广电计量(002967)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E2604.063350.954179.875117.98190.13344.80491.04660.66营业成本1572.261953.552395.332903.76折旧与摊销352.0891.1091.1091.10营业税金及附加6.849.7712.0714.6018.3842.1744.9259.75销售货用371.71469.13564.28665.3440.420.000.000.00178.57536.15668.78793.29经营营运黄本变动22.24-267.47-259.86-321.60财务货用18.3842.1744.9259.75其他50.6758.95-19.51-18.90.40.420.000.000.00548.59269.55347.68470.990.770.000.000.00-403.83-5.0038.2821.2924.4825.72-269.6121.2924.4825.72其他经营损益0.000.000.000.00-673.4416.2919.4820.72181.22361.47518.96706.9642.85-534.970.000.002903.403.423.4292.650.000.000.00184.12364.87522.38710.380.000.000.000.00所得税-6.0020.0731.3449.73支付股利-86.28-36.79-66.23-94.31190.13344.80491.04660.66-215.89219.25.44.9259.756.1813.6719.4925.42-166.68-791.01-111.15-154.06183.95331.13471.55635.24-290.43-505.16256.02337.662022A2023E2024E2025E2022A2023E2024E2025E1265.82760.651016.671354.33成长能力应收和预付款项1409.061823.802252.562768.63销售收入增长率15.89%28.68%24.74%22.44%存货23.1628.4633.2941.67-9.83%99.46%43.57%36.23%227.4390.67103.58118.18-1.29%81.35%42.41%34.54%49.7649.7649.7649.76BTDA增长率.10.75%-10.32%32.39%30.97%56.3856.3856.3856.38固定资产和在建工程1581.081523.021464.971406.91毛利率39.62%41.70%42.69%43.26%无彩资产和开发支出407.98386.28364.57342.8721.84%31.26%30.57%29.67%533.45527.12520.79514.45净刹率7.30%10.29%11.75%12.91%5554.135246.155862.566653.18ROE5.33%8.91%11.44%13.59%534.970.000.000.00ROA3.42%6.57%8.38%9.93%564.33739.34898.891086.26ROIC7.93%13.05%16.86%20.74%长期借款180.57180.57180.57180.5721.19%14.76%15.67%16.76%其他负债709.29457.79489.85526.74负债合计1989.161377.701569.311793.580.480.620.750.82股本575.23575.23575.23575.231.932.453.204.121981.741981.741981.741981.742.282.382.322.32929.531223.871629.192170.12存货周转率81.5275.2274.7874.403491.033780.834186.164727.0995.64%73.9487.61107.10132.513564.973868.444293.264859.6035.81%26.26%26.77%26.96%5554.135246.155862.566653.18带息债务总负债35.97%13.11%11.51%10.07%流动比率1.963.073.183.302022A2023E2024E2025E速动比率1.943.043.143.27EBITDA551.68494.74654.98857.81股利支付率46.91%11.11%14.04%14.85%E62.5734.7624.4118.123.303.042.752.430.320.580.821.10PS4.423.432.752.256.076.577.288.22EV/EBITDA18.9520.7215.2611.26每股经营现金0.950.470.600.820.75%0.32%0.58%0.82%每股股利0.150.060.120.16请务必阅读正文后的重要声明部分