国联证券公司报告|年报点评202120222023202420252021A20222023E2024E2025E310330251357162019499441116301357216204194916931101451211214569营业成本74129056105601253315033284271383458551税金及附加50708410112581404192822892745营业费用5736658079631158●其他13541053193222962752管理费用C10211138148217692128129301419157451877522566X244238179123长期股权投资144115791673176718621资产减值损失-60-214-185-222-267373541043517291912312公允价值变动收-1600039239833119989105107107107无形资产881863719575431-69-91-143-209其他非流动资产82285284384018027446157972717808709263705643营业外净收益-16-103-13-1320200220022837251452820916426429344829532708168220572468-1415000应付账款+柔据8148967111599178249293448其他2108288034074051D4863-1023-25-38107481199413237◆1577918930187272318615192922161552929350长期应付款1003838其他457517517517517202120222023E2024E2025E2486276921051482X903成长能力13233153421726119834营业收入26.4823.1816.7019.3920.29少数股东权益951945920882834EBIT3.14%23.205.94%23.6318.0710411041104110411041EBITDA6.73%23.3511.44%9.54%7.88%资本公积3268329632963296归母净利润-8.40%45.4316.9452.6828.48留存收益17071959223932056967724074957884837521.4922.1322.1922.6522.872020022002283725145282091.88%2.14%2.16%2.76%2.91%ROE3.11%4.32%4.84%6.94%8.15%现金流量表ROIC5.56%4.95%4.64%5.48%6.38%20212022202320242025净利润17824929344865.5167.0967.1868.6570.31522645816821流动比率121.21.21.21.2财务费用244238179123连动比率1.01.00.90.90.933-146360456-218951601-721151.51.41.41.4其它-704482433455.96.55.55.55.52971216209683678总资产周转率0.50.50.60.60.7-1026-75700-134-118000020.30.30.50.6其他30330230.3120.20.70.7-856-79830236.06.36.77.2785-1689-247-16843000097.166.857.137.429.6其他590-735-218-196-1983.02.92.82.62.41418442-367EV/EBITDA17.217.415.714.4859-278-1668263329EV/EBIT72.539.447.237.731.6请务必阅读报告末页的重要声明