依依股份(001206)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E1516.341828.512150.162484.53150.55173.95207.12243.14营业成本1308.311533.451796.522070.27折旧与摊销50.0458.1261.2561.25营业税金及册加10.6910.8813.0417.1431.44-7.71-15.68-20.92销售货用19.8523.7730.1034.78-2.970.000.000.0041.4864.0070.9681.99经营营运黄本变动9.3340.91-65.1863.33财务货用-31.447.71-15.68-20.92其他25.56-14.84-10.78-9.31-2970.000.000.00201.07168.61176.72210.8328.9810.005.005.00-19.05-300.000.000.0017.388.005.005.009.5550.71-21.3520.22其他经营损益0.000.000.000.00-9.50249.29-21.3520.22194.17222.12265.23311.26短期借款0.000.000.000.00-1.660.32-0.37-0.36长期猎款0.000.000.000.00192.51222.43264.85310.910.000.000.000.00所得税41.9648.4857.7367.77支付股利66.03-63.04-81.23-97.25150.55173.95207.12243.14-3.377.1015.6820.920.000.000.000.0069.40-55.95-65.55-76.33150.55173.95207.12243.14128.59-136.6389.83154.722022A2023E2024E2025E2022A2023E2024E2025E346.04209.41299.24453.96成长能力应收和预付款项267.46356.38417.69476.1715.75%20.59%17.59%15.55%存货195.66234.24272.60314.98营业利涧增长率30.11%14.39%19.41%17.36%其他流动黄产411.17358.55392.30384.5231.96%15.54%19.07%17.39%36.4736.4736.4736.47BTDA增长率10.93%28.09%14.04%13.13%0.000.500.410.37630.01877.60822.06766.53毛利率13.72%16.14%16.45%16.67%无彩资产和开发支出49.6044.0538.5132.971.97%4.38%3.97%3.86%82.3982.2282.0481.869.93%9.51%9.63%9.79%2018.792199.422361.322547.83ROE8.32%9.06%10.12%11.09%0.000.000.000.00ROA7.46%7.91%8.77%9.54%180.80254.42289.78329.73ROIC11.54%13.14%13.46%15.28%长期借款0.000.000.000.0014.03%14.90%14.45%14.15%28.0524.1624.8125.49208.85278.58314.59355.220.760.870.941.01股本132.07132.07132.07132.072.912.933.474.411181.491181.491181.491181.495.606.165.845.84留存收益496.38607.29733.17879.06存货周转率7.057.127.077.031809.941920.842046.732192.61103.99%0.000.000.000.001809.941920.842046.732192.6110.35%12.67%13.32%13.94%2018.792199.422361.322547.83带息债务感负债0.00%0.00%0.00%0.00%流动比率6.474.494.704.872022A2023E2024E2025E速动比率5.443.583.773.93EBITDA212.77272.53310.79351.59股利支付率43.86%36.24%39.22%40.00%E21.7118.7915.7813.441.811.701.601.491.141.321.571.84PS2161.791.521.3213.7014.5415.5016.60EV/EBITDA11.589.668.086.73每股经营现金1.521.281.341.602.02%1.93%2.49%2.98%每股股利0.500.480.620.74请务必阅读正文后的重要声明部分