信达证券CINDA SECURITIES单位：百万元单位：百万元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E9,25215,17923,18428,38539,54911.0922,31728,48934,68644.0052,1484.6648,1249,79316.068营业成本7.21113,84319,49623.66229,826营业税金及0000附加781581992433083,3864.6346,9958.49810,781销售货用76109171208264预付账款3603434875927463555478551.0411.320存货1.2522.3742.5383.4654.444研发费用3788941.2251.4921.892其他2.1073.1655.0416.0377.510211123604,64810,35211,44511,99812,427减值损失合-241-40438-13062长期股权投资30190390390390投资净收益-214085104132固定资产（合计)2.493其他4,3814,8854.9674.991-38-5无形资严5318241,0061.0881,1672,6726,8726,0837,97510,469其他1.5934.9575,1645.5545,879营业外收支2900013,89925,53134,62940,38351,9762,7026,8726,0837,97510,4696,1468,52812,60811,53314,177所得税3941,0279121,1961.570短期借款7986985984982,3075,8445,1706,7798,89912647809712399130115150197应付账款2.2404.6746.4107,7799,8062,2085,7145,0566,6288,702其他3,3353,0105,42130593,751EBITDA3,3877,2776,9568,87911,431EPS(当3844,1654,21542654,3151.18年)（元）2.992.623.444.52长期借款311776826876926其他733,3893.3893.3893.389单位：百万元6,52912,69316,82315,79818,4922021A2022A2023E2024E2025E2132924065577542,0474,1645,8563,4238,000归属母公司殿东7.157净利润12,54617.40024.02832,7292,3075.8445,1706,77913,89925,53134,62940,38351,9764215128761.0181,159财务货用4166214215215单位：百投资损失2-85.104-132万元营运资金变2021A2022A2023E2024E2025E-991-2,133-821动4.702-2.305营业总收入11.09122.31728.48934.68644.005其它26615502218163同比(%)169.3101.2%27.7%21.8%26.9%-1,758-5,107-1,916-1,489-1,459归属母公司净利润2.2085,7145.0566.6288,702资本支出-3.637-2.894-1.593314.4158.8%-11.5%31.1%31.3%长期投资-149-28000毛利率(%)35.0%38.0%31.6%31.8%32.2%其他1.259104132ROE%30.9%45.5%29.1%27.6%26.6%1,5533,451-481-265-265EPS(摊薄)（元）1.182.992.623.444.52吸收投资2.044108000P/E97.1614.6717.0012.979.88借款6641.836-50P/B15.386.744.943.582.63支付利息或-147-515214-215215EV/EBITDA32.11116511.899.126.531,8362,5193,4601,6696,275请阅读最后一页免责声明及信息披露htp:/ww.cindasc.com2