附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E685105310121612145322822894363244845185135203343424490营业成本14671889230528163227198169227289337营业税金及附加20283138其他应收款9111720505457545673757预付寒款60118105171148131174215249存货259223613359研发费用5574107129其他流动资产989892213139714021670197021550000000004360固定资产101094112191505168100无形资产19520021924025610其他非流动资产1922252192082245526823583360834167381811811142151119521633营业外收入0005284727411017664营业外支出3900应付票据及应付寒款242277338382167333528673818其他流动负债4113488598588所得税3167821816414612910515430247060573721910278少数股东损益4000其他非流动负债727271513014706057371198130716720811739EBITDA32451365084910211331313EPS(元)1.173.664.715.73股本1291291931933683853213212021A2022A2023E2024E2025E53270585610221257873113510121489185616.526.825.523.415.6负债和股东杖益20822455268235833608향业利润(%)39.0100.956.226.321.737.7100.056.028.721.735.734.736.537.237.86.810.412.913.514.2现金流量表（百万元）2021A2022A2024E2025EROE(%)17.526.333.033.531.9经营活动现金流4784265914581128ROIC(%)14.521.825.325.830.2净利润15430247060573712914913116257.653.261.858.148.2922净负债比率%)46.538.740.241.813.6000流动比率0.60.90.80.9125-107-304212速动比率0.30.30.40.40.5其他经营现金流5074034授资活动现金流-251-3674341.1314141.433326238443134712.90.00.000000应付寒款周转率6.87.717.10.00.0其他授资现金流10113筹资活动现金流-205-205-262-2712343.664.715.73003.723314.603.568.77-128135-18-17-246.798.8210.9813.9417.8306400-72-640P/E111.655.835.827.822.8-61-191-187-245-247P/B19.314.811.99.47.3-497720-238506EV/EBITDA79.350.139.830.725.0数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明