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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E2771274323895.745.4366102613,8303216534.5919,1514422,034.194578.935733866951.727.73774营业成本7.6642312711831482149171942714627188.7229875219924105133.0186341025111a742763023159.723.550304107.47469071销售费用41358446.4352882其他205432213307223728239238管理费用621.0687633972891.057.6412313.811541487178095919,2618221831.70研发费用473.1678389976721079681684.471828.161828161828.16182816122.7946.7545703336固定资产3763.666.09882617833609710资产信用减值损失20387259.14)29g.15)608361644.131465891376.13132729公允价值变动收益947102.05110005000无形资产1732371594791436.991289091074211230150.0015000150.00其他793861834.411.716841767.18173373其他9590.000.007,1648412,7884412,694.501227536718331170.251494451718.821,905.6719478.6528,2033130304.0831,8486134107.06营业外收入5526006.006001717.701754891858302343.00294045营业外支出33223793003.003002713.573462593.95265491837748.001151.971,49745172182其他2041142.95674322952361568所得税2733860995435800.917258818,7679,4423211474.501161241422.571835.731813.231299503950.993.733673536.7224489012.17(576)213424542720应付债券0.0049800488.0049800708511167.001,401.241611.19其他553.111640.001800001720.001760000931541852.132362330.695,590.996,021.675,7447114,7893815,187.041617141803.034392824.407.754424.93444397202120222023E2024E2025E757.9175791757.91757.9175791资本公积3561132.938602939.60营业收入1599%4503%1955%1583%15.05%5509.626463.647.444518572349822572371%6291%2770%1501%其他4661590(34.04)3220日属于母公司净利润3032%6471%2007%1498%1085%10595.0315514.7217,935.8619478.65282033130,304.0831848.6134107.06毛利率1953%2312%2261%21.97%净利率743%844%8.11%ROE724%1150%1252%1317개1324%ROIC934%1323%1023%1122%11.90%202120222023E2024E2025E净利润1161241.40124161119178604资产负债率4556%47.69%591.7592687107835122818净负债率1188%1455%1130%783%财务费用107.904675457033361912012.04190投资损失(107.4☑(11230(150.00(150.00速动比率1461521.60149营运资金变动1232910其它65742(94141012339134547720221267281300526741,594.501858411,972312852843744674935.00501资本支出1356.424896.677905010003091020总资产周转率0.540570.6267长期投资0000000.00其他2.79439(1795.10)1.99060(181040093154152.13236(138953)(2,18685)(99030)(90020)每股经营现金流2102452.60376232722227.6029192(5486司12.91133814.6516151780444.91)(4988其他49223242.04000000市盈率26892239194717572173☑(1,08781)市净率321309283233汇率变动影响0.000.00000000000EV/EBITDA1322104810829291428.151395.14836.48785.0816.63133419.0416321415资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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