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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E4,616.025.641036859918300889,2617411,282.0613719821439.952251972.762283335.41404314营业成本3314.904.040544733865.504936.47958131.6215133155642175722017106191128213720166.02407.0353084600037150481823销售费用1540012235442572313.045803.65239其他641.92456.60113387227117126436管理费用1241.031399421.660187238.5410,292851339910研发费用1.754072103.752.497.012.998322552.622735272.93527333527383527110.18(12.06)固定资产2472.92237624231353226633221453资产信用减值损失219.99)(220.00220.00)210.00)563215480154801548015480公允价值变动收益9033389(20.00)(10.00)无形资产1862.092923.693345333621973602010988180.0018000200.00其他2703.012978.432913872851.43290143其他96200000.009,646.9612,2298112884.751,117.4425116707.941153.30173293423,555.1021,955.025,6289127,51152营业外收入58541620.00200020.002732.783355.0089121187054250989营业外支出10.5785118.0018001800654338318274614966511049361123.03246.8170994115530其他2879.933032.134.928976114.40559686所得税91.65220110398153627218.946,566328,951459146.11224.801051331553.23390.00826.005000075679921522539193931544660应付债券98546219.171019.79其他637.1570000720.00740000060300441483.151200.001476799403.1111,037.087,7663210,4282410807831056.951.07633110787115447202120222023E2024E2025E3270823433.633.433003433.00343300资本公积892.015851845.944485944.48594448营业收入004%2181%2161%21.01%3489.92336863.99553501532652195-028%-7752%18187%6291%4782%其他11932720.001(300.00(350.00日属于母公司净利润-032%18592%6273%47.74%79282312,518.0214,1893415,2006716703.90173293423555.1025.6289127,511.52毛利率6113%5637%60.97%净利率1156%237%555%7.43%9.08%ROE1410%191%478%724%ROIC2766%451%815%1154%1534%202120222023E2024E2025E净利润68237224801019.79150653资产负债率5426%3537%40.69%47334579.15711067605680506净负债率-17.96%-3089%-28.79%财务费用2928129157150160投资损失(36020180.00)(200.00速动比率124142151营运资金变动535.77(3496司(3291☑(19140其它(1175☑19103115436506595024504501303.631,204921897332054197519.9520872166资本支出1559212101.691257.151470.00147000总资产调转率0A5050长期投资79.97200.00400.0050000其他(2920.45)3.14000(3240.00006030044(3,953.09)148330(1270.00)(1270.00)每股经营现金流0210350.55661.71256.47(293154)1323.96873542043343824.11453(965284593.671.0252740.005000其他(92204000000市盈率91.914132514453888260124,928.101,28396823.64市净率12.96790582汇率变动影响0.000.00000000000EV/EBITDA3105407231601380.971,218881440.9736.51399493.0063574495资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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