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国联证券公司报告|年报，点评202120222023E2024E2025E202120222023E2024E2025E310.341,505.91,438.11,526.31,757.9212.68294.37439.96628.91861.9241.7576.81113.17161.78221.71营业成本85.32106.0615188210.98285.181.482.054.216.02826税金及附加0.781.171.742.493.42存货33.7244.0150.4270.0494.6710.3313.6020.0128.60其他53.90239.98252.33287.38330.6060.2479.5114639192.01021●441.181,858.22.051.52,413210.95-233-4.000.000.000.000.00-0.080.26-0.32-0.46-0.63141.52160.57234.29331.81318.790.001.670.000.000.001.31103.47186.23118.9851.744.184.143253253.2542.4640.3333.6126.8920.17X其他4.325.403212.060.63120.60174.62163.86153.10153.10の6420115.9216729247.63349.37305.8947899617.99630.78543.803.953.523.103.103.10747.082,347.72,476.22,682.368.15119.43170.39250.73352.4740.0420.020.000.000.007.7614.0619.7329.0440.8213.7521.3126.8337.2750.3860.39105.37150.66221.69311.65其他42.0347.9258.3281.81110.94/0.000.000.000.000.00958289.2685.15119.091613260.39105.37150.66221.69311.6574.2861.0266.3851.4020.66长期应付款a.00a.000.000.000.00财务比其他14.53128012.8012801280202120222023E2024E2025E88.8173.8279.1764.20184.62163.07164.32183.2B194.78营业收入70.19%38.4149.4642.9537.050.000.000.000.00EBIT438.0158.6955.5647.1940.2961.4981.9881.9881.9881.98EBITDA224.6046.5955.7746.0629.75资本公积428341,924.51,924.51,924.51,924.5416.8774.4742.9847.1540.5872.6317812305.33402.53755.68562.452,311.892,762.259.88%63.9765.4866.4566.912,347.72,476.22,682.32.957.0净利率28.40%35.8034243525ROE10.74%482%6.52%11.28%ROIC23.9324.1327.05202120222023E2024E2025E净利润60.39105.37221.931165资产负债24.71%6.95%6.64%683%6.59%折旧掉销322639.0261.0187.2186.984.6020.942182172314.960.21-10.95-1.63-2.334.003.7019.7420.3315.7213.421.18-10.29-6.41129639.7841.3771.15-87.79应收账款周转率5.093.883.923.92其它29.9828254.4817.6922.702.532.413.013.013.01114.63111.62166.74233.49304.910280.130.180230.29-89.69-148.69-200.00-100.000.00-8.00-3.000.000.000.000.741.291842.703.80其他4230233901.931.931931.401.362.032853.72385.59-198.0798.0719326.65282030.4833.6的822514.6614.98-30.7420.500.000.00139.8280.1456.0538.0927.09其他62641,487.121.232.16-44.49市净率15.013.873383.0619.621474.336.4847.14-7523EV/EBITDA82.1046.6630.1820.4115.18-5.991202767.8188.2823161EV/EBIT1208463.4441.0827.5718.97数据来源：公司公告，D,国联证泰研究所预测，股价取2023年3月29日收盘价2请务必阅读报告末页的重要声明
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