中银证券现金流量表（人民币面万）202120222023E2024E2025E202120222023E2024E2025E营业总收入18,31418,82026,34834,51645,907净利润1,6114992,4953,168营业收入18,31418,82026,34834,51645,907折旧摊销1,7471,8651,9631,125营业成本10,78011,13614,7551898425,340营运资全变动1,910)(1,918)(700)(2,356(1,177营业税金及附加121112157206273其他304(159)(388)(471)销售费用2,5933,1648936312.5071,7142.645管理费用1,10212271,7172,2502,992资本支出2.082)(2,268)(610)(612)(706研发费用2,8303,1114.1105,3167.070投资变动(10)(79)(5)(17)(8)其他(505)563272727824566631(76)(81)95)(101)银行借款1921,161(878)0672(406)(617)650)700)股杖融资1,833(1,846)(604)(1,002)(1,273)资产处置收生0555其他353367(148)93(30)331(251)000(8)272727693(1,392)73000000营业利润14642961.5722.5483,230营业外收入146482323营业外支出114964646年州日：12月31日202120222023E2024E2025E14972481,5202,525所得税(114)(251)183840.62.840.031033.04991,5012,4953,168营业利润增长率(%19431.762.126.854(63)45514.1(63.9)159.566227.0归母冷利润1,5565611,4562,4203,073(0.5)(3055)(254.0)92838.6EBITDA1,8201,1172,8343,83117.9(386)153.6352EPS(最新股本摊薄，元)0.670.240.631.0413214.1(63.9)159.566227.01.73.75.45.6향业利润(%)8.01.67.47.0202120222023E2024E2025E毛利率%)41.140.845.044.819.00219.75727,06630.53643,238853.06.75,8704,3464.1653.8604.591R0E%)933.413.015.07,4869,87014,42817,40224,932R01C%)3.38.77.713517.94314928008931,35924342.7294.1124,6900.5050.6258261427458(0.3)0.1)合同资产8731,0121,4851,7272,561流动比率161.615其他流动资产1.6491,5051239213.10212,37711,9300.70.62,0211,7742,2542,7843,394应收账款周转率2.8固定资产25232,5712,8302,8692,842554.14.4无形资产23922,7651,883940其他长期资产5,4575,9915,4105,3385,45914.716.81403139432,85939,44242,46655,772管理费用车(%6.06.511,65912,08219,19620,67132,109研发费用车(015.516.5短期借款525364800800(0.1)0.4)0.00.00.0应付寒款3,8535280其他流动负债7281643811,57611,12218,6040.70.21.023983.9302,5020.40.3071.1长期借款3921,714400400400727.1748.8其他长期负债2,0062,2162,1022,1592,130每股股息0.10.10.30.40.514,05716,01221,69823,22934,639股本2,3242,3242,3232,3232,323PE最新种薄)86.6240.392.655.743.9557447492567662P/B最新神薄)8.08.27.87.26.616.78116.40063.166.345.733.7345313943285939,44242,46655,772价格/现金流（倍）151.0213.853.878.751.02023年4月21日科大讯飞2