还有 3 页未读 ，您可以 继续阅读 或 下载文档
报告派所有资源均由用户上传分享，仅供网友学习交流，未经上传用户书面授权，请勿作商用。
1、本文档共计 3 页，下载后文档不带水印，支持完整阅读内容或进行编辑。
2、当您下载文档后，并不意味着拥有了版权，文档仅供网友学习交流，不得用于其他商业用途。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！
4、本本所有内容不构成任何投资建议，不具有任何指导和买卖意见。
5、如文档内容存在违规，或者侵犯商业秘密、侵犯著作权等，请点击“违规举报”。
公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要资产负债表百万元202120222023E2024E2025E202120222023E2024E2025E2,761337515061082655152500830,5024233,7620337813,47427292248,284.024271536.064684757.997.47152营业成本248872728.0102031196.1135.037963939976182.92110.403019913486340038964113.4414955188313192.673151.744.40696556729销售费用194.6318409226892905630902其他473328335753928439091管理费用1041.731020.961234871.6271713417.0414,143.2720.0613429019.921185.671313061504.991.700621.92170764.96764967649676496205.712618117.5780393421固定资产1951730206106320.779.1220.61270资产信用减值损失(24453222.79)(18699218.10)20929)66109807232294341970.60178236公允价值变动收益(36.74)6170.00000无形资产4468539021297842054812817147221967915739其他3379.623692393398133551.73353711其他(3184924470000.0025,28446273642626902.803,170.153245.663599.924,213.954,7519539,407.7348,0727147,425605592252营业外收入18.152385299433872193.141173.662.000002000.00200000营业外支出17.77218134711148935877.444972.9585262961622610,113943,170543291304232,75其他2812.704672.594.125704274.62464252所得税21028603192.06209522106610,883.2810,8192014,8519916756463230.993518234,023.233751342721352.500002500.00250000155000⑤83☑应付债券0.000.0033288110.96147942,958.713,230.99其他1006241010501.037.481018.071022021822022302604,757583,731843,629033609.9616,098.9014,785.0018.5223516,0659120,426.420.00(64.03)(12560(17350202120222023E2024E2025E1779551779551.77955177955177955资本公积149842915.080591507868营业收入1526%10.69%1200%1300%13.00%4507877382.951074414145833518.6596411921%1091%12.77%其他399.65120243.7015179日属于母公司净利润12683%920%1100%1400%13.01%20,999.7224.8427327550.38313596835,496.1047425605592252毛利率1841%17.0%1750%18.40%净利率970%957%957%957%ROE1410%1311%1299%1299%12.95%ROIC1561W1550%202120222023E2024E2025E净利润2960263230.993596554088814,62059资产负债率4339%37.47%4020%36.53%3543.944.021934237.62444703净负债率2017%1839%-214%-1319%财务费用153.961175780393421118128127173投资损失(31498(12817)14722)(15739速动比率090100097130140营运资金变动15025037496(50090(5395司其它6453959129543刀7.527.757.907.907428.676,012477,643548350.5299410.6410.0110231015资本支出3762315117.106.473.024019.41399606总资产周转率0880.91长期投资(179820000.00其他(10470.70(8515.43)(78386司166182202230260(631597刀535827刀2,042470每股经营现金流4173384434694.60519(1324018239)(31490345421180138515.5217.6920.044365.7877652其他159220000000000市盈率19.771810163114311266(492.00)(1,048.08)(52885)(8439)市净率279237212164汇率变动影响0.000.00000000000EV/EBITDA659504620705,056.193,31149442352113780713.791112933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
转换为Word/PPT