素菲亚(002572)2022年年报点评盈利预测关健假设：假设1：索菲亚品牌客单价稳步提升，2023-2025年增速分别为15%、10%、10%。假设2：整装渠道收入保持高增长，2023-2025年分别为100%、80%、60%。基于以上假设，我们预测公司20232025年分业务收入成本如下表：2022A2023E2024E2025E11222.5413.049.6915.012.5317,113.29yoy7.84%16.28%15.04%13.99%营业成本7520.018.691.579.923.8911,273.4732.99%33.40%33.90%34.12%9177.2810.645.6412.242.4913.956.44yoy10.98%16%15%14%成本6028.016,983.548.006.599,141.47毛利率34.32%34.4%34.6%34.5%1272.081.450.171,624.191,786.61yoy-10.41%14%12%10%成本951.821.084.731,211.651,331.0325.18%25.2%25.4%25.5%木门433.72477.09515.26556.48yoy-5.26%10%8%8%成本329.85362.59389.02418.47毛利率23.95%24%24.5%25%179.00187.95197.35207.21yoy-8.91%5%5%5%成本157.99165.40173.67182.35毛利率11.74%12%12%12%160.46288.83433.24606.54yoy150.95%80%50%40%成本52.3495.31142.97200.16毛利率67.38%67%7%67%请务必阅读正文后的重要声明部分2