国联证券公司报告|年报，点评202120222023E2024E2025E202120222023E2024E2025E727790108.0379,20310,39067,04869,52580,37192,025103,8971225211,69113,44615,39617,382营业成本59,37961,75371,17781,57992,132120102132税金及附加10511212914522,40215,02519,38822,22225,096营业费用1,4611,5091,741,9142,140其他1,7701,7351,8292,0892,355管理费用3,6453,9394,5095,0715,61043,75637,58042,80349,02755,355财务费用●6125811585长期股权授资307360383429725-454-5201,0341,2751,1941,090965公允价值变动收丝100在建工程12184170156142114875118118118无形资产39938131725419018330274268262其他非流动资产591576462A4502,1562,5083,572,4523,114Q27732,45546,20841,01345,917◆51,80057810021602,4923,0683,5614,5584,9548401,176所得税1301041201481721929710,50317,33819,87122,44220302,0562,37229203,390其他4,80331874.9275641●270028,6591864422,3012635229,9842,0032,0802,37229203,3901,5504,2661.040长期应付款11111其他434485485485485202120222023E2024E2025E4,7513,6261,52623,39525,92728,88931,510营业收入3.70%15.60%14.50%12.90%少数股东权益404354354354354EBIT15.31%6.91%2260%15.73%14.54%1,4541,46414641,464EBITDA16.92%5.08%17.52%14.70%1239%资本公积6,5496,7056,7056,7056,705归母净利润36.57%3.88%14.02%23.12%16.07%留存收益7,16011,46814,38817,77815,56617,61919,99122,91126,301毛利率11.44%11.18%11.44%11.35%11.32%4620841,01345,91751,80057,810净利率3.03%2.96%295%3.17%3.26%ROE13.21%12.05%12.08%12.95%13.06%现金流量表ROIC18.58%10.26%10.64%13.17%13.53%202120222023E2024E2025E净利润2.0302,3722,9203,390资产负债66.31%57.04%56.46%55.77%54.51%388342364341流动比率1.532.021.21.851.85财务费用-618425811585连动比率0.701.120.940.937,378-2833-2,875营运资金变动-11,672-1,4542,380-1,811-1845应收账款周转率5.475.985.995.99其它12,466-6,6514,26627362,7772.654.113.673.673.67-82901,8005,2551,4911,873总资产周转率1.451.701.751.781.8042-1,0730003,60037601.371.421.622.002.32其他3257575751.231.021.283,555-722759.6811.1112.7314.7317.042,80667601000030.33292025.6120.8017.92其他-733-2,594-258-115-85市净率4.293.733.262.822.432.073529-6,302-400-760EV/EBITDA23.01148120.7718.031,7381,1651,187EV/EBIT27.46173823.3620.0917.36数据来源：公司公告，FD,国联证泰研究所预测，股价为2023年04月11日收盘价请务必阅读报告末页的重要声明