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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24035.91591919868114.5896.99712110,006.44182465278505.9915487.9614922.9222.0221869163.70101.6987512227430154.197.6218727499759.971309831.40738201923214243营业税金及附加1823822242202879273.649314.43341存货8110.961236183100551319927.7416.49684销售费用4339.764228464894.766.477527.99014其他19291.1330.090.11261742928276.4533.170553933914.167804750806396287.99014111316.74133,280.92研发费用989.701.706791871532372053.1033936904.573778836财务费用171.94180.92)固定资产17.507.1919293531745154151532612.62184资产信用减值损失(83244(365782)(250.00250.00)250.00)在建工程1730361233.621233621233.62123352公允价值变动收益22310318.66)0.00无形资产18872.1319873.63170083514093.0711.12779投资净收益118142014317330.00其他17.990.6720.049.4164618917,243861756502其他21643.07)0.0093.004.929822857855121780,336.637,145397455577433.959868.95154,19856190.020.75201,26050218,77309241155.74营业外收入116.158387300.0030000300.002296.436309.024.000003200.00256000营业外支出24.66769350.005000500015945.6417858.06229000428.499.1733.9258310,118.9511896.75其他279372830.46586362073539076344539677所得税(1541☑53554)54.632.9463,1073970,7755181872.607391.007.998.058,2353810,845.1312,750512702.124853552.000001600.00128000(70.14)35.431128(14570应付债券2995.120000000000.007334.928,199.9510,833.8512,765.08其他6342816243486561530771.0312212,7955511,196368,243498,1615361,6018067,77246713508778,937.0489535212335.479013.619.046289056.68904324202120222023E2024E2025E10370.59104829110482.91资本公积24002.6341240564124056412405641240561982%4537%3087%267%612095967714578762259053400434%-029%18.01%其他215.17297373684429366319822295%1000%153%3212%92594.7612224829129,909.631398380515162053201,26050218,77309241155.74毛利率851%1507%1549%15.52%净利率959%733%570%59%5.76%ROE813%7.13%678%8.95%ROIC1385%1297%1030%1629%1939%202120222023E2024E2025E净利润7.391008.19995108338512.76509资产负债率35.67%3545%37.13%5549506435.036.595446657.64671875净负债率-856%-1653%-3525%财务费用328.07流动比率125162176196投资损失(1181420(14317330000.001091401601.60176营运资金变动(123053012067324.7904☑287811其它51452814870.18354311281457996125712.001200120028,497.1711,9759021349.1210.271075128412171217资本支出7.763.4610190.721.997501126.04140097总资产周转率051074087长期投资3523.42883.790000.00其他(14908310(27738月0771031223,833.79)7311(1,79631)(137288)-053-051253114204791833479.61(652439)66171(127.60a6110801153124813601.69070574.03)(96604其他961.713989.780000.00(000市盈率16.0614601437923728424,27725市净率1311040.900.000.000000.000.00a94405143188925414325157.614.79229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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