国联股份(603613)2023年一季报预告点评2021A2022E2023E2024E2021A2022E2023E2024E37229.7972869.20130344.73215015.01705.751357.772400.513870.59营业成本36016.5470347.92125774.68207192.82折旧与摊销12.6412.6612.8813.11营业税金及册加26.9152.6694.20155.40-2.77-14.34-135.90255.40销售货用172.66473.65990.621935.140.000.000.000.0066.71218.61456.21881.56经营营运黄本变动.531.312407.481457.74.1093.60财务货用.14.34-135.90-255.40其他86.9217.3628.4742.050.000.000.000.00271.223780.943763.702576.7531.800.000.000.00-56.42-5.00-5.00-5.000.000.500.330.39623.150.500.330.39其他经营损益0.000.000.000.00-679.56-4.50-4.67-4.61928.821791.193165.265105.89短期借款525.16578.34-1500.000.003.803.066.938.980.000.000.000.00932.631794.253172.195114.87-0.030.000.000.00所得税226.88436.48771.691244.27支付股利31.31-59.47-115.86-203.98705.751357.772400.513870.5960.9211.37135.90255.40127.34230.98416.61667.32432.91530.24-1479.9551.42578.411126.801983.913203.3024.344306.682279.082623.562021A2022E2023E2024E2021A2022E2023E2024E3697.378004.0410283.1312906.68成长能力应收和预付款项2939.004979.448654.4016330.56116.98%95.73%78.87%64.96%存货70.17137.05245.04403.66营业利润增长率102.72%92.85%76.71%61.31%其他流动黄产2536.261480.131550.031653.0197.14%92.39%76.80%61.24%8.148.148.14BTDA增长率102.11%90.64%70.00%59.87%0.000.000.000.00129.78127.83125.66123.26毛利率3.26%3.46%3.51%3.64%无彩资产和开发支出82.0276.8571.6966.520.64%0.93%1.01%1.19%66.0765.5364.9964.451.90%1.86%1.84%1.80%9528.8214879.0221003.0731556.29ROE15.34%23.01%29.33%32.66%921.661500.000.000.00ROA7.41%9.13%11.43%12.27%2617.417035.8212027.8718404.24ROIC48.81%70.57%100.98%65.56%长期借款0.000.000.000.00252%2.46%2.33%2.26%1387.54442.68790.031300.274926.608978.5012817.9019704.514.585.977.278.18股本498.66498.66498.66498.66312.82565.721028.401727.632799.222702.862702.862702.86139.93137.85133.59129.67留存收益1183.922251.244119.287118.57存货周转率718.14678.96658.35638.804327.035394.367262.3910261.69103.56%275.18506.16922.781590.094602.225900.528185.1711851.7851.70%60.34%61.03%62.44%9528.8214879.0221003.0731556.29带息债务感负债18.71%16.71%0.00%0.00%流动比率1.881.631.621.592021A2022E2023E2024E速动比率1.861.611.601.57EBITDA938.691789.513042.244863.59股利支付率541%5.28%5.84%6.37%PE64.7933.2618.8911.708.666.955.163.651.162.263.986.42PS1.010.510.290.178.6810.8214.5620.58EV/EBITDA23.0314.047.023.85每股经营现金0.547.587.555.170.08%0.16%0.31%0.54%每股股利0.060.120.230.41请务必阅读正文后的重要声明部分