Huajin Securities华发集团旗下企业公司快报/航空Ⅲ财务报表预测和估值数据汇总资产负债表（百万元）2021A2022A2023E2024E2025E会计年度2021A2022A2023E2024E2025E36583351808950287957117678210173812154422611现金11461189173610771131营业成本1178011164140811552616367应收票据及应收账款582471175610071893营业税金及附加6111316预付账款319117804339861营业费用453378521603656存货207209315263346管理费用512546521678共他流动资产14041367347823423727研发费用791341701774020141796466584941049329财务费用5402076535447311122-12-110-4593381222514246167671795352-21无形资产84772180790910294081-9共他非流动资产3000328848316223177130406-793-54951531408143504385945147547475443857286营业外收入14192871476617860265742384924325营业外支出87>88816210843216651967219098-5485162041644429应付票据及应付账款11141110169114011858所得税-162-131640910271090共他流动负债54905907321827753370-41691211313833391899317718173921678115897-11445133625329926881804498-4148119731043315共他非流动负债1448014093140931409314093EBITDA66136959负债合计337593557743966406304022244284376100主要财务比率196622142214221422142021A2022A2023E2024E2025E瓷本公积51088091809180918091成长能力418345132248288311营业收入(%)16.5-302111.524.15.0100569542107381373216964营业利润(%)6.0-592.5127.9166.66.64385945147547475443857286归属于母公司净利润(%)5.0-733.6128.8159.46.8现金流量表（百万元）毛利率(%)-0.119.027.927.6会计年度2021A2022A2023E2024E2025E净利率(%)4.2-50.56.914.414.71557208-25763313148ROE(%)4.943.611.222.719.6121131383339ROIC(%)0.24.08.18.1879970946113913145402076535447311瓷产负债率(%)77.078.880.374.670.24016-109流动比率0.2020.20.3营运资金变动-828821-29421617-1825速动比率0.20.30.20.3其他经营现金流142349520.1999-1734-5801-3881-1242总瓷产周转率0.3020.30.40.4-1515885557445-1613应收账款周转率21.315.615.615.615.6应付账款周转率10.110.010.010.010.0估值比率-0.22-1.870.541.401.50P/E-84.8-10235.313.612.70.700.09-0.122861.42P/B4.43.93.12.54.544.314.856.207.66EV/EBITDA73.8-20.122.111.811.0http://www.huajinsc.cn/2/4请务必阅读正文之后的免责条款部分