公司点评报告SOOCHOW SECURITIES新城控股三大财务预测表2022A2023E2024E2025E2022A2023E2024E2025E303.083280.451273388115457116334116555116.707货币资金及交易性金融资产3157337,52256134营业成含金融类)92,3269238291.977经营性应收款项4,25939463.9493.925税金及附加31263.1323.136存货204.365173.189174.507152.483销售费用558455365,485合同资产0000管理费用4,1884,19%4201其他流动资产62.88557.80957.41052.0712323154824159305财务费用1835长期股权投资25,14923,95522.88021913加其他收益227191210210因定资产及使用权资产2.7152.9323.0803,252投资净收益550698699700在建工程1.6041.94123942,737公允价值变动1.0851.0001.0001.000无形资产14261.7302283减值损失61452.95923870000资产处置收益523长期特摊费用70703.0337.0188.4039385其他非流动资产123.860126.132128915131,75营业外净收支83131131131457907437,211432.694714885349516流动负债314,467290,094280.000266,734减：所得税1,5302.5022.9873,331短期借款及一年内到期的非流动负债3130933,20134,008464655476185经营性应付款项51.02343.98838474减少数股东损益192558666742合同负债164,832144.115归属母公司净利排润4.8815443其他流动负债67,30260,8355795556288非流动负债53.97952.97953.979每股收益-最新股本摊薄（元）0.621.812.162.4127.96629,9%631,96633966应付债券11.99069905.99016,33010.9971159%12.194租赁负债6006006006001665911.25111.86112,475其他非流动负债13424134241342413424负债合计368.446343.073332979320.714毛利率%)20.0320.3120.7421.19归属，母公司股东权益5948163.60068511739853.514.194.6629,98030,53731,20331,94589.46194.13799.714105.930收入增长%31370.760.190.13457.907437.211432.694426.643归母净利润增长率%-88.941933519.3911.512022.A2023E2024E2025E2022A2023E2024E2025E经营活动现金流1453516,214-6327每股净资产元26.3728.2030.3732.80投资活动现金流-87-29%412最新发行在外股份（百万股）2,256225622562256筹资活动现金流-38495-22234.754.374.454.49现金净增加额-24.63413,934-7,98518,611R0E-摊薄%2.346.437.127.36折旧摊销328255265281资产负债%80.4678.4776.9575.17资本开支-8012-979970979PE(现价&最新股本摊薄)26.108.907456.68营运资本变动7,623-1477211.028P/B(现价)0.610.570.530.49数据来源：Wd,东吴证券研究所，全文如无特殊注明，相关数据的货币单位均为人民币，预测均为东吴证券研究所预测。东吴证券研究所请务必阅读正文之后的免责声明部分