太平洋证券公司点评报告PACIFIC SECURITIES报告标题2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金318764979248140621762306535004500应收和预付款项57288910181123126111911662165018201920存货438501552579627营业税金及册加18140147146其他流动资产52048977875销售费用21293847流动资产合计18482642332749186852207270280296315长期胶权投资0000财务费用120116110126140投资性房地产54440000193819381938投资收益在建工程205375545716887公允价值变动无形资产开发支出535252128698119914221768164717其他非经营损益0其他非流动资产165819719711971126687119914221768589371558009977111875所得税52184240256354短期借款0净利涧735035911661414应付和预收款项7928139529701066少数胶东损益长期借款4431122212226227450311691419其他负债19732321241224892584负债合计416550914986558162724004004004002021A2022A2023E2024E2025E10141023102310231023毛利率32.40%45.76%52.86%54.50%57.3%留存收益553194031094527销售净利率4.20%16.42%27.51%29.23%31.53%19902300326344325851销售收入增长率11.18%73.98%14.19g14.29%12.50%EBIT增长率181.562205954.44g18.32%23.24%1989325744235837115225803591.28%21.44%21.34g负债和胶东权益615.482431000412109ROE3.72%21.88%29.51%26.38%24.25%ROA1.20%11.68%11.69g11.72%ROIC4.69%16.70%25.39%29.61%2021A2022A2023E2024E2025EEPS(X)1.262.412.923.55经营性现金流48955311721251PE(X)832814237.275.994.93投资性现金流PB(X)3122.151.581.20630360500500PS (X)3402342.001.751.5630621515021581EV/EBITDA(X)13.107116.144.543.12