首页行业分类金融证券证券2023-04-21-国金证券-燕京啤酒-Q1销量靓丽,看好复苏和成本改善
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2023-04-21-国金证券-燕京啤酒-Q1销量靓丽,看好复苏和成本改善

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2023-04-21-国金证券-燕京啤酒-Q1销量靓丽,看好复苏和成本改善
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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E13.2023,8555,0596.1107,36610,61910.4%8.5%7.5%应收款项212217372334362-6,646-7,363-8,2599,229-9,6673,8283,9114,1414,0964,1994,28258.2%其他流动资产231183193200207毛利4.2834.9435,8326.6197,365流动资产8.0839,41810,80611.99013.57337.4%39.9%41.8%43.2%43.748.5%58.2%-1.037-1,096-1,153-1,270-1,379-1,4822953115737738739739.5%9.28.7878.9288,4897,9487,7227,561-1,383-1,559-1,634-1,825-1,965-2,09548.343.7%39.236.3%33.1%30.0%12.7%13.0%12.4%12.5%12.4%12.3%1,0721,003962948935管理费用-1,275-1,438-1,413-1,463-1,521-1,569非流动资产10,40910,0029,8889,8869.7469,67010.7%10.0%51.5%45.2%41.8%-214-209-236-234-246-255售收入1.61.61.5%021321003742965071,0401,5081,964应付款项3,1183,6334,1544,5594,8055,035342.5%3.8%9.5%11.5%1,4311,7222,1282,572811191531361742094.5495.3766,236,6877.1027,607售收入-1.0-1.21长期款0000-76-67-103-91-9863711972032072120000004,6125,4486,8917,3097,819424213,24413,40913.42613.82014.36415,0992.4%2.8192.8192.8192,8192.8192.8194774356921,2191,7372,2313,7963,9744,3695,6483.65.2%13.1637564801,1651.6452.248营业外收支-173325.1664504456951,2221,7414.28.411.0%131-175-152-146-306-4355592020202120222023E2024E2025E38.1%20.9%25.0%25.0%2852935499171,3051,6770.0700.0810.1250.2100.2930.331651973254806034.6994.7574.7634.9035.0965.3571972283525921.0740.5570.5770.6100.8520.7690.9481.8%2.7%5.2%6.3%0.0220.0220.0400.0700.1000.1201.49%1.702.4.28%5.75%7.112020202120222023E2024E2025E1.01.17%1.702.70%3.54%4.27%2852935499171.3051,6771.67%1.39%2.75.20%325480603非现金支出8347697739.45%10.38%10.59%55%-4-30-49-95-101-20.99%71.43%45.01%30.26%44652839876518529015.8254.51%67.95%39.50%30.06%5.02%5.716.59%7.9229739315-4694720-249-200-100-10072585.2525.25.2其他-2.029-1,0133374242212.9191.8177.9174.0173.0172.0-2,326-1,06001627-44653056.559.767.67.067.067.00000295.4257.7222.6194.873.3157.1500300-31155其他-209-229-298-207-282-338-36.20-61.215-259-2272-277-4.6-2.5-3.3-7.7-8.7-28224.94%28.05%31.06%31.50%31.35%31.07%2