老白千酒(600559.SD2021A2022E2023E2024E2021A2022E2023E2024E管业收入4027.154784.975866.196899.84100619583794588511.93%18.82%22.60%17.62%交易性金融资产467467467467营业成本1316.071447241792.742047.37应收账款及应收票240372378504毛利2711.093337.734073.454852.47229823652415258967.32%69.75%69.44%70.33%预付账款132145179205税金及附加626.54727.29879.471052.61其他流动资产74949215.56%1520%14.99%15.26%4217540073259761销售费用1237.701314.361892.422214.79长期股权投资8287909430.73%27.47%32.26%32.10%投资性房地产000367.85441.80519.5260273国定资产合计13111229114410589.23%8.86%8.74%无形资产8649499841019研发费用15.7721.01265329.516076076076070.44%0.45%0.43%102102102102时务费用4.5913.6715.0214.97其他非流幼资产4225226227220.11%0.26%0.22%资产总计760588971087313363资产减值损失-2.660.000.000.002353354856350.000.000.0041640571267836.3640.47229.10363.51预收账款0021.3722.7429.7136.61应付积工薪酬1642171792050.000.000.000.005055747048280.600.000.000.002390292135784778资产处置收益0.030.080.130.133711445356587123882.90999.431338.10000012.64%18.45%17.04%19.39y%0000营业外收支3.629.009.009.00121121121121512.74891.901008.431347.1049494912.73%1864%17.1y%19.52%3881462358287293所得税费用124.16205.06236.9932267归属于母公司的所有372542735043者权益388.58686.84771.441024.43029.65%1435%13.15%14.85%3725427450466070685.74770211022.8176058897108731336324.50%76.19%12.32%32.80%-0.621.111231.620.430.750.841.122021A222E2023E2024E1126118218242075-4153资本性支出-486-191-141-1412021A2022E2023E2024E其他27233037EPS0.430.750841.12-874-173-108BVPS4.154.675516.63债权融资-4550PE64.9847.3642.16股权融资000PEG2.650.623.420.97银行纤款增加（减275100150150PB6.737.606.445.35筹资成本-208-158-24-25EV/EBITDA39.1831.7926.8719.21其他000ROE10%16%15%17%-388-58126125ROIC%15%14%15%-136951183620922