国联证券公司报告|年报，点评利润表202120222023E2024E2025E202120222023E2024E2025E货币资金514243743023377399001052146233682813714676481494营业成本5136827181002233017243478税金及附加514156213221309719营业费用14212967●其他133751118管理费用58841162675491043112313452746X财务费用73112长期股权授资20202122-2-35-11374404512678829公允价值变动收丝000在建工程159179240242283授资净收益1111无形资产41503014-33其他非流动资产305442303015612122730966962371886510121196管业外净收益-1-1117217621988235739411561202253086681547500555所得税21273779116128159222、516135110199271589其他6883116C270000003822224233813421351101992715890132333长期应付款000●00其他33333333202120222023E2024E2025E9733465666289396营业收入39.93%21.80%16.91%38.97%130.36少数股东权益0000EBIT31.14%-24.49%83.36%36.0%121.20%股本100133133133133EBITDA35.34%-14.65%80.38%34.87%资本公积245869869869869归母净利润30.70%-18.27%80.41%36.55116.99%392504人6979601531737150717001963253330.55%24.25%31.75%31.44%30.80隋198823573941净利率18.24%12.24%18.88%18.55517.48隋ROE18.28%7.31%11.69%13.82%23.23济ROIC17.51%11.92%16.04%18.8432.82%202120222023E2024E2025E净利润135110199271589资产负债37.12%14.46%14.53%35.73%354679104118流动比率1.64.74.64.02.0财务费用310121.13.63.62.91.4-48-58-8-88-410营运资金变动-84-142-34-197-9183.02.82.52.52.5其它53887409存货周转率3.33.23.23.23.298244-200总资产周转率0.60.50.50.60.9资本支出-75-95-225-250-3001100001.00.81.52.04.4其他8-50000.70.21.81.3(1.5)-7399-225-250-3005.511.312.714.719.0-148-6110565033000市盈率52.263.935.425.912.0其他-27553>-8-30市净率9.547413.62.8-15438-682535EV/EBITDA36.633.922.216.89.610371-50-7134EV/EBIT44.546.530.022.411.2数据来源：公司公告，D,国联证琴研究所预测，股价取2023年3月27日2请务必阅读报告末页的重要声明