40154.40归属母公司殿东权益2410.682520.632932.653430.47财务货用1.983.563.563.564516.284991415722.986731.32投资损失-24.58-19.54-25.43-27.522021A2022E2023E2024E营运资金变动-26.49377.57-153.80621.47营业收入30.61%3.03%30.17%19.05%其它0.63-6.81-7.36-7.85营业利润10.34%-19.06%51.09%20.88%-476.76-373.65-36721-364.63归属母公司净利润15.49%-18.53%49.64%20.82%资本支出-415.52-393.19-392.64-392.15毛利率30.48%29.53%30.14%30.49%长期投资65.980.000.000.00净利率9.80%7.75%8.91%9.04%其他4.7419.5425.4327.52ROE14.02%10.92%14.05%14.51%371.97-168.97-3.56-3.56ROIC10.70%8.43%11.28%11.98%短期借款200.020.000.000.00P/E17.0520.9313.9911.58长期借款0.000.000.000.00P/B2.392291.971.68其他171.95-168.97-3.56-3.5612.4713.529.536.60293.51198.74-10.85868.81PS1.671.621.251.05