东方证券ORIENT SECURITIES朗新科技年报点评一受Q4国内宏观环境影响业绩下滑，B2B2C双轮驱动发展态势依然强劲附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金1,9662,5113.2753,9614,6394,5526,2128,1889,902应收票据、张款及项触资2,2252,1722,6783,1113,763营业成本2,6252,7673,4794,5865,53514168123149营业税金及附加16存货300275348459553销售费用314501625773923其他1,6221,9492,1352,8033,382管理费用及研发费用9269641,1141,4631,7816,2556,8337,7659,77111,807财务费用14长期股权投资220222220220220资产、信用减值损失212121固定资产73710585348公允价值变动收益在建工程22196000投资净收益26444无形资产81112311299其他113555555其他2,0002.0412,0122,0052,005886439821,3471,6322,5952,9473,0652,9222,672营业外数入资产总计8,8509,78010,83012,69214,480营业外支出555短期借款143263704914321,3431,628应付票据及应付张款8209481,37606781其他7757077387988529291,2761,5471,6091,9811,7962,5433,004少数股东损益(139(191)长期借款104227272272278475141,0691,4671,779应付债券5295074954954950.790.480.991.371.66其他1399393937148738158158152,3242,8542,6113,3583,8192021A2022A2023E2024E2025E少数股东权益12011425)1.0461.0611,0741.074营业收入37.0%-1.9%36.5%31.8%20.9%资本公积2,4042,6522,6522,652营业利润7.6%50.8%125.1%37.1%21.2%留存收益2,9733,3634,4315,7387,297归属于母公司净利润19.8%-39.3%107.8%37.3%21.3%其他866,5266,9268,2189,33410,66143.4%39.2%44.0%44.0%44.1%8,8509,78010,83012,69214,48018.3%11.3%17.2%17.9%18.0%ROE14.2%7.8%14.2%16.5%17.2%现金流量表ROIC12.4%5.5%11.1%13.3%14.0%单位百万元2021A2022A2023E2024E2025E8424239291,2761.547资产负债率26.3%29.2%24.1%26.5%26.4%折旧摊销6268216265275净负债率0.0%0.0%0.0%0.0%0.0%财务费用の1415流动比率3.893.454.323.843.93投资损失(264)速动比率3.703.314.133.663.75营运资金变动(135(850(1,012)其它2261532.52.22.83.13.1164316661699820存货周转率929.611.211.410.9资本支出209319340)(12总资产固转率060.60.741)2700其他(5330(10)5每股收益0.790.480.991.371.66(303)(324)每股经营现金流0.160.300.620.650.76911325)00每股净资产5.966.347.678.8910.3431211716000其他(198(330)18233.855.626.819.516.132182114市净率454.23.53.02.6-0-0EV/EBTDA28.754.622.216.614.0(226)33142764685EV/EBIT30.763.427.019.816.4资料来源：东方证正券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2