公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202020212022E2023E2024E202020212022E2023E2024E474.99514.0650795521477802745609618.6860119794.011,126.085430105.4057541684216806营业成本565131595010.7412327.06102753012307.32843913120617.11144235276133销售费用256943233335303417.40其他28302040392.08119209835210941管理费用39.06561878829227566092,872462803313086.96151.1620290306.693689427.7427.7427.742774137(101)(521)固定资产36.9370326315599资产信用减值损失(4170.000000.0012.97217121712171公允价值变动收益00033740.00无形资产85327728268892605025211108417.4714.040.00其他613957.1552915125其他17886)0.0110.12442.46445.81426.02408.8013675202.003,117323,098.603,229333475.76营业外收入050200500050.000.000000.00营业外支出1262A1895437148055169473413600201.5985.80272.56其他11020166222181621859所得税15.62199426.9611457164.7117173225.10225.9312038245.600.000.000000000.000000000000.00000应付债券0.000.000.007732245.60其他35.6284.02840284028402139210283356284.0284.0284.0284.0218920304.96255.75309,12309.960.00139513951395202020212022E2023E2024E46.46619486678667资本公积224272397.09239224238224239224营业收入2531%356%-283%3207%4182%221.183543636110438413487%47.71%-9993%2756359%492.96%其他(10(10日属于母公司净利润3515%5089%-9629%1047.17%217.66%490.862812362842952,920213165803,117323,229333475.76毛利率9787%净利率2539%112%2181%ROE2452%646%024%267.79%ROIC1606593%-37119%407%105%202020212022E2023E2024E净利润12039181.65674773224550资产负债率2782%825%957%8.92%7.5313.10155615561556净负债率96.77%-17.62%-1787%-24.65%财务费用1.62(6591211154512451357投资损失108417.47(14.04)0000.00速动比率370121015.4412441357营运资金变动33328827939其它30.01402039190000.007757.0315057710925221453.63326.0738059447754985资本支出296.652315000总资产调转率033025034长期投资27.740000.00其他493☑110.63)0.00210283(5418)(2,28243)0.000.00每股经营现金流1742160820.10291(13719.64(13.46)521566324532.64335336364317刀21265023.75004其他20.902999000000市盈率15633103602792392434176632,116.151029659市净率3934597汇率变动影响0.000.000.00EV/EBITDA00057.19154655337156851727541.091352258800005884-3229827339资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明