中国银河证券研究院CHINA GALAXY SECURITIES公司燕评报告/汽车行业2022A2025组2022A2023郑2025B12434.5111984.2714769.8115749.91营业收入15992.8221032.8326691.2532524.38现金2795.53-130.33-1667.66-2583.42营业成本12536.0016509.8320926.1025450.12应收账款4347.465057.367072.557588.82营业税金及附加94.29126.20160.15195.15其它应收款140.7550.70225.5190.79营业费用220.24294.46360.33422.82117.13153.07194.78236.42管理费用423.28557.37707.32861.903255.863785.985270.405663.89财务费用-12.0064.86121.29147.40其他1777.773067.493674.234753.40-32.29-30.00-30.00-30.0015075.6218210.4121569.5824346.99公允价值变动收-0.550.000.000.00141.70137.41141.37141.2139.1358.2769.6387.478725.7010751.8912907.4614655.08营业利润1977.752524.133201.353961.05无形资产1227.721502.301825.902125.00营业外收入6.180.000.000.00其他4980.505818.816694.837425.71营业外支出24.020.000.000.0027510.1330194.6936339.3840096.91利润总额1959.912524.133201.353961.059620.6510921.8314797.3615528.58所得税260.95340.76432.18534.741132.541052.54971.51891.00净利润1698.972183.372769.173426.31应付账款4828.245080.907921.177622.85少数股东损益-1.17-0.13-1.03-0.74其他3659.884788.405904.687014.73归属母公司净利1700.132183.502770.203427.055729.584929.584429.584029.58EBITDA2852.694093.695167.666229.292825.002025.001525.001125.001.541.982.513.11其他2904.582904.582904.582904.5815350.2315851.4119226.9419558.152022A2023E2024E2025E少数股东权益30.5230.4029.3728.63营业收入39.52%31.51%21.85%归属母公司股12129.3814312.8817083.0820510.13营业利润72.78%27.63%26.83%23.73%27510.1330194.6936339.3840096.91归属母公司净利67.13%28.43%26.87%23.71%21.61%21.6%21.75%2022A2023E2024E2025E净利率10.63%10.38%10.38%10.54%2284.022538.384175.914378.72ROE14.02%15.26%16.22%16.71%净利润1698.972183.372769.173426.31ROIC11.84%13.50%14.57%860.911373.131724.722018.4952.50%52.91%48.78%财务费用18.30134.75118.03105.71126.24%110.51%112.36%95.23%-39.13-58.27-69.63-87.47流动比率1.291.101.001.01营运资金变动-322.91-1204.45-476.31-1194.130.920.670.560.56其它67.89109.84109.92109.82总资产周转率0.580.700.730.81-5105.82-4449.49-5014.18-4708.253.684.163.774.29-5403.03-4489.53-5058.12-4773.773.314.143.374.27长期投资330.88-18.23-25.68-21.961.541.982.513.11其他-33.6758.2769.6387.47每股经营现金2.072.303.793.974296.75-1014.75-699.06-586.2311.0112.9915.5018.61-82.05-80.00-81.03-80.51P/E38.3229.8323.5219.01长期借款2515.00-800.00-500.00-400.00P/B5.374.553.813.18其他1863.80-134.75-118.03-105.71EV/EBITDA23.9017.2913.8911.591474.54-2925.86-1537.33-915.75PS4.073.102.442.00请务必阅读正文最后的中国银河证券股份有限公司免黄声明。2