附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E14720142321966627774301562027418014192332633132029228731066396875710651营业成本14837140451489120097241136120558369121019410613营业税金及附加120107115158192其他应收款3841682423981231234217295352预付寒款2424444391079784611591409存货45204084503972737499研发费用96494390412111441其他流动资产13851268126812681268102119148350504971110963107121354415110-15517242945651152153154174966163固定资产707178668001066112144500无形资产39939938136334536251514其他非流动资产178621871729198920802250024431251963037841317452663316178521693115407272537377125032236424452营业外收入63661693155864731405216008营业外支出111414应付票据及应付寒款4107367645766560680133101773215831074064其他流动负债14532144145517521642所得税38514125735043523122522172511234672925163219012757362918901975131771559少数股东损益95101385573其他非流动负债4225474084084082830153118632702355795659899142282348724919EBITDA4052255429104205552617701798183618911964EPS(元)1220.660.801.16153股本23122327232723272327407842944294429442942021A2022A2023E2024E2025E672368657465833694821309613498143141593918383营业收入%)38.0-11.16.836.921.62443125196303784131745266향业利润(%)58.6-46.221.543.630.768.4-45.921.745.031.626.822.022.623.724.714.08.59.710.311.12021A2022A2023E2024E2025EROE(%)19.710.711.815.517.8177613374204796ROIC(%)17.39.19.5净利润29251632190127573629654712657821104839.239.356.855.1102119148350504净负债比率%)13.639.231.5-36-25-14-15-14流动比率2.0-1898104-1355-3494速动比率1.21.20.90.9其他经营现金流28278000-1880-1193392-3638-26010.90.77070.7资本支出17871534-33282215573.73.13.13.1-91-36-100-10应付寒款周转率4.23.63.63.63.6其他授资现金流-185306435-816-10541398-648-3128-2001-22561220.660.801.16153-465-13555800.761210.570.182.061285856026555.635.806.156.857.9021160001282217000P/E28.123.115.912.1其他筹资现金流-726-831-1912-1399-1601P/B3.33.23.02.72.31287989-2183-5219-61EV/EBITDA11.518.316.212.39.3数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明