附：财务预测摘要2021A202242023E2024E2025E2021A2022A2023E2024E2025E40174597330740464999448856387606979412385936753101513071653营业成本35204392585775299553153719780营业税金及附加17314151其他应收款2422404061182228373421495预付寒款36596996113161167285362433存货9141234163020512620研发费用347471586744904其他流动资产570552552552552-965862032240028493312382726-19232515817320924728319固定资产12021466186422722724-0无形资产194222229236246482636其他非流动资产548557574y-00604969976156735888262743554764386219202546119517612355营业外收入13215718969312411755营业外支出55应付票据及应付寒款121119280027035347064060其他流动负债552430502520600所得税-284560-8123123525220298385515700941585344少数股东损益-12其他非流动负债12217717717729938051369593621522781142519862576EBITDA405532668925123819232535EPS(元)0.630.801461.97股本4754764764764769549649649649642021A2022A2023E2024E2025E25012787330240024944归属母公司股东杖益38784193470653426215营业收入%)33.025.634.928.826.5负债和股东杖益60496997615673588826향业利润(%)56.529.433.136.134.264.927.434.935.534.721.622.123.023.122.96.66.86.87.17.6现金流量表（百万元）2021A2022A2023E2024E2025EROE(%)7.69.110.913.015.1经营活动现金流469339405557792ROIC(%)9.510.812314.416.4净利润298385515700941146119625833035.639.2327.029.29净负债比率%)-15.8-10.80.93.4-48-36流动比率2.1232.1-294-306402493速动比率1.61.31.00.9其他经营现金流2696-29-37授资活动现金流396-378612-8100.80.911.41.52974386096838083.20.00.00.07037-36-38-375.04.911.20.00.0其他授资现金流-1692335筹资活动现金流141-126ふ-128-1500.630.801081461.97157325045485140.980.710.851.171.6610958.148.809.88112213.052000801000P/E53.842.331.323.117.2-206-118-534671660P/B4.13.83.43.02.6211-156-242-256-168EV/EBITDA38.229.423.817.513.2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