民生证券INSHENG SECURITIES士兰微(600460)/电子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8,28210,86813,59517,325成长能力(%)营业成本5,8439,42912181营业收入增长率15.1231.2225.0927.44营业税金及附加29384861EBT增长率-12.3535.8335.1922.13销售费用143220276351净利润增长率-30.6612.4437.2925.98管理费用377465554689盈利能力(%)研发费用7118811,170毛利率29.4529.1730.6429.69EBIT1,1531,56621172,586净利润率12.6510.8811.941181财务费用209219221206总资产收益率ROA6.226.848.169.10资产减值损失-78-22-42净资产收益率ROE14.2714.0216.4117.43投资收益-174-80-94偿债能力1,1941,3121,8012,268流动此率1.491.862.09营业外收支-1速动比率0.921.191.351.51利润总额1,1921,3101,7982,265现金比率0.400.520.650.77所得税145127174220资产负债率(%)52.3047.2146.7944.71净利润1,0481,1831,6242,045经营效率归属于母公司净利润1,0521,1831.6252.047应收账款周转天数90.1583.1577.0969.46EBITDA1,8872,37829283,466存货周转天数19188163.08168.57151.88总资产周转率0.490.630.680.77资产负债表（百万元）2022A2023E2024E2025E每股指标（元）223027173,8875,097每股收益0.740.841.151.45应收账款及票据2,1442,58329953.450每股净资产5215.966.998.2940486280每股经营现金流0.141.291.361.773,0723,4174,3235,027每股股利0.100.080.110.14其他流动资产7409491,2481,500估值分析流动资产合计8.2269,71412,51515,154PE55493629长期股权投资9981,3971,564PB7.96.95.95.0固定资产4.2554,8294,806EV/EBITDA32.6125.5420.4416.95无形资产263239257248股息收益率(%)0.240.200.280.35非流动资产合计8,6957.5907,339资产合计16,92017,30419.91522494短期借款2,46625002,5002500现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1,7282,0122,6293,060净利润1,0481,1831,6242,045其他流动负债7018551.061折旧和摊销734812811880流动负债合计5,5355,2145,9846,622营运资金变动-1666-489-926-881长期借款2,1092,6092,909经营活动现金流2041,8321,925其他长期负债1,206346426426资本开支-1550-657非流动负债合计3,3152,9563,3363.436投资-262-273-166-168负债合计8,8508,1699,31910,057投资活动现金流-1,770209股本1,4161.4161.4161.4163000少数股东权益6976966956942.124-753300100股东权益合计8,0709,13510,59612,437筹资活动现金流1,435-44-376负债和股东权益合计16,92017,30419,91522494现金净流量-1204871,1701,210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