国联证券公司报告|年报，点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E54543532745160323042174327245156030782627110715282041营业成本1728170825103454458991818税金及附加81528存货49758874710281366营业费用181623其他60850457265274917320127233444024412172277236844792财务费用0长期股权授资00000-20-23-610661131121114551613公允价值变动收丝1200在建工程252313261209-6-3-5-55无形资产646251412149313130其他非流动资产451151049337023643865289非流动资产合计1428162116271798￥1893422386837934399,548266853752394406548999227688001103212744353319501690917354212396575791其他19918524633812172414751272154821312652338206384558767长期带息负债142977800000其他988888882021A2022A2023E2024E2025E24018616716114517151458171522912797营业收入20.94%-5.66%50.54%37.99%33.55%少数股东权益36938のEBIT-28.35%77.84%46.16%36.45%股本174174174174174EBITDA123.63%-17.12%93.10%42.50%32.03%资本公积11351089108910891089归母净利润18891%-38.84%86.22%45.23%37.42%留存收益809106314001890256421532335268431913888毛利率24.99%21.42%23.29%23.50%23.89%38683793439954826685净利率15.35%9.77%12.11%12.75%13.12%ROE15.94%8.88%14.43%17.70%20.05%现金流量表ROIC16.18%9.32%16.33%19.13%20.87%2021A2022A2023E2024E2025E净利润35421239657579144.33%38.44%38.98%41.79%41.84%78106246334410流动比率1.71.71.81.71.8财务费用03744531.31.11.21.21.2-85-91-159-281-338-291-464-509-6193.13.63.03.03.0其它1101181672903463.52.93.43.43.41653952234536440.60.60.70.80.9-154-261-252-505-50500001.91.22.23.24.4其他-23750-9每股经营现金流1.02.31.32.63.7-391-211-260-513-51312.213.415.318.122.0174-199132971684900002338201410其他-79-94-84-112-147市净率3.73.42.92.52.0144-293-7118521EV/EBITDA24.917.711.58.46.5-79-101-108124151EV/EBIT30.024.717.512.49.3请务必阅读报告末页的重要声明