国联证券公司报告|年报，点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4318214731.505572.625161235625.803920.965206.375561.815738.664604.450.000.000.000.000.00营业成本1580.682954.912993.373060.571841.780.570.931.481.531.23税金及附加30.5430.1731.15332836.844.719.719.93销售费用0.000.000.000.000.00其他16204.7513.7214.1511.35管理费用136.79164.25155.73160.68128.924484285213966101.835707.176061.85财务费用170.62144.27156.53175.56166.68长期股权授资13689146.63169.68199.66232.030.180.000.000.000.001002.93953.67918.43892.64874.751230.13-0.13-0.14-0.11在建工程226.9426028252.73226.0267.4838.0948.0254.9457.34无形资产13154.6213451.9415154.3417681.75、16899.1515.9910.6210.6210.62其他非流动资产915.201276891232.251189451145.992119282283.862374.302498.4015436.59160894117727.4420189.5219334.55-0.150.941.481481.4819920.86213033723829.27●25896.7025396.412119.131975.932285.342375.782499.880.000.000.000.000.00573.81562.93571.33593.94624.97应付账款+票据743.3360544656.08670.81403.681545321414.001714.001781831874.91其他2053.55772.761106.081131.70799.5231.1531.0113.71142518.752796.881378.20172.161802511203.204726.416201997035.326368.65其他452.56218.62218.62218.625178.976420.617253.947920.616587.272021A2022A2023E2024E2025E7975.857798819016.109723.127790.47成长能力1658.611658.611658.611658.611658.61营业收入48.94%32.78%6.83%-19.76%0.410.410410.41EBIT71.40%-736%15.12%4.48%4.52%留存收益9730.0910265.7911560.69129068414320.45EBITDA55.08%482%11.04%8.64%3.66%归属母公司权丝11389.11119248113219.7214565.8515979.47归母净利润4.57%17.67%3.96%5.01%少数股东权益555.901579751593.461607.721626.4711945.0113504.5614813.1816173.5817605.94毛利率59.69%4324%46.18%46.67%60.00%19920.8621303.3723829.2725896.7025396.41净利率39.41%27.16%30.82%31.05%40.72%ROE1329%12.12%12.14%11.62%现金流量表ROIC1511%1152%11.65%11.17%10.19%2021A◆2022A2023E2024E2025E税后经营利润1545.321414.001668.671731311822.5940.04%36.61%37.84%37.55%30.68%910.12924.47940.021122.901142.34流动比率1.603.783.175.04财务费用170.6214427156.53175.5616.681603.783.453.155.0267.48-38.09-48.02-54.9457.34-520.09337.2123.62-489.42应收账款周转率其它41.0260.1267.04293.00627.93308.30308.30308.302076.351919.753114.543065.492654.290.200.240.230220.18529.461549922555.003555.00255.003321413270.000.000.000.910.871.031.071.12其他762.85-5138510.178.457.851251.161.881851.60200.18-2477.04-2544.833546.55-247.156.877.197.978.789.632789.151475.58833.33666.67-1333.33-280.110.000.000.000.009.7810.258.717.98其他3420.08-1392.31-597.00-609.23市净率1301.241.121.020.g3-911.048327271.4169.67EV/EBITDA4215.225.535.40136548474.02841.1241139464.57EV/EBIT7.507.786.65请务必阅读报告末页的重要声明