民生证券INSHENG SECURITIES贵州茅台(600519)/食品饮料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127554149062173472200055成长能力(%)营业成本10199112171227813516营业收入增长率16.5316.8616.3815.32营业税金及附九加18496208692515429009EBT增长率17.1718.7216.3415.85销售费用3298372743375021净利润增长率19.5518.6617.5116.67管理费用9012105831225714135盈利能力(%)研发费用13589104120毛利率91.8792.5492.9993.30EBIT86424102599119368138282净利润率50.5449.9350.4151.00财务费用-1392-1542-2961-4413总资产收益率ROA24.6623.9223.652328资产减值损失000净资产收益率ROE31.7531.0930.3429.59投资收益641偿债能力87880104142122329142696流动此率4.414.464.905.29营业外收支-178-152-133-129速动比率1.191.832.483.05利润总额87701103990122196142568现金比率1.191.832.483.05所得税22326264693110336288资产负债率(%)19.4219.6718.2117.09净利润653757752291093106280经营效率归属于母公司净利润627167442187450102029应收账款周转天数0.060.000.000.00EBITDA88112104435121590140954存货周转天数1403.971331.051331.051331.05总资产周转率0.490.530.510.50资产负债表（百万元）2022A2023E2024E2025E每股指标（元）58274111175165452226332每股收益49.9359.2469.6181.22应收账款及票据126000每股净资产157.23190.56229.43274.53897914946904每股经营现金流29.2171.3376.2389.1938824405394433648852每股股利73.7330.7536.1342.15其他流动资产118489118532116401116413估值分析流动资产合计216611271161327135392501PE35302522长期股权投资0123PB11.19.27.66.4固定资产19743214862347925583EV/EBITDA24.3420.0316.7614.02无形资产7083785786999888股息收益率(%)1.752.062.40非流动资产合计37753399924261345726资产合计254365311153369748438227短期借款000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据2408215523332703净利润653757752291093106280其他流动负债46657586146441771440折旧和摊销1688183622222672流动负债合计49066607696675174143营运资金变动-291271005522702906长期借款000经营活动现金流366998959995765112046其他长期负债334442581767资本开支-5306-40264722-5581非流动负债合计334442581767投资-210-2负债合计49400612126733274910投资活动现金流-5537-4027-2600股本12561256125612560000少数股东权益74581055914203184540-1090股东权益合计204965249941302417363317筹资活动现金流-5742532671-38888-45582负债和股东权益合计254365311153369748438227现金净流量-26262529015427760880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