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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202120222023E2024E2025E202120222023E2024E2025E1253.967.015.4595299412423.9116.636493,280.063,884.965,241397,063139332.6241520500246645298355109037营业成本4293559291733809182111665825.6027.60254040.924334营业税金及附加35.183474523770.5789982301.16481209725销售费用694.978182094345122192159654其他6994812228.72228150233193管理费用326.0039190497.93839949,773.1612506.1615,710142010938研发费用1091.621331211598.632.118942.70646123.19444.10444104441044410(3282)固定资产9079120.50资产信用减值损失1170000120.65120.6512055公允价值变动收益0.000.00000无形资产117.9978165404299133924300.0030000其他1401.991532.911.40305144338118457其他0.000.000.00)1,731512,282362,136.752,182651959.821,121301196.561743.643,2474410425.67178927922089.19营业外收入3622200.000.000000.000000.000.00营业外支出6200522353.0219621220306303255743960500141,118.711198241,741292418.62其他634.64712.673.781194975.77633235所得税673297831358818233846,831,018.975415376832491130.922282.743,063.150.000.000000000.0027.70133913.153583应付债券0000.000000.001,041251117532247.923,02731其他377.75509.07350003500035000353656377.75509.07350.00350.00350.002,645.463,259295,765377,182.4974.0985261148614711202120222023E2024E2025E4610046122461264612646126资本公积4747524941.644.941644941.64494164营业收入4507%184%3492%32.13%2515213310.049331121988%671%4572%34.10%其他(421)1140217312556日属于母公司净利润1857%733%4589%34.67%7,780.218,7983910,186.1512,127.4310425.8717,8927922089.19毛利率8691%8600%87.00m8750%净利率3174%2877%3110%3183%32.44%ROE1349%1281%20.54%ROIC-12851%-7012%-23290%-13117%-11236%202120222023E2024E2025E净利润1068.951130.921.630322247.92302731资产负债率2537%27.03%3044%3222%32.55%67.78335757664423413净负债率-15.61%-9321%-10200%-11142%财务费用59210333257328☑3833553052.90294投资损失(20518(33924300.00)(300.00速动比率383355304294营运资金变动11416194653其它996.951210.771315348235838499008579001864302,961134271252249101756.712.04697资本支出42.612190770.007000总资产周转率0350350390.4347长期投资8736320.900000.00其他3816.002093160.0014000226242353656(138391)4.50187240.00230.00210.00每股经营现金流4045476.4292656.976524431352116.74189126.043195(220.6☑209.96其他(60334000000市盈率194821335496857192(35435)249.19(297.15)市净率2820249621518121477汇率变动影响0.000.00000000000EV/EBITDA54.704557115.0482496115253065,750.452,514.492,8939742125856.4647.02120.1384716180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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