附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E269430333076363548461903223629673908516910181088144319012515营业成本86397013981889249949376300营业税金及附加172938其他应收款130135216421447579703905预付寒款6952108103177184165206258存货3777318321236研发费用333403477625827其他流动资产65663366366470410-15-11-10702985103211111228-8-500105151198131107120固定资产62060060364310无形资产148174170155172419其他非流动资产455132186233104018410747466075296349479010041213101012131916营业外收入2>4170115274441993营业外支出63应付票据及应付寒款485000292353462603790其他流动负债479613736773923所得税2156225197171146290360465611798318460少数股东损益-3-6其他非流动负债126868629436146961580411601438120713842062EBITDA3264135737289424747433934EPS(元)0.550.670.881.15150股本379535535535108710091009100910092021A2022A2023E2024E2025E7681015129416612139归属母公司股东杖益21892533285733223979营业收入%)35.017.532.731.732.3负债和股东杖益339%64018410747466075향业利润(%)34.018.032.430.530.949.522.730.031.030.854.656.652.951.751.715.216.115.715.615.4现金流量表（百万元）2021A2022A2023E2024E2025EROE(%)13.014.016.018.219.9经营活动现金流271506658488ROIC(%)27.125.131.338.538.0净利润290360465611798537612814416734.235.829.429.233.9-16-10净负债比率%)32.1-29.3-38.317-15-19-19流动比率2.72.53.02.5-98-127-60-65449速动比率2.11.92.02.01.7其他经营现金流338231授资活动现金流-598-283-158-2070.70.6070.91.01753561281772393.93.70.00.00.0-5-29-47-46应付寒款周转率5.03.78.60.00.0其他授资现金流4181021718筹资活动现金流843-160-1610550.670.881.1583-551591665530.510.660.941230.9131108-28-26-244.094.735.3474331560085800P/E49.840.631.323.918.3-165-184-283-300689P/B6.75.85.14.43.75084819629161EV/EBITDA41.533.023.418.013.8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