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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202020212022E2023E2024E202020212022E2023E2024E货币资金2056.471739.662.118122391452792808599856104,70780118,219.73138.059.781085.141303231.721661627.9025905953291.7894800.16105.167.03121.767521870812550852.71582389409营业税金及附加10311115.181418616567存货7255358922.90105638013.97612销售费用1342841908252094.162.541722.96828其他1994241576871731952113562228522596.752.955493.4514914,262.0116,0935218,989.0919347.7125357.16研发费用309.17523.5473296855.9759.47301093010830108财务费用40289483.4753181425.45固定资产7.7035411271.9613727.4815.9353217.14744资产信用减值损失5690(72.19)300050.005000在建工程1591.741531431395479427482137公允价值变动收益47.11134.014982无形资产1270.791496371.411061325.75124044投资净收益39485200.00200.00200.00其他2605.544940.115.00413513727其他236.00723.65)24423)13231.0719.54102218292223574722467.904398.566348.6727528.9635,8485840,8453442,9504150,02852营业外收入2432423750.0050.0050.004735.953782343,99140营业外支出485040.00450045004459803.177885293.904515153,284314408.566353.678502.4其他4052414797307210285003.117.61075所得税43450650681059.051.467.7014539213.038.43143795616,1638720,019.562849811811.093350.501161404411.11434357156532100003270821504402.065960984583应付债券0000000000000.002522731596.056,20273其他557.952000.001500001520961773731,719356,843.573565321600.0019,7152021223.1319,7291921619.56985.901472251874312470.40331622202020212022E2023E2024E1661211661161.61161661.16166116资本公积5041.925127.745127.745127.745127742670%4252176%1290%16.78%12575.6013.727.99160867419089.6623.431575951%7823%443%3385%其他530594(5127.74)5127.74(5127.745301%-3673%8473%4550%44.59%15.9333823,2212228408.9627-528.9640,8453442,950415002852毛利率1166%1104%1180%净利率418%186%282%363%ROE1805%1104%20.67%24.72%ROIC3056%2021%202020212022E2023E2024E净利润2.94844428988620273资产负债率4556%5530%5196%4593%4321%662.0889750137581182021219457净负债率2553%4404%3423%2362%财务费用233.62236334934753181425A5流动比率131132120127投资损失(16004200.00)(200.00(200.00055059051057营运资金变动2393.69390750(1044.60)(434037刀其它1.6718411.19536076459176794720170.5965454,099.196,4152150503210.3010.6310.7510941103资本支出3123.043437803365664000.00370000总资产周转率272274282297长期投资241.610000.00其他(7.01884)736363(657393)152096177373(4320.55)(336363)0292473863048,7573788349778755087110.691249151126772245080(52550(41920其他(102046☑37683月(935331)(9742570市盈率36215723212914734.014.15(2,77824)1,775.04)市净率6546325154.40364汇率变动影响0.000000.000.0022.472611(35763)178.8637847273.334013427.05343013721069资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明2
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