中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元20222023E2024E2025E20222023E2024E2025E12.68314.25617,33625.041104,89495.042110,042130,01226000营业成本93,23383.93597,131114,768应收账款14,39612,18613.24515.274税金及附加267242280331预付账款511.2591.4571,721销售费用54847549539017.34914.00216.31519.144管理费用2,2952.5312,86000005,2274.8475,6126,501其他流功资产1.0591,3251,486149-116-21245,56343.02849,83862,88143其他长期投资0000-1,783-500-300200长期股权投资381361381-57-50-50-50国定资产21,46018.90216,75714,9701001001002,2772.3772.3772.27737315011070无形资产2,7213,1433,4833,8001,6102,8795,385其他非流动资产4,7954.8444,982222131.61329.62627.875营业外支出12312312312377,17672,65577,71389,2512,7783,855,2847,1213.522226335所得税-2821812513434,8503,2194,0864,9721,7912.5973,6144,941应付账款25,74925,18029,43135,11842618411507120301,7492.5383,5302,2951,7111,9812,340NOPLAT1,9682.6743,5054,743其他应付款79797979EPS(按最新股本掉薄)0.510.741.031.411,0961,0961,0961,0961,5311,4811,6381,78842.72136,35938.55745,75820222023E2024E2025E2,2062,2562,1862,286000034.1%-9.4%15.8%18.1%1,9911,9911,9911,991653%72.5%31.1%35.3%4,1974.2474,1774,257-59.1%45.0%39.2%38.7%46,91940,60742,73550,016归属母公司所有者权益29,49231,22234,08738,20811.1%11.7%11.7%11.7%少数股东权益8279111.0261.7%2.7%3.3%3.8%30,25832,04834,97839,235ROE5.8%7.9%10.1%12.3%77,17672,65577,71389,251ROIC4.7%8.2%10.8%13.0%42.5%43.4%60.8%55.9%20222023E2024E2025E债务权比41.0%27.7%15.7%14.5%8,3179,1981.11.21.3145,4595,9876,5037,4830.70.80.91.03,347经营性应收影响-6431,528-957-2,0941.41.31.415经营性应付影响9,326-2,1295.0876,583应收账款周转天数45504239其他影响-558-1,629-7755应付账款周转天数85109101101-9,077-1,216-1211-1,20957675656资本支出-1,272-1,201-1,183股权投资760000.510.741.031.41其他长期资产变化-2,19056-10身股经营现金流2.432.082.402.692,0084,315-284每股净资产8.629.139.9611.173,432-3,549股利及利息支付-953-1,114-1.449-1.723P/E44302216股东融资395000P/B322其他影响3488811,250EV/EBITDA322270247213请务必阅读正文之后的重要声明部分