国联证券位万元202120222023E2024E2025E202120222023E2024E2025E4308282297751621325686管业收入30652382644628958097667661286820314215182700731037营业成本1562225395310493926744617103192240276税金及附加13517721228630573858020119651513117193营业费用18352235231429053338其他754405057管理费用85312281389174320032475431413434905864274250财务费用●221439-69长期股权投资000-93-139-174-20117322858286824312145公允价值变动收益14000在建工程1825183815301224A918-2006无形资产343353392411411其他-88347-282-371437其他非流动资产13941544141112781160120008758108711340315928529465906001Q53444634营业外净收益69-40-5050300473800449490◆6398678883011931871810821133531587856917850所得税172311791526188322399178980713522171011943110209753992951147013639其他2124163830073802432100001187113230165292090323752753992951147013639249238174211049长期应付款00000其他271299299299299202120222023E2024E2025E5195384734093481239013768170022131324100营业收入102%25%21%28%15%少数股东权益0000EBIT200%-27%24%23%19%1600160016001600EBITDA200%27%26%22%18%资本公积208208208208208归母净利润209%26%23%23%19%15849224283038152975176572423632489426735478349%34%33%32%33%3004738004494906398678883净利率33%20%20%20%20%ROE58%31%29%27%25%ROIC94%45%36%42%42%202120222023E2024E2025E净利润10209753992951147013639资产负债41%36%34%33%31%385321589657710流动比率2.12.42.62.83.1财务费用22271.41.92.12.4-3980-3944-3167-2062营运资金变动-2464-641016143412.4192.222其它433211503952317520702.1322.62.62.68504197910080775611002总资产周转率1.01.00.90.90.8资本支出-1812-1425000长期投资-690006.44.75.87.28.5其他-139-28-8每股经营现金流5.3126.34.86.9-2019-149811.015.120.326.7342债权融资-2056-185063610000014.119.115.512.510.5其他-1533-3378-1069-1247-14608.15.94.43.42.6-3590-2173-2919-1311-1521EV/EBITDA16.115.712.19.52885-1674715364379473EV/EBIT16.616312.810.0请务必阅读报告末页的重要声明