中银证券现金流量表（人民币面万）202120222023E2024E2025E202120222023E2024E2025E营业总收入8,635641710,88113,34514,801净利润(472)5689431,364营业收入8,6356,41710,88113,34514,801折旧摊销449468516554595营业成本7.0385,3897,9519,41810,235营运资金变动9(487营业税金及附加65528210099其他404482020552销售费用8216581,034905(3122963,7451524管理费用6556619791,2011,184资本支出(613)(480)(427)(432)研发费用131620216)14(160)(160160194217191160109其他929)313120164152140100(39)(87)(30)银行借款176)933826(2,141)(151)(33)(36)26(1,158)324000资产处置收生0其他1,106(520)(186)(435)(222)(1)000228)737640(2,577676)303020140)(18332761258000000营业利润7441,2531,810营业外收入212122营业外支出34101510年州日：12月31日202120222023E2024E2025E(541)7571,2591,822所得税51(69)18931645720.8(25.7)69.622.7109净利润や(472)5689431,364향业利润增长牟(%)(144.7)(821.9(236.1)68.444.421(138)16627666.144.6归母冷利润21(334)40266765(90.8)1,852.5(259.9)67.9EBITDA425(10)1,2801,8372,394息税折旧前利润增长率(%405.8(1022)(13,536.0435303EPS(最新股本摊薄，元)0.03(0.46)0.550.92133(109.1)(1,50.9)(220.4)66.144.6(0.3)74)7.09.61220.9(85)6.89.4122202120222023E2024E2025E18.516.026.929.430.863176.1207,3515.06.513911.1971,5232,1352,715R0E%)9.412.02.1052,1653,8802,0513,705R0IC%)8.712.0000002.1512.1242,8670.50.505053052395563340.50>合同资产00000流动比率0.90.9其他流动资产36639556851811.13211,44511.53011.5830.52.8702.8573,0073,1573,307应收账款周转率4.0固定资产4.62045354,6844.7554,8417.15.69.5无形资产12261.1891,2371.2301.218其他长期资产24172,8652,6022,441951017,4491756520,92518.93422,2897.610.38.07.2796.5259.6297,3599,60研发费用率(%0.10.20.23,4163,7104,4073,1513,000223.41.20.7应付寒款12061,0711,5351,3431,785其他流动负债1,7443,6872,8654,6750.005)0.60.915482,9372,6261,960120.45.22.1长期借款6181,2571,385500500每股净资产（最新摊薄）8.88.39.811.1其他长期负债9301,2411,4601,351每股股息0.00.00.00.00.09,46212,2559.31911.310股本724724724724518.9(33.0)27.416.5227520832,2502,5262,925PB(最新摊薄)1.71.81.71.61.46,3486,4217,0888,053 EV/EBITDA13.06.74.717,4491756520,92518,93422,289价格/现金流（倍）12.2(353)37.32.97.22023年4月2日中青旅2