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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要资产负债表百万元202020212022E2023E2024E202020212022E2023E2024E1063751212429125491502982505107284.99177,024.28318643.70372813.131349.675411.114.730067.439356,79886营业成本86122.42130.08976233672.05272.44036313.163033554859308.095823.981156993246559883268158988323546.004711022798051068166.63101922.99销售费用1158115497232462789532637其他12962.0215.667.7617127551732956管理费用472.911024.0912289014378252.050.068954142132,213.72124,25100168939.411963.693.915265872.907.047.48824555759087759087759087154939298352807.112.441812.73505固定资产86002.9512334527134399801397043313950886资产/信用减值损失8819250108547455547.4588547.45108547.45公允价值变动收益112.9614694146.941469414694无形资产58073357042155764853210018473961107611076110761107其他1458312449.022.447.722447.72244772其他4.033690.00000189,46487247,63582208,56232243,73912283415.9116,6814131246.349337.9719,966.54241514.93337,17725340,776.04367,9901243235531营业外收入9050.000.0000045.690.9537870.91420788179108.068622651营业外支出4264530000.00403723460.47525120.6709290523.06152239.7616,883.0431250869337.9719,96654其他14804.4724.754.4315178731865.7834.47113所得税3311257.602482271.674857317.04587123,100.84194,26760201,502902729374113371.7915109.2221,916.986242632109118.41401255648.016.9523.4140560632010.824833234536.916111003230应付债券3043.652042.932.042932042.9320429373085912823553,831768,193.11其他2770203.43098343098343098127039081117114,5923245599.4753490.87171,654.92241,933.78239867.07254,993773018253732893.6646.404.67499922954525.186255103202020212022E2023E2024E67503510.125531012553101255310.12553资本公积141898910820.10108201010820.101082010营业收入3002%6503%5000%20.00%17.00%16.094.6527.905.653097106375255547.0332943149%8731%-70.12%11382%其他⑤7541247000000日属于母公司净利润23117%754-70.12%11382%45.06%95243.47100.908.97112,99635130.529.94241514.93337,17725340,776.043679901243235531毛利率1971%1200%1450m16.00%净利率681%724%3.19%ROE1977%738%17.4%ROIC1185%387%972%202020212022E2023E2024E净利润13371.7923.648393831768193.111189458资产负债率7107%7039%6929%5336896873.049.073219823211032321净负债率16009%15195%7559%72.96%财务费用1320362978.71280711244181273505流动比率050070060.62投资损失184739(61107(61107速动比率028033027025营运资金变动5555.60727855236075123.96121其它⑤230473391477.063.0510.179245237523752375237175087742,089.999327465847232428501418431438资本支出65807.7810000.0010.000.0010.00000总资产调转率0.900.93长期投资127140(41291)412.91)(412910其他12336310(1198199420877.04(3912290127081117(5628391)30,464.13(2953587每股经营现金流1733314160.9257724399.7337.03328⑤7592.06)4247884(2021950365482513671684553(1400.79)3.02184(438340其他4332.06474990000000市盈率101934.1115951100355773230,8374539,45699市净率252224192汇率变动影响000000000000EV/EBITDA12.96829(3,19982)3,561274,248584,3335516.4097820.651329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
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