国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E货币资金51837647358684812971153159026355015086689091107营业成本895857108214451693253847税金及附加91518168213204273319营业费用516310571●其他214717985管理费用1431261602182651427118614452407X财务费用-3661长期股权投资033-23-19-25-3169097697810361076公允价值变动收益00000在建工程144143182147//111无形资产133172143114其他-1115其他非流动资产9322122022022019612124736551210601516152715201496营业外净收益1312122487270129723406390220213426037752550000所得税21324664273275355474556187113228331460其他103140187の220少数股东损益00000427399495776187113228331460长期带息负债014611758/长期应付款000●00其他838383202120222023E2024E2025E72230201171141499629696832917营业收入24.0637.9336.06i21.76%少数股东权益00000EBIT-1.87%-51.83168.8343.50%38.16%股本285287287287287EBITDA143.02%33.20%30.32%资本公积11301156115611561156归母净利润5.54-39.27%45.37%39.03%5736308341131154319882073◆2272573298630.9625.67%31.9433.2235.75%297234063902净利率14.40%14.32%15.3017.47%ROE5.47%10.0012.8615.41%现金流量表ROIC15.9811.4615.92%20.10%202120222023E2024E2025E净利润187113228331460资产负债20.05晴23.2823.4024.4423.49%67138157174流动比率3.33.02.92.93.1财务费用2-36b312.92.42.42.42.6存货减少-80-448-68-47营运资金变动-84-102-37-161-1453.02.92.82.82.8其它130-1067455.34.05.35.35.32113333284890.50.40.50.60.7-215-445-150-150-150长期投资2001460000.70.40.81.21.6其他-11220.70.31.21.11.7-14-148-148-1486.97.27.99.010.4126-59-30-303200024.340.019.913.79.9其他4-41-29-492.32.22.01.81.5-88-67-79EV/EBITDA33.627.510.67.85.7228-1239711326242.946.216.211.17.5请务必阅读报告末页的重要声明