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财信证券CHASING SECURITIES公司研究报告2021A2022A2023E2024E2025E主要指标2021A2022A2023E2024E2025E10.67512,84314,51716.,70619,21410,67512,84314.51716,70619,2147.7579.65810.61012,06513.82219.5020.3113.0315.0815.01营业税金及册加8793114129147归属母公司股东净利润1,3091,3211,5721,8502,2276687309151.0691.230-4.590.9719.0117.6720.38管理费用3593904655516241.511.521.812.132.564755366247528260.480.000.370.440.5379611810964每股经营现金流1.501.212.913.734.25减值损失-38-91-87-103-119销售毛利率0.270.250.270.280.288677销售净利率0.120.110.110.110.12000000.190.140.150.150.16000000.170.130.140.140.161.49915811.8422.1802.63426.7026.4422.2218.8815.6800000市净率PB)5.103.773.332.922.541,51715951.8672,2002,6540.010.000.010.010.01减：所得税1952462633163832021A2022A2023E2024E2025E1,32113491.6042,270132831344327.3424.8026.9127.7828.06130913211.5721,8502,22710.368.76%10.3110.359.98%202142023E2024E2025E14.9512.4613.6713.8214.141,2961291726835961EBITDA/销售枚入20.1017.1421.2622.0222.8600000销售净利率12.3810.5011.05%11.28%11.82%应款和预付款项1,65619992,1942,5613325384147ROE19.0914.2714.9715.4516.21存货2.2513.0073.2763.6984.258ROA9.73%7.80%8.57%9.21%10.63232346342407471ROIC17.3713.4814.2614.1915.57025353944000046.4443.2440.6438.3432.2344681073.9969.6875.3073.7371.706,60584959.5009.8049,35056.2138.7439.2331.4812.19无形资产和开发支出5686461,2501,6891,878流动比率1.220.990.981.081.408001.0929781.011999速动比率0.610.460.390.440.5713.44616,93018,34420.09420.956股利支付率31.820.00%20.6220.6220.62短期借款2.0352,5152,4832,009577收益留存率68.18100.0079.3879.3879.38交易性金融负债00000应付和预收款项2.09025922,8613.2483,7210.790.760.790.830.921,4753214424172471.881.812.012.182.3064518932,0302,2107.757.287.697.567.556.24573217.4567,7036754存货周转率3.453.213.243.263.25股本83386986986986920214202242023E2024E2025E92923732,3732,3732,373EBIT1,59551,600.81984.52,308.92,71755,0936.0157.2638.73210.500EBITDA2,146.12.201.23.086.83.678.94.392.86.854925710.50611.97413.742NOPLAT1,37421.341.51.682.41.960.32,307.4少数股东权益3473513834174601,308.51,32121,572.31,850.12,227.1股东权益合计7.2019.60910,88812,39114,202EPS1.511.521.812.132.5613.44616.93018.34420.09420.956BPS7.8910.6512.0913.7815.81现金流量表2023E2024E2025EPE26.7026.4422.2218.8815.68经营性现金净流量13071.0523.2433.694PEG-5.8127.271.171.070.77投资性现金净流量-1,951-2,514-2,740-2,144-1,444PB5.103.773.332.922.548401411-353-990-2.125PS3.272.722.412.091.82现金流量净额178-22-565109125PCF26.7333.2013.8210.779.46
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