民生证券INSHENG SECURITIES珠江啤酒(002461)/食品饮料公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入4928534356886056成长能力(%)营业成本2837297530873235营业收入增长率8.608.426.456.48营业税金及附九加439486517551EBT增长率7.7533.1617.2015.18销售费用738807870927净利润增长率-2.1115.2613.1513.89管理费用340363387400盈利能力(%)研发费用166171182194毛利率42.4444.3245.7246.58EBIT474631740852净利润率12.1412.9113.7214.67财务费用-226-199-199-215总资产收益率ROA4.294.865.295.76资产减值损失-16-29-29-30净资产收益率ROE6.226.867.418.02投资收益555偿债能力7088189291058流动比率2.692.922.983.07营业外收支00速动比率2.122.272.36利润总额7068189291058现金比率2.032.172.262.35所得税101120137155资产负债率(%)30.6728.7028.1527.63净利润606698792902经营效率归属于母公司净利润598690780889应收账款周转天数1.681.681.68EBITDA76092210621204存货周转天数231.92240.00230.00225.00总资产周转率0.360.380.390.40资产负债表（百万元）2022A2023E2024E2025E每股指标（元）6713672971947745每股收益0.270.310.350.40应收账款及票据19252628每股净资产4.544.765.0024171718每股经营现金流0.270.530.550.601803192719161964每股股利0.120.140.150.17其他流动资产351351351352估值分析流动资产合计89109048950510107PE35302724长期股权投资0000PB2.22.12.01.9固定资产2680275628082859EV/EBITDA20.6416.4413.8411.75无形资产1371137113701369股息收益率(%)1.271.431.62185非流动资产合计5037512952475318资产合计13946141761475215425短期借款992992992992现金流量表（百万元）2022A2023E2024E2025E应付账款及票据516616640670净利润606698792902其他流动负债1801149315531629折旧和摊销286291322352流动负债合计3309310131853291营运资金变动-1201446225长期借款000经营活动现金流592118112231326其他长期负债968968968971资本开支-424-366-423-404非流动负债合计968968968971投资-216000负债合计4277406941524262投资活动现金流-461-418-398股本22132213221322130000少数股东权益5260728582-50300股东权益合计9669101071060011163筹资活动现金流-227-803-376负债和股东权益合计13946141761475215425现金净流量-9615465552资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告