中银证券现金流量表（人民币而万）202020212022E2023E2024E202020212022E2023E2024E营业总收入77894295212051,625净利润1031111602407789429521,2051,62591010营业成本434615581717940营运资金变动(59(42)9117(178)548811其他(1610(10)3销售费用1021301341748413927676404562资本支出(30)(58)(40)(45)(43)研发费用37399授资变动(53(300(238)30237其他(11)16773281519214)(273)资产减值损失4)7)(7)(8)银行借款4272信用减值损失(30(1620(22)股杖融资698(570(3)00000其他(3)(4)(2)(8)公允价值变动收益010006982115260051190(87(81386300000营业利润182116128183275营业外收入0营业外支出0100202020212022E2023E2024E182116127183275所得税2713223526.521.126.534.8净利润155103111160240향业利润增长率(%)253(36.09.543.450.3少数股东损益000022.0(32.97.045.049.515410411116124028.6(55.3)51.246.461.416611916826927.1(51.046.641.259.90.610.410.440.640.9522.0(32.97.045.049.520.87.711.513.315.9营业利润率%)23.412.413.416.9202020212022E2023E2024E44.334.74215461,6921,773231619.8货币资金313224143181244ROE%)12.78.07.59.812.938549750037513.818.030.5100933918878140190126182275资产负债率030204042635(0.2)(0.1)0.0合同资产2185212流动比率3.73.142.62.9其他流动资产5606529501,1871,38792186225256总资产周转率0.7长期授资3552.2173545应付寒款周转率5.76.45.96.无形资产10101720其他长期资产1271411671851321.6381852195825413.74215544358849284.12734392070.40.00.20.5应付寒款152141181237297其他流动负债2423812206074230.60.40.61.00123127每股经营现金流最新摊薄)0.30.00.60.30221264.87.4其他长期负债0110.00.00.00.04215554819071,055股本1201802522522526.19.132.222.214.923332PB(最新摊薄)0.80.72.42.21.91214129414741,6321,868EV/EBITDA26.532422.014.19.11,6381,9582541价格现金流（倍）113212.425.613.047.02023年4月19日狄耐克