国联证券202120222023E2024E2025E202120222023E2024E2025E货币资金4527370.03245801327,854382,630440,02452802930.92037,104营业成本247,361268,881289,842333,318751011835税金及附加14271,3971,6251,8592,243存货185222372573营业费用3221234,45534,43739,60247,523其他5151758916管理费用029,57229,81728,69733.00239,07412252237570348.073财务费用971213367-501长期股权投资48,416510515728560401资产减值损失492444334848353814254610203217公允价值变动收益392400041,19245,715228574,3774,3283,8513,8513,851无形资产25254158413,3364,7265,359-6210-7,515其他非流动资产15,404171，1341403713,57820,40135,431营业外净收益1123414914917,80720,36725,01329,14535,5800所得税3,3913,7164,9035,7136,975149340179.55414,41616,65120,10923,43128605其他98142C16520少数股东损益8,1119.35211,28413,14816,051274.5556,3057,299882510,28312,554长期带息负债122503825716515长期应付款128财务比其他957411,15411,154202120222023E2024E2025E49,42的17.877成长能力257.07427413312535343.541营业收入790%8.26%15.00%20.00%少数东权益204,188217335EBIT10.61%9.58%33.67%12.53%18.85%股本（百万股）31805318053105310531805EBITDA4.77%1.23%-089%5.09%5.53%资本公积81524归母净利润1420%20.90%16.52%22.08%40,7424541950.56133521034727432340347824.55%24.25%2425%2425%24.25%5的2864437净利率4.40%526%5.33%5.42%ROE423%4.73%5.55%626%ROIC5.14%5.09%6.15%742%10.98%202120222023E2024E2025E净利润14,41616.65120,10923,43128,605资产负债43.33%4628%4738%49.59%71,34270,72663,31364,58364,216流动比率0.540.871.101.287481,213367-5010.310.430.660.901.08355-515营运资金变动9,9673.60314.0902824416.5412.5414.5014.5014.50其它3,5995,582-515295116133.9814286129.57129.57129.5799.52588,57297,856115.,995134,g57总资产周转率0.550.550.570.61资本支出69,182-70,982000000每股收益0200.230280.320.39其他2,2845,130-24862486每股经营现金流3.132.783.083.654.2474,78056,1274.694.855.005.165.3510.04326,124-10,55398102481300030.6226.45218818.7715.38其他-15,844518865,3615,509-61521291.251211.181.1425.910-24.94917.05216.06115,963EV/EBITDA3.52429224-1,2437,8957831897,448116,508EV/EBIT17.5618.7114.6310.376.33请务必阅读报告末页的重要声明