民生证券INSHENG SECURITIES华测导航300627)/通信公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入2,2362,8003,5634,637成张能力(%)营业成本9701,3041,6772245营业收入增长率17.5025.2327.2230.15营业税金及附肋加17202634EBT增长率11.42-17.7133.9645.42销售费用447616766927净利润增长率22.6926.0231.1134.08管理费用184168214255盈利能力(%)研发费用403434534672毛利率56.6453.4452.9451.59EBIT314259346504净利润率16.1216.1716.6517.17财务用-15121110总资产收益率ROA8.999.8310.9512.01资产减值损失-51-1净资产收益率ROE14.2616.0118.1420.34投资收益243049偿债能力营业利润3494565988022.502.282.162.10营业外收支4000速动比率2.031.791.661.59利润总额353456598802现金比率0.900.770.710.70所得税74资产负债率(%)35.7937.6138.8740.40净利润360453593796经营效率归属于母公司净利润361455597800应收账款周转天数120.89112.83112.07113.79EBIT DA401444588812存货周转天数160.04155.07157.46157.09总资产周转率0.560.610.650.70资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金1,724每股收益0.670.851.111.49应收款及票据7638881,1241485每股净资产4.735.316.147.35预付款项5287108142每股经营现金流0.660.981.331.75存货425554723966每股股利0.270.270.270.27其他流动资产704754796853估值分析流动资产合计3.0333.4534,0925,171PE41322518长期股权投资587594115PB5.85.24.53.7固定资产6207749211,024EV/EBITDA34.5731.2023.2716.35无形资产174199226252股息收益率(%)0.990.990.990.99流动资产合计9851,1741,3561,490资产合计4,0184,6275.4486,661短期借款115170170170现金流量表（百万元）2022A2023E2024E2025E应付款及票据4855907741044净利润360453593796其他流动负债61375694987185241309流动负债合计1,2131,5151,8932,466营运资金变动-85-90-92-122长期借款138138138138经营活动现金流354523710937其他长期负债86868686资本开支-353-356-400-417非流动负债合计225225225225投资-34-17-19-21负债合计1,4381,7402,1172,691投资活动观金流-283-343-382-389股本53553553553539000少数股东权益373800股东权益合计2,5792,8873,3303,970筹资活动现金流52-97-159负债和股东权益合计4,0184,6275.4486,661现金净流量4883170384资料来源：公司公告、民生证券研究院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