民生证券INSHENG SECURITIES中青旅(600138)/商业零售及社会服务公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入6,41710,47813,13615,807成长能力(%)营业成本5,3897.9759,97511,832营业收入增长率-25.6963.2825.3720.34营业税金及附九加5284106127EBT增长率480.6340.2547.30销售费用6581.0381.281净利润增长率224.1440.1136.27管理费用6617639161.067盈利能力(%)研发费用131287毛利率16.0223.8924.0625.15EBIT-1596068501.252净利润率-7354.194.685.92财务费用217294303304总资产收益率ROA-1.902.162.773.45资产减值损失-87000净资产收益率ROE-5.546.418.2410.10投资收益7992107偿债能力5217381,138流动此率0.941.061.16128营业外收支6273132速动比率0.580.590.670.75利润总额5487681,169现金比率0.180.170.200.24所得税-69110154234资产负债率(%)53.8755.4156.2355.87净利润-472439615935经营效率归属于母公司净利润414580791应收账款周转天数123.1388.9588.7388.06EBITDA3091,1201,3981,837存货周转天数143.85137.12128.01125.33总资产周转率0.370.550.630.69资产负债表（百万元）2022A2023E2024E2025E每股指标（元）1.2261.5702,048每股收益-0.460.570.801.09应收账款及票据2,1652,5533,1933,814每股净资产8328.929.7210.81239337412482每股经营现金流-0.430.220.931292,1242,9963,4994,063每股股利0.000.000.000.00其他流动资产395505562631估值分析流动资产合计6,1207,6179,23611,038PE272014长期股权投资2,7622,7622,7622,762PB1.91.81.5固定资产4,7634,9955,224EV/EBITDA54.1915.5512.609.57无形资产1,1891,2511,3291,417股息收益率(%)0.000.000.000.00非流动资产合计11,44511,59111,73711,880资产合计17,56519,20820,97322.918短期借款3,7103,9134,0674,173现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1,0711,4911,9232,332净利润-472439615935其他流动负债1,7441.8061.9802144折旧和摊销468514548585流动负债合计6,5257,2108,649营运资金变动-569-985-670-750长期借款1.2572,3932,844经营活动现金流312156673935其他长期负债1.6801,5541,4311,310资本开支-610-633-663-697非流动负债合计2,9373,4343,8244,155投资-5000负债合计9,46210.64411,79412,804投资活动现金流-607-555-571-589股本7247247247243000少数股东权益2,083210821422,287153700544437股东权益合计8,1038,5649,17910,114筹资活动现金流737429241133负债和股东权益合计17.56519,20820.97322,918现金净流量-18030343479资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告