国联证券公司报告|年报，点评利润表202120222023E2024E2025E202120222023E2024E2025E货币资金27523944898518581952322242565971759327%112142营业成本1731293235964888611965税金及附加816131518117159200营业费用242857●其他118155983105管理费用C1101451932693385254197401390财务费用-35-1-2-5长期股权授资00514产减值损失-1-2425435401400400公允价值变动收丝20在建工程149333433433授资净收益g45无形资产80202168135101-310其他非流动资产1401811771721728910342475810676629681084115011210-5118713871824254034918810342075310637000所得税16128415121311581149203、2547391336602849其他9920725833641061142212224295407+538664802754606383221长期应付款000●00其他111111202120222023E2024E2025E1413131212238308419营业收入34.11%65.0332.11%40.29%27.16少数股东权益4889150292504EBIT175.49%14.84326.8379.23%40.92%股本299306306306306EBITDA107.50%29.04%339.90%65.69%41.59%资本公积68118118118118归母净利润135.0425.365243.3367.63%38.53%534566人83012741888950107914051990281611.34%9.00%15.53%18.14%19.41%182425403491净利率3.72%2.837.8810.08%11.19%ROE21.8%27.11%27.58隋ROIC15.32%12.52%32.62%45.29%54.74202120222023E2024E2025E净利润7391336602849资产负债20.0222.1822.99%21.68%19.34将3051238338484流动比率2.31.41.82.63.6财务费用-5-1-21.91.11.32.13.1-244-42-40营运资金变动-446191876.837.554.954.954.9其它2124029存货周转率24.844.330.730.730.71089461336总资产周转率1.62.32.32.42.2资本支出-356-382-350-400-450-341110000.20.30.91.52.1其他30816660.20.41.94.482-255-344-394-4442.93.24.15.57.5-5-70-107000市盈率93.274.321.612.99.3其他-10117-9-14-19市净率6.66.04.73.52.6-2119-16-15-19EV/EBITDA46.046.09.25.33.4-31-27209537873EV/EBIT62.470.114.47.75.0数据来源：公司公告，D,国联证琴研究所预测，股价取2023年4月6日收盘价请务必阅读报告末页的重要声明