公司报告ㄧ季报点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金342163018,98884182751220.6783022,793.69145537.82165,565.48182,75L18206,782.96227936.868.646.189.06025112454311,730.45135958710731651138.13222149.490.47164806.02178.702501.366811277271961.69137951225899营业税金及附加87959913.121096511240.701367.62存货18282.0418.1853219.187.3022.0142122.66142营业费用1051821.152911279261550871823.49其他9.779984.020.747.775267019987.08107管理费用1891.641966.122375.773.101744.10286动资产合计72,2913151,53243628224468391.02研发费用3168073.420.094.020534549235.014.61长期股权投资6228.737228.738228.739228.73财务费用1478.641234.941,996.612.228.152.155.78固定资产652329178.558.11105.7559112436381137.417.76资产减值损失(125982)(256.21)(740.90(567.93在建工程293518837.063.69282382222,9429319.765.76公允价值变动收益6.61172.960.000.000.00无形资产7.982329.980.4010.45170108729911244.28投资净收益49210408.04359.77419.97395.92其他115214517.4798310.4225011473.9511.113.01其他1087.19141728)0.000.00非流动资产合计118.018,27149,310,77162,097.07177882.41188,769.5429,42548198385722,145.1428,9853234597.98190309.58200,843.20220,54187240,704.86257,160.57营业外收入96.6744.7954.98654855.08538730344.019485395657613420158,173.00营业外支出370.6834271329.983164120390.0124205.25272859126,7338430848.0829,1514719,540.6521,9235828,7208234336.66其他1930530214005324.9844226.6554524.030.19所得税4.112.042498.743.069304.020.924807.1393568.3489,625.26106,226.90114,73130113,051.2725.0394317.041.9124.699.9129,529.5315.643.7515.96834159683412.000.0012.000.00少数股东损益390.686215279036110629应付债券0.00200.000.000.000.0024.648.7516,233.6318,2327623,9095428423.23其他4.967998320.705.144.926.144546536.72每股收益（元）7855.175817.629.0520.6117424,489.0421,1132618,144.54118.613.92119,506.21127340.16132875.84131,587.99少数股东权益3.197.144492454865365339586.00336202120222023E2024E2025E股本3.139.753.139.753.139.753.139.753,139.75资本公积2.160.672.159982404392,404392.40439营业收入98.19%13.76%13.15%10.23%留存收益63.670.9872.055.2482.9948997340.6211439456营业利润14884%3258%11.63%3089%1936%其他(47286)51043)(202.69)(39533)369.48归属于母公司净利润145.47%-34.14%1231%31.14%1888%71,695.6781336.9993,201.71107,829.01125,57257负售和股东权丝总190309.58200,843.20220,54187240,704.86257,160571657%1820%2030%21.60%净利率16.94%980%9.98%1247%ROE21.13%20.64%2333%23.77%ROIC1820%1953%2084%202120222023E2024E2025E净利润25.0394317.041.91182327623.9095428,423.23资产负债率62335950%57.74%5520%51.17%7.228.138280.5810.98186125613813929.10净负债率55.12%54.58%51.97%40.19%财务费用2.085.602.058041.996.612228.152.155.78流动此率0.740540.60投资损失(49210)40804)(359.77刀39592)速动比率0.550350370360.40营运资金变动(6.18438)14593.77(2,965.40)其它245.61(522943)6215279036110629194618.7018.0018.0018.0027,922.2936,336.8228,507.5836,483.3643,291.0810.799.089.7810.0410.20资本支出22.9313230283.70330012625295.6723.784.99总资产周转率0.900850870.900.92长期投资2.615.732299.021.000.001.000.001.000.00其他(5430510(6690733)(4856624)每股收益7855.175817.629.0528,758.05)(34,324.61)(29,465.71)(25,87532(23,78125)每股经营现金流88911579.0811.6213.79债权融资2153747(1158724)723397186.74每股净资产218224.4728.1332.6438.08(8.698.26)(698956(10.072.60(11.785.97刀4.74740(5.562.04)0.00(0.000.00市盈率11.7217.79158412.0810.1617586.61(17,18754)24441(8,204.860)(17394.45)市净率4.223.76327282242汇率变动影响0.000.000.000.000.00EV/EBITDA8.099.979287.4964316,750.85(15,17532)2403.18211539EV/EBIT9.72133913281038880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