电HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度20222023E2024E2025E会计牛度2022A2023E2024E2025E4695436852504955营业收入808683021011611427现金1720221416461978营业成本6936672382389318应收账款8917881228542营业税金及附加48637475其他应收款23323034销售费用77108111126预付账款161168222242管理费用249278322366存货108658513271261财务费用-13202238其他流动资产814581796898资产减值损失48285204626569757739公允价值变动收益0000长期投资686696705715投资净收益162335074508512057995117279121031无形资产353287245195营业外收入5555其他非流动资产6587739041030营业外支出00资产总计989910633122251269451272791710362612273435463139所得税3898128161短期借款79299212921592474629789876应付账款8205431104190少数股东损益87115142158其他流动负债1001119911501358387514647718非流动负债1109182EBITDA772130213741596长期借款50302020EPS(元)0.210.280.350.39其他非流动负债606163负债合计2723282536283222少数股东权益18892004214623032022A2023E2024E2025E股本1845184818481848成长能力资本公积888888888888营业收入9.3%2.7%21.8%13.0%留存收益2556306837154433营业利润8.3%42.2%25.4%13.0%归属母公司股东权5288580464507168归属于母公司净利179.1%32.8%25.8%11.0%9899106331222512694毛利率(%)14.2%19.0%18.6%18.5%现金流量表单位：百万元净利率(%)4.8%6.2%6.4%6.3%20222023E2024E2025EROE (%7.3%8.9%10.0%10.0%78719383161351ROIC (%5.5%7.8%8.2%8.2%净利润474629789876折旧摊销292504422512资产负债率(%)27.5%26.6%29.7%25.4%财务费用31净负债比率(%)37.9%36.2%42.2%34.0%投资损失29-23流动比率1.801.601.481.58营运资金变动728-940-85速动比率1.291.291.021.07其他经营现金流4501749988606-1595-1141-1276总资产周转率0.840.810.890.92资本支出-257-1576-1122.1272应收账款周转率9.749.8610.0012.86长期投资11-20-22-21应付账款周转率10.059.8610.0014.40其他投资现金流361317-17152257258每股收益0.210.280.350.39短期借款111200300300每股经营现金流薄)0.431.050.170.73长期借款-20-100每股净资产2.873.143.493.88普通股增加60估值比率资本公积增加9000P/E19.3815.3512.2010.99其他筹资现金流-102-31-33-42P/B1.421.361.221.10168494-568332EV/EBITDA8.655.185.534.75资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告