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太平洋证券公司报告PACIFIC SECURITIES海控22年报及Q1预告点评，公司战略前瞻性将在2023年展现2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金178,328236,877281,611251,621391,058260,607267,964275,65应收和预付款项16.64810,38010,67310,980192,541217,991223.698229.540235.063存货5.9597,3587,7268,3449,179营业税金及册加1,0281,7261,7741,825其他流动资产1,343销售费用66644344202,516261,154293,75298,469269,007管理费用11,43410.3457,0887,21931,98658,067000财务费用(4,479)5,6706,292)投资性房地产2.1762,7012,7012,7012,701208)(7099,695102,04898,08297,217投资收益3,8153,3022,976在建工程655917,11918,18517,52316,758公允价值变动1322881091607,7617,6838.62652.753128,242167,26436,33938.258225346363400其他非经营损益(134(130其他非流动资产100,798137,308138,681140,068141,469127,949167,09736,20538,12439,543413,668511,780542,785592,185605,651所得税24,09735,7597,7488,1588,462短期借款1,562.2422,2632.2732,279净利涧103.853131,33828.45729.96531,081应付和预收款项94,796137,395151,661188,167185,13114.55621,7445.0105,249长期借款72,78971,10770,09889,26109,59523,74624,95525,832其他负债16,66826,08522,9622,5322,705负债合计234,808258,256273,483304,456297,341预测指标16,01416,09516,09516,0952021A2022A2023E2024E2025E31,89130,58830,58830,5880.400.420.110.110.11留存收益85,189153.700180.205196,527销售净利率0.310.340.110.110.11归母公同胶东权益133.094200,383212,441226,8的8243,211销售收入增长率0.950.17(0330.030.03少数胶东权益45,76653.14156,86160,8415,100EBIT增长率7.910.240.05178.851253.52329,302287,729308.310净利涧增长率6.880.260.05负债和胶东权益413,668511,780542,785592,185605,651ROE0.810.610.110.11ROA0.300.280.050.05ROIC0.430.400.060.060.062021A2022A2023E2024E2025EEPS (X)5.586.811.60经管性现金流170,948196,795,20730,542PE(X)1.991.637.527.15投资性现金流55274)PB(X)1.330.840.73融资性现金流(131440PS(X)0.420.360.540.530.51现金增加额125,31757,18540,153EV/EBITDA (X)0.910.743.37请务必阅读正文之后的免责条款部分守正出奇宁静致远
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