民生证券INSHENG SECURITIES亨通光电(600487/通信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41,27148,68056,38963,701成长能力(%)营业成本34,68841,23247,38053,242营业收入增长率27.4417.9515.8412.97营业税金及附九加133117135153EBT增长率11.229.5532.9028.73销售费用1,1361,1681.3531,465净利润增长率35.2834.1935.5831.14管理费用1,3701,4121.6351,784盈利能力(%)研发费用1,604219124812,675毛利率15.9515.3015.9816.42EBIT2,3382,5613,4044,382净利润率3.824.305.045.85财务费用507429443439总资产收益率ROA2.743.354.185.04资产减值损失6-9净资产收益率ROE6.928.5710.53投资收益737989偿债能力1,7092,4563,3224,349流动此率1.511.491.511.55营业外收支29-20-19-18速动比率1.191.161.151.18利润总额1,7372,4363,3034,331现金比率0.430.380.350.36所得税160341462606资产负债率(%)53.0153.8853.4452.36净利润1,5782,0952,8403,725经营效率归属于母公司净利润1,4362.6133,427应收账款周转天数122.83122.81119.79118.75EBITDA3,5934,1605,1766,352存货周转天数54.2254.1553.9753.85总资产周转率0.790.850.900.94资产负债表（百万元）2021A2022E2023E2024E每股指标（元）10,24810,32610.44611.257每股收益0.580.781.06139应收账款及票据15,46518,21720,59923054每股净资产8.429.1210.0611291,3241,5711,7962,007每股经营现金流0.560.961.451845,1536,1126,9987.846每股股利0.070.090.120.16其他流动资产3,8104,1864,5624,902估值分析流动资产合计36,00040.41144.40149,066PE241813长期股权投资1,5131.6131,738PB1.71.5141.2固定资产6,9556,7086,9917,298EV/EBITDA10.439.147.325.84无形资产1,6781,7271,7661,793股息收益率(%)0.500.630.861.12非流动资产合计16,45717,15018.05618.980资产合计52.45757,56062,45768,046短期借款8,6428,6428,642现金流量表（百万元）2021A2022E2023E2024E应付账款及票据9,51511,3051295914,529净利润1,5782,0952,8403,725其他流动负债6,3807,1477,8588,539折旧和摊销12551,5991,7721,970流动负债合计23,88827.09429.45831,709营运资金变动-2404-1782-1.517-1,616长期借款1,7501,750经营活动现金流1,3762,3763,573其他长期负债2169216921692169资本开支-2,694-2197-2562-2824非流动负债合计3,9193,9193,9193,919投资-291-100-125-75负债合计27,80731,01333,37735,628投资活动现金流.1,636-2224-2.608股本2,36224062,40624065194400少数股东权益3,8814,0484,2754,57360264800股东权益合计24,65026,54729,08032,418筹资活动现金流-29-826负债和股东权益合计52,45757,56062.45768,046现金净流量-27978120811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