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2023-04-07-西南证券-小熊电器-收入稳步增长,盈利能力持续提升

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2023-04-07-西南证券-小熊电器-收入稳步增长,盈利能力持续提升
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小搬电器(002959)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E4117.704733.575432.746251.60385.95463.83545.71646.54营业成本2616.843008.533452.783971.78折旧与摊销133.47111.45116.02116.02营业税金及册加27.1731.2435.8541.26-11.07-23.97.42.63销售货用729.85814.17934.431075.28-27.7515.0010.005.00291.71331.35380.29437.61经营营运黄本变动430.7626.04164.94197.09财务货用-4.04-11.07-23.97-42.63其他-305.12-4.06-32.07-27.55-27.7515.0010.005.00613.27549.12780.63894.4723.8420.0020.0020.00-292.61-95.000.000.000.380.000.000.00377.3120.0020.0020.00其他经营损益0.000.000.000.0084.70-75.0020.0020.00486.81564.35663.36783.30短期借款220.00220.000.000.00-31.96-17.72-20.24-21.35长期猎款3.160.000.000.00454.85546.63643.12761.95-17.440.000.000.00所得税68.9082.8097.42115.42支付股利-93.02-126.80-152.39-179.29385.95463.83545.71646.54648.92-71.4123.9742.63-0.36-0.43-0.50-0.60761.62418.21-128.42-136.66386.31464.26546.21647.131459.0955.91672.21777.812022A2023E2024E2025E2022A2023E2024E2025E2116.142172.052844.263622.07成长能力应收和预付款项103.27173.96191.30214.2214.18%14.96%14.77%15.07%存货650.85731.67844.49975.18营业利润增长率45.82%15.93%17.54%18.08%其他流动黄产745.39747.63750.18753.1636.20%20.18%17.65%18.48%4.614.614.614.61BTDA增长率41.49%7.87%13.64%13.41%0.000.000.000.00838.65845.11766.99688.88毛利率36.45%36.44%36.45%36.47%无彩资产和开发支出299.27281.23248.19215.1524.71%23.97%23.76%23.52%114.60109.73104.86100.00937%9.80%10.04%10.34%4872.775065.995754.886573.25ROE16.31%17.69%18.10%18.57%220.000.000.000.00ROA7.92%9.16%9.48%9.84%1592.561771.192037.342354.10ROIC69.86%83.11%111.78%231.57%长期借款3.163.163.163.16田TDA/销售枚入14.97%14.04%13.90%13.70%690.47669.73699.14733.512506.192444.072739.643090.770.970.951.001.01股本156.00156.00156.00156.006.536.427.669.90933.56933.55933.55933.5535.2146.1937.5539.65留存收益1272.081609.542003.362471.20存货周转率4.024.304.304.302366.472622.233016.053483.89114.75%0.11-0.32-0.82-1.412366.582621.913015.233482.4851.43%48.24%47.61%47.02%4872.775065.995754.886573.25带息债务感负债27.14%18.83%16.80%14.89%流动比率1.781.942.042.132022A2023E2024E2025E速动比率1.461.571.671.75EBITDA616.24664.73755.41856.70股利支付率24.08%27.31%27.90%27.70%E28.2523.5119.9816.874.614.163.623.132.482.983.504.15PS2652.312.011.7515.1716.8119.3322.32EV/EBITDA14.0912.6510.248.12每股经营现金3.933.525.005.730.85%1.16%1.40%1.64%每股股利0.600.810.981.15请务必阅读正文后的重要声明部分