财信证券CHASING SECURITIES公司研究报告2023E2024E2025E主要指标2021A2022A2023E2024E2025E89.96154.64228.4529849377.7089.96154.64228.45298.49377.70减：营业成本57.8999.50153.17201.70254.60增长率(%70.3671.9047.7330.6626.53营业税金及附加0.630.961.592.082.6317.4931.0440.2352.6167.731.521.962.863.734.72161.9377.5329.5830.7928.733.676.218.0010.4513.221.262.232.893.784.875.439.2112.5616.1220.020.250.000.490.640.82-0.05-0.191.700.52-0.02每股经营现金流1.240.874.634.725.73-1.70-2.27-2.74-3.58-4.53销售毛利率0.360.360.330.320.330.080.280.150.150.15销售净利率0.200.210.190.190.190.050.060.000.000.000.170.230.240.250.250.000.000.000.000.00投入黄本回报率ROIC)0.380.400.320.450.5920.3636.8447.1461.6279.3039.1122.0317.0013.0010.10加：其他非经营损益0.000.000.000.000.00市净率PB)6.525.084.073.232.5520.2936.7147.0461.5379.200.010.000.010.010.023.474.455.827.492021A2022A2023E2024E2025E17.8333.2442.6055.7171.720.342.202.373.103.99毛利率35.6535.6632.9532.4332.5917.4931.0440.2352.6167.735.82%5.41%5.50%4.92%4.75%2021A2022A2023E2024E2025E22.5023.6221.3420.7920.9738.8464.0579.53128.44189.85BITDA/销售枚入26.5927.3126.6025.0424.1516.4515.8515.8515.8515.85销售净利率19.8221.5018.6518.6618.9926.1853.0574.5897.45123310.921.181.822.383.01ROE16.6823.0723.9424.8425.26存货49.6411035132.01173.84219.43ROA8.15%8.70%9.85%10.2610.632.955.319.1311.9315.10ROIC38.1240.3132.3245.2758.883.473.883.994.104.220.300.550.550.550.5550.2660.8757.0056.6255.650.000.000.000.000.0038.3138.3430.4523.7919.1259.0682.8573.2162.9051.9220.4728.619.40%5.01%2.16%无形资产和开发支出5.587.136.075.013.96流动比率1.421.361.521.591.6511.1212.7711.4610.1410.14速动比率0.800.690.780.850.92214.50356.97408.20512.58637.32股利支付率20.040.00%16.8316.8316.83短期借款11.9532.730.000.000.0079.96100.0083.1783.1783.17交易性金融负债0.000.000.000.000.00资产管理效率应付和预收款项62.8793.22147.77194.58245.610.420.430.560.580.59长期猎款10.1229.4321.8614.547.661.922.704.406.519.6522.8761.9063.0681.09101.374.673.563.673.673.67107.8121728232.6829021354.64存货周转率1.170.901.161.161.166.9413.9113.9113.9113.912021A2022A2023E2024E2025E59.2455.0355.0355.0355.03EBIT20.2436.5248.7562.0479.1838.6965.6399.09142.84199.16EBITDA23.9242.2360.7774.7391.22104.87134.57168.02211.78268.10NOPLAT17.8033.1244.2356.2771.791.835.127.4910.5914.5817.4931.0440.2352.6167.73股东权益合计106.69139.69175.5222237282.68EPS1.262.232.893.784.87214.50356.97408.20512.5863732BPS7.549.6812.0815.2319.28现金流量表2023E2024E2025EPE39.1122.0317.0013.0010.10经营性现金净流量17.2512.0464.3465.6879.76PEG0.240.280.570.420.35投资性现金净流量-28.52-30.43-0.08-0.08-0.08PB6.525.084.073.232.55-2.7939.25-48.78-16.70-18.26PS7.604.422.992.291.81现金流量净额-14.1521.1015.4848.9061.42PCF39.6456.7910.6310.418.57此报告仅供内部客户参考