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国联证券公司报告|年报，点评202120222023E2024E2025E202120222023E2024E2025E4,6168,30411,2391247313,8808,9329,26210,11411,18412,5821,8862.9443,5684.015营业成本3.4614.0414.4304,8095,221132151165183206税金及附加106106118130147407531556603655营业费用2,12422372,516其他642457745820918管理费用2,8723,1033,4893,9007,68212,38715,93317,647财务费用7715长期股权授资2,5532.946-174-108-120-1342,6082,5132,1411,7651,385●公允价值变动收益93400在建工程56155129103360110182182无形资产1,8622,8382,371,9141448他1525836其他非流动资产2,5682,8542513956319,64711,16810,3509526Y8,7105117,32923,55526,282,27,17328,3837742473936308802,7333,3550所得税22425678654832898975682225351574其他5,3876,2216,8087.512568,3259,5747,0487,7068,486708219346565789467898217长期应付款6946464646/其他542520520520520202120222023E2024E2025E1,0781,4631,224g977829,40311,0378,2728.7039269营业收入4.78%920%10.58%12.50%少数股东权益9391,0571,0721,084EBIT31.03%72.47%100.16%30.93%38.14%3,2713,4343,59735973,597EBITDA-16.76%38.62%66.77%11.18%15.02%资本公积825,85210,89810,898归母净利润-2841%69.03%57.78%6337%39.66%留存收益2,8252,1762,4522,9043,5357,92612,51818,01018,47119,115毛利率61.25%56.37%5620%57.00%58.50%17,32923,55526,28227,17328,383净利率7.64%2.43%3.47%513%6.37%ROE10.13%2.04%3.25%4.38%现金流量表ROIC15.38%3.06%5.12%7.71%12.14%202120222023E2024E2025E净利润68222535157480254.26%3148%32.03%32.66%579887894886流动比率1292.262.292.32财务费用79-12-15-301202102.132.164852营运资金变动422191761635.183293.293.293.29其它9589-898.507.617.977.977.971,3041,3951,4891,679总资产周转率0.520.390.380.410.44-1,602000-346-2,40400.210.060.100.160.23其他153707070每股经营现金流0.380.080.430.49-1,2303,8537070702.043.344.945.075.258241,0533,5942272150631630126.08407.14258.05157.95113.10其他-1,4133,713-98127市净率7.795.275.13-5884,9281,470325342EV/EBITDA87.298.0058.6251.8344.22-5161,3752.931,2341,407EV/EBIT136.57339.77169.33127.1590.31请务必阅读报告末页的重要声明
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