附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E656773411056113528164634386443758157424936513541340353346315993营业成本14921657208%2636330130843906453463757484营业税金及附加3965其他应收款11219616729011021162151219302416预付寒款50298758123215209253323407存货4486857681045研发费用846939126515961920其他流动资产14921525152715291527-10-81234523692661268328653144-19253240164222298376459225219200226238固定资产5696688179831178202020无形资产223226139494849877284其他非流动资产141315441430145714588936100021324416393196069366480411220157420552455482068268560营业外收入51100241832035408营业外支出34应付票据及应付寒款885116213672147197993864593912171572其他流动负债11691293103514761173所得税75195463791441371301341338636278841154149310000少数股东损益12其他非流动负债143137130134133862626883115214902199495069618693EBITDA10417781112144017821619212225EPS(元)0.900.660.931211.56股本934953953953953201922312231223122312021A2022A2023E2024E2025E40334636550466418114672273918274941010888营业收入%)20.31.231.127.726.1893610002132441639319606향业利润(%)3.7-30.745.229.629.17.1-27.341.030.529.466.062.764.164.564.819.614.115.215.515.92021A2022A2023E2024E2025EROE(%)12.88.510.712.213.7318-73589-500ROIC(%)12.17.98.29.49.7净利润863627884115414931417317610924.625.937.442.544.3-10345净负债比率%)-18.7-16.91-14.2-4.6-87-61-72-84流动比率3.23.0201.9-675824-1082-2043速动比率2.92.82.01.81.8其他经营现金流46107-24-20-110-252-2600.50.5050.5资本支出460237194151.31.41.41.412-23-75-80应付寒款周转率1.61.61.51.6其他授资现金流363-95266-242-229253-16-16-580.900.660.931211560000033-0.01-0.080.620.521-10007.067.768.699.881143019000212000P/E37.050.936.127.621.4其他筹资现金流-30723-16-16-58P/B4.74.33.83.42.9-21-226313-842EV/EBITDA28.037.426.420.216.8数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明