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国联证券位万元202120222023E2024E2025E202120222023E2024E2025E2,3913,1614.6206,3498,3674,6336,3858,12810,09312,351142107124142营业成本1,5541,9352,3002,76132615891111133152税金及附加56109448669902营业费用1,99227863,5844,4925,583其他120123202237管理费用3144556207869883,1594,1475,6999,800财务费用●30长期股权投资170139134129125资产减值损失165-210-260319559577516449公允价值变动收益0000在建工程109731381045无形资产397420350280210其他5260其他非流动资产2392512426711,05813681,7242,11916311,4421,057营业外净收益3555,7787,141884910,8576681,0541,3631,719200200200200200所得税11122328836344748354558666975058311.0751,3551,667其他342743899181,0251,4281,5301,6961,8508171.0571,331长期带息负债7289281,1281,328长期应付款00000其他2685715845202120222023E2024E2025E7218139991,1851,373成长能力1,74622412,5292,8823223营业收入23.47%3782%2729%24.18%22.37%少数股东权益133155EBIT23.66%53.43%36.62%26.32%22.57%201284EBITDA21.63%45.54%42.52%23.57%20.15%资本公积834915归母净利润21.03%4188%2925%25.98%2285%1,8422,3263,3834,7146,3492,8873,5374,6125,9677,63466.46%69.70%71.70%72.65%73.60%4.6335,7787,1418,84910,857净利率1202%13.02%1322%13.43%13.50%ROE20.03%23.1g%23.06%22.51%2167%现金流量表ROIC32.25%4461%61.01%77.45%93.64%202120222023E2024E2025E净利润5578311.0751,3551,667资产负债37.69%38.78%35.41%32.57%29.68%88185190流动比率3.082903.734.485.30财务费用74121302.542343.153884.6624-101-10875289-832.6662.5176.0481.11其它894811061153.472893323483.618301,11012951,5721,863总资产周转率1.001.111.141.141.14资本支出194-1121413长期投资-70-131002.032883.734.695.77其他78每股经营现金流2.933924.575.546.57342-298149.9712.2515.9820.6726.44债权融资5973320020020008300081.7657.6344.5835392880其他107-180213016.6710.408.0462849065179170171EV/EBITDA53.9441.57282522.1817.799767461,4591,728EV/EBIT61.7845.1632.0124.5919.34请务必阅读报告末页的重要声明
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