中银证券现金流量表（人民币百万）202120222023E2024E2025E202120222023E2024E2025E营业总收入2441229,70830.59733.04434.597净利润3,6595.0676.8658.0858.54224,41229,70830.59733.04434.5972.9492.8383.1372.9602.875营业成本19,83623,19522,10023,22724,342营运资全变动2,264(1,629)(1,116)761(1,50433354141其它2,363)719(855)(813)(1,101)销售费用931016,5096.9958.03110.9938,812管理费用8208889711,082资本支出2,430)(2,69%)(2,450)(2,450(2,450研发费用0111(510)(1,383)000财务费用481416369234148其他3,32522571,0971,11112175347504949385(1,821)(1,353)(1,339(1,233资产减值损失0(26)(10)银行借款(4,318)2,641(4,254)00信用减值损失(34)5,350)(4,305)(2,092)(2,464)(2,603)资产处置收生500272386329358其他2,880(3,593)1219(1,028)24900006,788)(5257)(5126)(3492(2,354705646710781859现金流106(83)15516,162522500营业利润4390598881449,55210,105营业外收入7192422营业外支出547673202120222023E2024E2025E4,34359349.50010.054所得税6848671,2291,4151,512营业收入增长华%)35.121.73.08.04.73,5595,0676,8658,0858,54247.236.436.017.35.850(19)26)(3029.940.935.517.85.76,8918,1158,574息税前利润增长%)30.750.535.517.14.2EBITDA6,562827610,50411,58711,862息税折旧前利润增长(%)25.126.126.92.40440.630.851.001.0629.940.935.517.85.714.818.324.126.126.0责产负债表（人民币百万）18.020.22628292202120222023E2024E2025E毛利率(%)18.721.929.616,73017.91619.42126,02031,889归异净利润车%)14.817.122.248现金及等价物10.66911,22912,78018,94324,168R0E(%)13.715.418.2181731,1691,1811,5211,2461,730R01C%)4.66.59.1110112911111212债能力13441.4240.604045522297361620.60.5合同资产9731,8441972,172390流动比率2.03.4其他流动资产2.0131.9982.9231,94643.406475544686646,35645,931总资产周转车0.40.53,0794,4624,4624,4624,462应收账款周转率20.525.3固定资产3757040,37140,36740,14339,69611.812.02125.6无形资产435475463450438其他长期资产2,32122451,5751,3011,335销售费用车%)0.4060,13665,47066,28772,37677,820管理费用年%)3.414.5008.9689,3009.7399,258研发费用年%)0.00.03,5182,0242,0002,0002.01.40.4应付寒款2,5972,3544702,111其他流动负债8,385459168305.6280.40.618,75223,0011871518,74318729每股经营现金流最新摊薄)0.80.91.0长期借款18,09422,23018,00018,00018,0004.147其他长期负债658772715743729每股股息0.10.20.30.30.333,25231,97028,01428,48227,987倍值比率股本8,1088,1268,1268,1268,126P/E最新摊薄)14.710.57.76.66.2480453427397365P/B(最新摊薄)2.01.61.41.226,4033304737,84643,49749,468EV/EBITDA11.010.08.06.66.060,13665,4706628772,37677,820价格/现全流（倍）827.66.64.86.02023年4月6日招商轮船