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国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E货币资金769.401,1376254121652.37767.433,765.94,441.65,412.16,523.77.674.21,00331.074.451,497.911,805.552,123.99营业成本1,525.61,783.62,10742.420.928479144.657684163.11196.61231.2835.5746.1551.0261497234589.34752.30846.34972221,143.69营业费用629.7071784881.721,062.81219.5●其他3,05123212.334,667.165,625.726.61790管理费用626.61732.79838.781,011.01,166.35,557.96,253.557,715739,252.4610,884.2财务费用14.5927.05612468.40长期股权投资1.7210.7613.0215.281754资产减值损失0.62357815.84-19.09-22451,758.82.020.372208.013,123.53公允价值变动收益0.030.000.000.000.00在建工程1,104.71272.451831.881,930.831,668.05108.35118.59922792279227无形资产22785203.2716939135.51101.6334.5750.3323.9816.919.58其他非流动资产581.5971193676.94641.96641.57の1,076.11,296.31,606.51,996.22,37914,218.774,899.235319.375,552.32营业外净收益-10.60-2.67-8.379,232.610,472.312614.914,571816436.61,065.51,293.71,598.11,987.82,370.7100.06100.091,243.661,637261,597.7185.69105.0314125175.69209.53应付账款+柔据3552481859940.351,106.19979861,188.61,45681,812.12,1612其他1,00321.056.471,243.941,438431,690.096.1921.2517.7122.0326271,458.52,166.864,016.044.394.001,439.11790.12,134926.1616261500长期应付款0.000.000.00其他344.7837.02377.02377.02◆377.02202120222023E2024E2025E370.94393.28392.02389.50386.121,82942,.560.143,698224405.544,780.11营业收入26.45%17.94%2185%20.54%17.64%少数股东权益126.49129.5914730169.33195.61EBIT24.81%19.58%2582%26.09%19.03%58627586.275862758627586.27EBITDA25.32%16.84%2090%27.19%2082%资本公积4,100.94,100.924,100.g24,100.924,10092归母净利润30.20%19.90%2328%24.39%1926%留存收益2,589.53,095.404.082.266,773.707,403.27912.188,916.7510,166.311,658.56289%6289%10,472312614.914,571816,436.626.02%26.76%2692%27.78%28.16%ROE13.38%15.00%16.41%1791%1863%现金流量表ROIC15.24%16.69%2032%18.45%1889%202120222023E2024E2025E净利润979.861,812.192.181.20资产负债19.82%24.45%29.32%3023%29.08%409.40448.75479.05流动比率3.8292.3232.5财务费用14.5920427.0561.241.21.00.60.60.711382-940417147153.1318.441,109343.84.23636其它6.91144146.2591842.6252.51450.01,543451,311.750.40.404040.5资本支出1p156-1,157251045.16343.139200.000.001.72.53.6其他182.02773777.3777372.52622978.66967.7994779每股净资产12.413.315.017.119.5债权融资73.929871,14232391.0842.93135290.000.000.0035.129323.819.116.0其他20839-479.37739394.74.439343.0.502352182866294232.8021620.616.913.5428.6735424111.16115.0629.727.721.917.614.82请务必阅读报告末页的重要声明
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