附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1623177625383035367510571097140818312343132157493820营业成本694721927120915704925527879541275营业税金及附加912152126其他应收款161430172163预付寒款66910148595127150169存货224312378522646研发费用465975105其他流动资产76973386588590576183113491653189322252618-106322129252726固定资产98011211367168520463-3无形资产11411210610094151013其他非流动资产221387387416202972443252606293226207430420530143320462814营业外收入0000074711071733营业外支出000应付票据及应付寒款339421381676696226206300369430其他流动负债81305263385所得税27-2612-1160075164608570199232288365441465496448408364少数股东损益33其他非流动负债13519420020619722928536143610201281207526543384EBITDA3693694666057451031722EPS(元)0.981.141431.802.18股本2002004004004006814824824822021A2022A2023E2024E2025E926111913341601192619452138234425882886营业收入%)13.53.828.330.028.029723429443252606293향业利润(%)11.4-8.345.023.016.511.416.424.726.420.834.434.334.233.933.018.620.920.319.718.62021A2022A2023E2024E2025EROE(%)10.210.812.214.015.2226342169459378ROIC(%)9.38.49.69.9净利润19923228836544111613513818223834.337.346.850.553.87净负债比率%)22.824.643.653.9-15-10-12-13-13流动比率3.9141.3-75-27-247-320速动比率3.12.61.41.21.0其他经营现金流612-118-272-500-5236400.40.3040.4资本支出225333228323384222.12.12.1102509应付寒款周转率2.41.92.3232.3其他授资现金流208110-285202-264-53-81-149-1850.981.141431.802.180101.131.710.852.301.892930-48-409.0410.0111.04122613.7500200000-2000P/E22.419.215.412.210.1其他筹资现金流-83-72-32-110-141P/B2.42.22.01.81.655-411-213447EV/EBITDA23.223.619.315.212.9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