浙商证券中芯国际688981)公司点评表附录：三大报表预测值资产负债表(百万元)20212022E2023E2024E20212022E2023E2024E9689812485511720512082135631495954429054329现金798751055609647696117营业成本25189304953448638477498509578528营业税金及附加1162862632714425670564858881176248244261其它应收款5326067227871644277721262445预付寒款276404451478研发费用4121486041194890存货76018161941010803(721)112710341094其他3691291030833228资产减值损失390)0(443)(543)133035128282144426153994公允价值变动损益508344394415000029271490170420401195099311050010794其他经营收益27152427254725636536677804907061013621164514062710612454无形资产2877295131163251营业外收支(54)(54)(54)在建工程252442266221135180871159414008705212400其他27597149341896920500所得税3911149564992229933253137261631274815112031285964881140827063284323002632505469539272478短期借款10821579187315111073312320621610930应付款项3337407747135167EBITDA23783200401405320524193336371.361.560.791.38其他2262422742234052579040895421824259441890主要财务比率3144031440314403144020212022E2023E2024E其他94551074211154104506795870614726207439629.70%39.19%-10.70%22.67%52776533155358754065营业利润143.18%20.75%49.46%75.26%归属母公司股东杖益109199129208135424146354归属母公司净利润132.17%14.79%49.55%75.84%229933253137261631274815毛利率29.31%38.51%22.14%29.18%现金流量表31.44%25.93%14.65%21.00%(百万元)20212022E2023E2024EROE7.07%7.15%3.35%5.61%2084528952800514486ROIC8.02%8.15%4.22%6.64%净利润11203128596488114081144649125974703829.56%27.90%27.76%27.07%财务货用(721)112710341094冷负债比率56.99%56.60%54.73%53.07%(2927)(1490)(1704)(2040)流动比率3.584.393.903.72营运资金变动1858(703)25239063.304.103.593.38其它(14)12247(6310)(3919)(43229)(10856)(16532)(13091)总资产周转率0.160.210.170.20(11534)(14474)(17053)(14354)9.769.317.719.13(2331)2019(569)(294)应付底款周转率7.948.237.857.79其他(29364)159910901556142947588(557)(1754)1.361.560.791.38短期借款(1874)497294(361)每股经营现金2.633.661.011.83510900每股净资产486.8116.3317.1118.50其他110597092(851)(1393)(8090)25685(9084(359)P/E38.7633.7666.9238.06P/B3.933.223.072.84EV/EBITDA8.6420.1829.4120.16http://www.stocke.com.cn24睛务必阅读正文之后的免责条款部分