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国联证券202120222023E2024E2025E202120222023E2024E2025E7521076,300200,7631916444.04434,15474,96528,116578,97631,42应收账款+柔据23,30027,35529,56632,41335,350营业成本307,33339,94373,49411229448.987,7739,40010,54511,56012,607税金及附加1,7301,6432,1682,3643,8273,5134,3544,7945,234营业费用52,17253,80369,457其他1725124,50523,68025,96128,313管理费用44,13847,90051,35554,113127,36141,07268,91393,89525,54财务费用●1,894553-664长期股权投资41,1664222045,87249,52553,178-235-528-631456,35478,96411,324342,14271,42公允价值变动收益67-9100在建工程51,45658,44348,70238.96229,2214,19322652,7382,7382738无形资产39.9144223935,56028,80921,985其他3,4423,7952,6482,4282,200其他非流动资产45,98544,76443,61842,20241,74441,30447,87553,41061477634,88666,62585.07501,64417,55营业外净收益-5,794-5,590-5.025-5.02533,87135,71442,85048,38556,4522,8202,84000所得税7,7168,0389,75711.01712,854114.895127,26142,35156,7371,1227,67633,09337,36843,598其他142,58147,771762119345○210,87少数股东损益202241272317260,29277,87318,5635019382,0025,95227,59332,85237,09643,28135,9895689221,6766,032长期应付款99185185185185其他34,68136,32036,32036,32036,320202120222023E2024E2025E70,76893,39775,16958,18142,537成长能力371271424.544营业收入11.34%9.40%11.19%9.63%9.05%2,4944,3384.579/4,8515,168EBIT15.63%159%2526%9.38%14.00%股本（百万股）91,50791,50791,50791,50791,507EBITDA3.95%2.13%1237%5.52%资本公积67,58069,39469,39469,3946,394归母净利润24.44%6.32%19.05%12.9216.67%留存收益269,59271,18294.77321,40352,48431,17436,42460,25487,16518,5529.21%2843%2928%28.97%28.89%762242净利率6.02%583%627%6.45%6.90%ROE6.05%6.39%721%现金流量表ROIC7.26%6.78%7.70%9.08%1288%2021◆20222023E2024E2025E净利润26,15427.67633.09337,36843,598资产负债43.43%45.97%46.11%45.60%45.02%78,30780,16485,47487,08887,743流动比率0.510.841.121.38财务费用1,29471,8945530.390.390.741.02127-510314-440-4407.01940,15925.04425,03918.6817.5517.9517.95其它12,59814,855-3,0253,1543,15480.3196.7685.7885.78120,67156,75146,45152,12总资产周转率0.590.620.650.67资本支出82,939-89,78700010-1,7471,7471,7470.280.300.360.410.47其他3,8775,8121,6881,6881,688每股经营现金流1.361.7116079,427-95,58859594.684.724.985275.6120,92221,068-16,988-15,64410,575000023.62222218.6616.5314.17其他824463,823-11,160-11.016-11,5431.431.421.351271.19-10,043-42,90132227-28,004-27,188EV/EBITDA3.843854.713.622.5735264-17,363124,46118,397124,87EV/EBIT12.4012.4913.6910.076.60请务必阅读报告末页的重要声明
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