首页行业分类金融证券证券2023-04-23-国金证券-金徽酒-收入超预期,毛利率和费投扰动盈利
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2023-04-23-国金证券-金徽酒-收入超预期,毛利率和费投扰动盈利

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2023-04-23-国金证券-金徽酒-收入超预期,毛利率和费投扰动盈利
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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E1.7312,0125926678109111,1173.3%12.5%25.420.9%20.0%应收款项11630-649-648-749-921-1,080-1,2631,1371,3271,5121,7412.0112,31837.5%345%其他流动资产82237161820毛利1,1401,2631.6021.9702,397流动资产2,0392,6993.1833.76262.5%63.7%62.8%63.5%49.554.0%58.360.6线67.9%-242-253-294-366-44253100014514.51,5711.5011,4451.4901.5131.519-222-278-420-426-51261344.35.33.5%30.5%27.4%12.8%15.5%20.9%16.9%16.8%16.8%197192213212211210管理费用-164-180-217-267-320-381非流动资产1,7841,7341,7531,7741,77810.110.441.39.4%35.8%32.1-40-47-50-78-934.0%4.451售收入2.6线2.5%262.621721192021414382281478618780应付款项16518425226727823.9%21.4%14.0%19020.3%21.3%4365697007589431,131131720257157519051.0291.2301.430售收入-0.6-0.7%-0.6-0.7%长期款000000-10004039302826000007547929441,0591,2581,45702,7782,9811503,3913.6984,033n an.a507507507507507507434013145156588221,2301,4041,5321,7732,0802,46515.621.622.5%营业外收支-13-11-11-10-10-104.45149742139030350581224.3%815.1%20.0%21.29065-24-103-136-1712020202120222023E2024E2025E21.3%16.20.5%21.0%21.0%3313252794015126420.6530.6400.5520.791.0082650-105.4775.8776.2105.6847.2908.0493312804016420.6650.5510.8541.0941.28818.2%13.9%15.9%16.8%17.5%0.2400.2400.2200.3160.4030.50611.93%10.90%8.9011.83%13.83%15.72%2020202120222023E2024E2025E9.310.32%11.53%33132527940151264211.54%10.52%11.07513.0414.925000非现金支出111161051111185.8%3.34%1249%2520.89%20161021.17%-7.73%-26.39%70.07%29.18%26.22%97-159-54-89-79-11722.44%-13.7343.19%27.48%25.45%33727931943365311.1211.37%11.77%-142-58-57-158-13200231.71414其他1000558.3693.4692.1690.0680.0670.0-73-142106.492.680.070.060.00003302304.2261.8208.8171.9141920-100-101其他98-128-161-205-257-20.51%-21.7-29.66-3329%-118-121-171-204-256-56.4-52.6-22.4-28.9-31.214710710421.34%20.98%23.06%23.80%25.38%26.29%2