公司报告丨季报点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E13453202.94919361027.012152832,281.502893523,775.754,844.29198.10242572855037776营业成本1898913.051903827.1111827106.951828617890营业税金及附加20292788362546515848259.13453.44968.9485268111553销售费用505.41457337363392483其他33291092970856115管理费用13086151.0319377243381,052962409203919.69742811142158200.000.000000.000.0020.96882381(500)(15.02)固定资产940.91872097623463328资产信用减值损失08654.0214333143331433314333公允价值变动收益0000000.000.00无形资产195.41200.191801716016140141050.04)其他137.9211736958690.649970其他(3753)0.001397.041401791,291451,156461016.4516979341.0553299709.15887.022,081822454.754936.14营业外收入057250161471.56400003357926790营业外支出30687810014137324159276.95840.3163268930513328553449709.50其他34729287.4159232102991所得税12.783098638679.641,117291,035.922,106.411560792228321543630186200137.100000000.003620370.95112应付债券0.000.000000.00150.74301.49644.70804.14其他155327321692172920511172343785.0162517531644216.92172920.512,123332248.8310.5613.1613741446202120222023E2024E2025E128.69128601286012850资本公积385.17395553855539555营业收入2683%3049%2830%25.60%531.79704.601.1018322802410087%5628%33025.08%其他(15659(1310阅(12251)日属于母公司净利润-37.65%100.01%6109%24.73%883611148.051476.781,9875826阅7302,081822454.753565664936.14毛利率3571%34723680%37.10%净利率1042%1286%1322%ROE1727%2657%3320%3267%30.10%ROIC1498%3526%65.94%202120222023E2024E2025E净利润1543630186495676447080414资产负债率5756%5323%5998%1233413955155831572015763净负债率4494%-35.17%-3478-70.00%财务费用21.7913.54381500150☑05092110154176投资损失0040040.04速动比率036052126营运资金变动114517594593836140其它4024157618351835183542555328.501309307.47812531532618资本支出2615115082773927.05533总资产周转率111125135143长期投资0.000000000.00其他34291172345.0162532231)(25135)2678)每股经营现金流3312551018798248998821534(1388989.04其他25.70(26564000市盈率10826541333.6025312029(205.04)3817(194.08)(154.53)市净率143811.15827611汇率变动影响0.000.00000000EV/EBITDA269318041391(4940716.421125.8266.043641292122071642资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明