国联证券公司报告|年报，点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E496.13932.93800.96715.678262413792.513255.614500.015250.0615740.30453.961128.62763.12802.59828.39营业成本8781668841458776.959143289394.598.6577419.0420.0220.66税金及附加266.0616893230.57242.4925029存货3889202585.022645.11275551283125销售费用26.1114.5014.50152515.74其他3523.784668.744850.504968.18管理费用293.51290.00305.00314.818448.039385.809173.079314.689577.13财务费用●787.171094231168.45g37.40长期股权授资9687.13110899912039.912939.913839.995.500.001.93-2.03-2.092692828075.457571.357267.30691328公允价值变动收48988-142.950.000.000.00在建工程262.19188.70412.25380.80349.351201.531867961439.711389.711389.71无形资产37067.7339160.938026.437194.0其他30.0231.7431.7431.74其他非流动资产g5014510539.111777.9011810.535435.424620.365498.415905.686255.9659213.9969846.69.50-14.50-19.5078458379019.679076.379156.875419.524581.025488.915891.186236.461077.152434.122734.122434.122134.12所得税1286.87833.031171.651257.52133122应付账款+票据2429.203179.442947.513070.533154.934132.654317.264633.664905.24其他9463.008031208027.558366.648598.59-46.1523.8724.2626.0427.5612969.3413644.713709.113871.313887654178.793724.124293.004607.634877.68长期带息负债18814.0426046223846.2208462178462411其他518.75817.02817.02817.02817.021g332.7824663.221663218663.252021A2022A2023E2024E2025E32302.1340508.038372.435534.532550.90成长能力5037.755037.755037.755037.755037.75营业收入71.71%3.89%939%5.17%3.21%10502.939776.419776.41977641EBIT68.75%-8.56%1731%4.52%3.10%14689.6117126.619799.222667825704.43EBITDA53.78%5.65%17.75%4.24%3.31%归属母公司权益302302831940834613.437481.940518.59归母净利润69.58%10.88%1528%7.33%5.86%5129.616009.526033.786059826087.3835359.8937950.340647.243541.746605.97毛利率36.33%33.30%39.47%40.04%40.32%67662.0278458379019.679076.379156.87净利率29.96%28.27%29.77%30.38%31.16%ROE13.82%11.66%12.40%12.29%12.04%现金流量表ROIC11.19%10.96%10.16%10.57%2021A2022A2023E2024E2025E4132.653747.993158.513518.173793.68资产负债47.74%51.63%48.56%44.9%41.12%1960.412030.362416.342499962596.91流动比率0.650.690.670.670.69财务费用787.171094.231168.451066.98937.400280.410.370.370.38-1201.53-1439.71-1389.711389.71106.99428.96-154.8123521164.46312011.7519.2819281928其它326.0976231536.551406.951401.952263.323323.325459.605509.816685.347337.567504.69总资产周转率0200.170.180.190.20资本支出3271423740.842315.001515.001515.00长期授资变动.3355300.000.000.000.830.740.97其他574.97186.5119825199321.081.331461.49-638822-6426.64-2128.49-1316.75-1315.686.006.346.877.448.044874.258589.18-1900.003300.003300.000.000.000.000.000.0010.0411279.789.118.60其他-3814.58-2788.82-2806.102778.45市净率1311.211.121.041059.761206.43-4688.82-6106.106078.45EV/EBIT11.028.337.62131.14289.60-131.97-8529110.56EV/EBITDA6.988.126.756.135.60请务必阅读报告末页的重要声明