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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金7326.0111097.7311736.1710565773,108.134739.836,178.957,959.6110,18831604.50713.061194351206.59营业成本1760.592.571933328.764272725.45788208534.64302952455752营业税金及附加19.051509222422683362存货1762253401.912292075290.08411573销售费用296.05408716304085582其他2657393112.672058529235202.612359333726597.0313,703.85148102918,53139研发费用605341.0737514059955450979321249451524.51184784财务费用15119)(1625420180)固定资产21836118573225280360758资产信用减值损失080(2583)(13.03(17.64)在建工程407281000201111501395.78183149公允价值变动收益293.706317204.780.00无形资产90934945451005.03102318投资净收益143.147427814799638512其他997.142155.12902448836070930其他320.51)0.003,002.285379555394.587,061739019491,133.281262.911855.242,107.2516,732.9920.034.7820,2048725,59312营业外收入0350390340340.00500050005000营业外支出0814762.72336734.63960.121.004301710.521717871,132.821258551,528811852862,104.23其他464.172.033464,996.26359617所得税121559065113.7413266155501,198.806,756785384.041.011271167.901415.071720.191948.73500.00500050.005000(190)应付债券0.000000000.001169.791444.101750.181,974.43其他221.62133321846317986165941641902343202216263332234.63215.942,792.794.552283322.405579.98(30.470202120222023E2024E2025E6162461624616246162461624资本公积122878212645.0812.645093672%5250%3032%28.00%1049272218.063.662165.412347.1541812013%1144%2124%2117%其他123☑2.64(1055)日属于母公司净利润10549%2345%2119%1281%1394020168824718,8084720,327.5016,732.9920,204872559312毛利率4336%4574%4611%4632%46.43%净利率3254%2338%2199%1939%ROE726%755%854%9.67%ROIC7235%57.77%31.78%202120222023E2024E2025E净利润1011271167.901.444101750.18197443资产负债率2272%1644%2730%12927183352523033784净负债率-65.03%财务费用311月(1193516254)(20657(20180流动比率5343744802.74315投资损失(14314速动比率4652874051.96营运资金变动(4427刀1595008238533221其它525861208.97175742999257106297196.63617.522383.031,998.50916.962201842172.10217资本支出894.791425.66112962216049总资产周转率026031035长期投资1302342482270132750632334其他4737.6423574(454487刀164190234284320(6,230.06)(1,56319)10032414983.1065143241.70)20931201382.622513274530293312374.12(15.10)381(227.70其他(356.990000.00(000市盈率77.7162.95519446.0425680213.13市净率6525875374450.000.000000.000.002718403834613.07185(1,788.00)3,76172648.4429104647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2
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