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公司报告ㄧ年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金99263111.623.99110565214289.7415.6260214.803.10153724217,7255820,649.8623,072.911.976712298.182549777870139260.9110.67060119073218536160.63398751880043648营业税金及附加1548716734192.95247825116存货6694378684.7510.90429销售费用3.071453272.143.96477436078其他395.99315.074544138487455151335.471342171418.051.9612018,173.6220559.4225,844552997170研发费用175.95217.45290.70270513299414.1419.451945194519A5财务费用(463)709413720)164.14)固定资产3809.603.590163348.41310157资产信用减值损失(23334(81.76)(1553415681)13131)在建工程84.19136.02117.611185710114公允价值变动收益000021无形资产746.4771881691159343124355.61436其他2126211774.541358.451651.68154052其他405.6265830.005,794.485,829265426372328432721443,211.003735.2125,072.8427.0444931,673.8135,398.07营业外收入444457412439436830.793095312000110.0010000营业外支出559907132192910523230.603491.154.080644699885201302327272716.943,201,92373029其他1681.79191035284688316474所得税43651517556008070340811065,743.175,711.037,856758466.041890.762199392.801.123026.903482.6074.631221806633977358922.93122937应付债券0000000000.000.00127371425.811960.022,253.23其他1353341033.02108389994071041221431642,097972,25482865301,083.89994.078,400338590.429480.116.646.79735958823025929096202120222023E2024E2025E137147137147137147137147137147资本公积1992.922005.622.005.622005.622005521386%527%1531%1650%11.73%7313.068341.159.6372411236.7913.180881516%1688%1799%1633瑞15.12%其他89048904日属于母公司净利润1900%1617%1770%1679%14.96%16,6725018,454.0722,9331725937.9625,072.8427.04449284174631,6738135,398.07毛利率4762%4775%4833%净利率928%947%949%9.77%ROE1154%1281%1333%13.54%ROIC2246%3253%3584%43.64%202120222023E2024E2025E净利润1890.762199391.678191960.02225323资产负债率3350%2799%27.60m26.72%396.17399.03334503384634183净负债率46.95%-5045%57.75%财务费用14.40(137.20(16414流动比率289325319354投资损失(31☑435)(430190219196224225营运资金变动414211.76(1566.43)58533(195490其它11302929950923141066.6012294910.119429479.69523,428.413,094301,294.123,807591701.15239239230237236资本支出(91879597.15227.7213982总资产周转率059长期投资(0895310000000.00其他577.7728350)6456(1856司104122164(21139(45842502262.78124债权融资334.195533159777.7595510721214(4524101452259224(477810其他0000.000.00市盈率47.6840.5134693017(13843刀(131023)(318.04)市净率5765194.620.000.000000.000.0017.69169114371,700.131572.8732322213372719.62187915611384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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