公司报告丨年报点评报告天风证券TF SECURITIES产负债表百万元202120222023E2024E2025E202120222023E2024E2025E1082.101454842835861993322826251812882117262538573,01854196.5935381257915369536955营业本885.62995701140891342441596765169.7014324.65营业税金及附加15.701679203924372950352.52472.971891971147销售费用218.05227822792433204337.05其他733321963744173537.427580107.12105.1913032159.742375.693,725.623,79346研发费用1234312257104.0111738134640.000.000000.00财务费用12.043150(3552)(35.45)363.734592889294125627142106资产/信用减值损失(65978.1021.66216621662156公允价值变动收益1070.15无形资产575551552442622109534.792516其他291283485732659其他10328)0.000.0087696827231,878941819.1458105845.2694875113050资产总计3314.925,47240营业外收入1320020590.000000000.00营业外支出7193.7937440737347.154536861320633121127.191353.73其他156.08200832928727591所得税7039107971224514401171605634453381906.08909.035110982379983.181,182.130.000.000.000000.00应付债券0000.000000.0051109730.1182379983.181,182.13其他97.9465256291680373530830931111349794629168.0373537473971741974.09982560.00202120222023E2024E2025E67827882.4892488824889248资本公积441.78265.611.775111775.11177511营业收入2118%1679%1990%1891%19.59%1160591349.101711302106301422%4547%1224%20.02%其他224.62153.03107.1012941153544281283%1935%2024%2505262,649224,259.234498,314917433,252.653314.925,47240毛利率5115%5297%5553%56.04%净利率2819%3448%3245%3257%32.75%ROE2040%1934%24.04%ROIC11808%10431%12834%202120222023E2024E2025E净利润511.09730.118237998318118213资产负债率2298%17.80%16.65%24.93289182291326216536净负债率-43.19%-5492%财务费用14.77流动比率4144.19449投资损失262☑1092870速动比率3123365403.40406营运资金变动1955543937(6140阅51950其它(1415044470120150.198327698307.607.96315.95127923437.705855137.676.70654资本支出3111101.91505594981232194总资产周转率059059长期投资0.000000.00其他283.72397.61(1221.570590830931.11134314830361450.5020596.92315635522843004835.10557(3035078622(74410(763.00其他(17898(597330000000.00市盈率386334242869533.95)817,7870859)72☑55)市净率112610656275740000000.00EV/EBITDA237424512055164839885281.533581246226.7023021853资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明