民生证券INSHENG SECURITIES长飞光纤(601869)/通信公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入13,83017,60520,13422,542成长能力(%)营业成本10,58713,70615,70017.651营业收入增长率45.0327.3014.3611.96营业税金及附加86708190EBT增长率191.1642.3220.3418.03销售费用414423443451净利润增长率64.7131.3723.6619.45管理费用779819926947盈利能力(%)研发费用784827846857毛利率23.4522.1522.0321.70EBIT1,2721.81121792572净利润率8.448.719.4210.0583274265266总资产收益率ROA4.144.995.906.58资产减值损失-79-81-83-89净资产收益率ROE11.5013.7215.2316.22投资收益112141141135偿债能力营业俐润1,1701,5971,9712,352流动比率1.911.892.022.10营业外收支-18-16-17-18速动此率1.451.411.481.55利润总额1,1521,5801,9542,334现金比率0.540.490.480.56所得税9162023资产负债率(%)48.4649.2047.3346.29净利润1,1611,9342,311经营效率归属于母公司净利润1,1671,5331,8962,264应收账款周转天数132.89130.00128.00125.00EBITDA1.879247729383,439存货周转天数10890108.00107.00105.00总资产周转率0.580.600.640.68资产负债表（百万元）2022A2023E2024E2025E每股指标（元）4,3244,7135,758每股收益1542.022.502.99应收账款及票据5,7346,9657.8028,492每股净资产13.3814.7516.4218.42189233251265每股经营现金流2.102.313.123.963,1594,0154,5565,027每股股利0.000.610.750.90其他流动资产2,0102,08821192141估值分析流动资产合计15,41518,01419,38821,683PE27201714长期股权投资1,8281,9512,0722187PB3.12.82.52.2固定资产5,7496,0996,5787.046EV/EBITDA17.8513.3811.059.12无形资产1,7321,7191,6871,648股息收益率(%)0.001.471.822.17非流动资产合计12,78812,69812,71612,709资产合计28,20330,71232,10434,391短期借款1,7551,7551,7551.755现金流量表（百万元）2022A2023E2024E2025E应付账款及票据4,3934,9465,465净利润1,1611,5641,9342,311其他流动负债2,8583,3722,9063,118折旧和摊销606666759866流动负债合计8,0759,5219,60710,337营运资金变动-218-931-796-671长期借款3,9513,9513,9513,951经营活动现金流1,5951,7482,3642,998其他长期负债1,6401,6391,6361,633资本开支-2,193-627-840-942非流动负债合计5,5915,5905,5875,584投资-84000负债合计13,66615,11115,19415,921投资活动现金流-2,187-627-840-942股本758758758758129000少数股东权益4,3934,4244,4634,509债务募资0-7330股东权益合计14.53715,60116,90918.470筹资活动现金流1,977-732负债和股东权益合计28,20330,71232,10434,391现金净流量1,4613891,099资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告