国联证券公司报告|年报点评202A2022A2023E2024E2025E2021A2023E2024E2025E953827344337734423758.01705.62780.94034.05371.7113292456661营业成本424.4865.21387.41996.82631.0预付账款125181241营业税金及附加6.617.322.232.242.89532297309144485861营业费用97.0192.3264.2383.2510.3其他91309331459596管理费用332.8459.7625.7907.71208.6217568207445952312001●-19.3-18.28.6-1.6-5.9长期股权投资00000资产减值损失-23.3-31.7-46.0-61.22173854596160.00.00.0111551251000.013.94.64.64.6无形资产4344352618其他146.3160.5122.4123.7125.0其他非流动资产105256.3356.5568.2798.11053.2343493701820511.17.66.96.96.9251873138146103421285567.4364.2575.1805.01060.200000.50.01.31.82.440612531803237666.9364.2573.8803.21057.8其他6101675197528623806-1.6-4.4-3.3-4.6-6.11016294732284665618168.5368.5577.1807.81063.9长期帝息负债1271249205143长期应付款0000其他3083883883882021A2022A2023E2024E2025E3096596365925311324360538645257营业收入7399%125.02%45.065(18)EBIT317.92%619.61%31.23%股本95126126126EBITDA1435.54%469.60%80.58%38.50%30.43%资本公积10033122312231223122归属于母公司净利润69610%438.09%5661%39.98%31.69%4641041184829121193370842825085614344.01%49.27%50.11%50.50%51.02%25187313814610342128558.83%21.35%20.63%19.91%19.69%ROE5.74%9.93%13.46%15.85%17.27%ROIC22.68%105.48%87.69%61.13%56.38%2021A2022A2023E2024E2025E673645748031058资产负债5260%49.30%47.44%50.83%52.22%1828921321662.142.312.312.041.94-19-189-2-61.061.421.230.960.87-130-748-535-576-5761765862072662646.776.296.286.286.28其它2635-40.450.380.450.450.45137247342619900总资产周转单0.300.230.340.390.4214031300250200长期投资0-500000.542.914.566.398.41其他-290-133-596-496-396每股经营现金流1.081.952.704.897.12-150-151-296-246-196每股净资产9.4329.3533.9140.3048.71债权融资670-422-44-61股权融资032000813151966952其他246.715.013.010.99.027904314256EV/EBITDA834.3965.1478.0156.0542.50-162889331649EV/EBIT1139.4870.4290.2465.2549.17请务必阅读报告末页的重要声明