民生证券INSHENG SECURITIES天赐材料(002709)/电力设备及新能原公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入22317269283589745117成长能力(%)营业成本13843199472647733138营业收入增长率1012220.6633.3125.68营业税金及附九加158188251316EBT增长率128.10-23.3136.9528.57销售费用109108108135净利润增长率158.77-24.8938.2929.36管理费用547646833993盈利能力(%)研发费用89486211491444毛利率37.9725.9226.2426.55EBIT6765518871059135净利润率25.6115.9416.5417.02财务费用2113-55-130总资产收益率ROA22.3812.0213.2613.94资产减值损失-40-33-44-54净资产收益率ROE45.5527.5428.8328.47投资收益1406-8偿债能力6872513871119203流动此率1.781.932.032.17营业外收支0151515速动比率1.561.66181利润总额6872515371269218现金比率0.550.891.07129所得税102777310691383资产负债率(%)49.7255.2952.8949.86净利润5844438060577835经营效率归属于母公司净利润5714429259367679应收账款周转天数75.7970.0060.0050.00EBITDA72775854802410267存货周转天数62.5960.0060.0060.00总资产周转率1.130.880.890.90资产负债表（百万元）2022A2023E2024E2025E每股指标（元）4664105141631124384每股收益2972.233.083.99应收账款及票据4634511358426119每股净资产6.518.0910.6914.00343399530663每股经营现金流2163.564.175.562374324643095393每股股利0.600.490.670.87其他流动资产3165343940494500估值分析流动资产合计15179227113104041059PE15201411长期股权投资190190190190PB6.95.5423.2固定资产4381654977728697EV/EBITDA118514.359.806.89无形资产824823821819股息收益率(%)1341.091.501.95非流动资产合计10352129981372414044资产合计25531357094476455103短期借款798848878898现金流量表（百万元）2022A2023E2024E2025E应付账款及票据47217159950311894净利润5844438060577835其他流动负债3010376649276113折旧和摊销5126669181132流动负债合计8528117731530718904营运资金变动-213316238691515长期借款776137617761976经营活动现金流41646861804010707其他长期负债3389659365936593资本开支-3637-2930-1625-1432非流动负债合计4165797083708570投资-1474-5-5-5负债合计12693197432367627473投资活动现金流-5107-3309-1636-1445股本1927192719271927108000少数股东权益29237950065742863603430220股东权益合计12838159662108827630筹资活动现金流34512299-608-1188负债和股东权益合计25531357094476455103现金净流量2519585057978074资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告