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信达证券INDA SECURITIES单位：百万元单位：百万元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E5,48918,30721,08033,4654,9542255730,75833,18037,2751.8663,5131.9186,51210,868营业成本3,52918.03525,32926.51628.92100000营业税金及附加2373123133149应收账款1,3224.3675.4546.127销售货用3245921001122992701.5201.5911,7351775918308961.006存货1,5625,1335.5525,8126,3391644326778301.118其他4405.0257.0347.5458.395财务货用402204195816533,48510,78718,53621,64324,511减值损失合计0-224400300-4002198989898投资净收益-67固定资产（合计）2,1234.0276,5479,12111,616其他-17-10068无形资产1983855596727259672,8322,9613,9065,005其他1.1436,27811.33311.75312.073营业外收支-17-633-229,09439,61648,55857,9769502,8262,9583,9035,0024,54514,24319,27621,89724,009所得税121418444585750短期借款9964.6917.93310,19611.4758292,4072,5143,3174,2521.6722.6834.1644.3594.754少数殿东损益27456077应付账款9964.4964.8585.0855.5468252,3802,4693,2584,176其他8802.3732,3212,2572,233EBITDA1.2403,7614,1915,2536,5744074,1924,5534,8535,253EPS(当年)元)4.7513.7014.2118.7524.03长期借款1612.4782.9783,378其他2471,7141,8761,876单位：百万元4,95218,43523,82926,75029,2622021A2022A2023E2024E2025E9341,8461,8921.9512.028-6,1361,2663,5754,195归属母公司股东权益3.0878.81313,89619,85626.685净利润8292.4073,3174.2528,97429,09439,61648,55857,976折旧摊销21138148554760642258444595701单位：百万元投资损失-106-216-72021A2022A2023E2024E2025E-1,729-9,432-2.614-1,173-1,75122.55730.75833,18037.27534271442296395增长率YoY%425.9%355.3%36.4%7.9%12.3%-919-3,587-5,842-1,070-817归属母公司净利润8252,3802.4693.2584,176资本支出-814-2.552-946-6953006.2%188.4%3.7%31.9%28.2%长期投资-52-1.050-950-30-3028.8%20.0%17.6%20.1%22.4%其他15694-9326.7%27.0%17.8%16.4%15.6%1,74710,7412,9812,0889784.7513.7014.2118.7524.03吸收投资8444.09300103.4016.7612.549.507.41借款8836,1093.4422.5631.679市净率PB(倍)27.644.532.231.561.16-36-281444-595-701EV/EBITDA34.9312.119.887.495.582131,018-1,5954,5944,355请阅读最后一页免责声明及信息拔露http:/www.cindasc.Com2
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