德邦证券公司点评燕京啤酒(000729.SZ)财务报表分析和预测20222023E2024E2025E20222023E2024E2025E每股指标（元）营业总收入13,20214,59315,90417,1550.130.210.300.39营业成本8,2598,8799,4229,9344.764.985.285.67毛利率%37.4%39.2%40.8%42.1%每股经营现金流0.610.410.620.67营业税金及附加1,1531,2811,3961,506每股股利0.080.000.000.008.8%8.8%8.8%价值评估倍)营业货用1,6341,7401,8461,960P/E84.9662.8044.4034.8512.4%11.9%11.6%11.4%P/B2.232.702.572.39管理货用1,4131,4841,5521,616P/S2.902.602.382.2110.7%10.2%9.8%9.4%EV/EBITDA19.4523.7516.8412.722362612853070.8%0.0%0.0%0.0%1.8%1.8%1.8%1.8%EBIT5011,0021,4611,895毛利率37.4%39.2%40.8%421%-15395-119净利润率4.2%6.4%8.4%10.0%-1.2%-0.5%-0.6%-0.7%2.6%4.3%5.7%6.9%资产减值损失0001.7%2.8%3.6%424654授资回报率2.7%5.2%6.9%8.2%营业利润6921,1761,6592,125盈利增长(%)营业外收支30010.4%10.5%9.0%7.9%6951,1761,6592,12551.5%100.2%45.8%29.6%EBITDA1,2421,3101,7712,20654.5%71.4%41.4%28.5%所得税146235329414偿债能力指标有效所得税率%20.9%20.0%19.8%19.5%资产负债率31.1%30.6%30.4%29.0%197337477613流动比率1.71.92.02.2归属母公司所有者净利润3526048541,0971.01.11.31.5现金比率1.01.11.21.520222023E2024E2025E经营效率指标货币资金6,1107,1298,74810,507应收帐款周转天数5.25.25.25.2194231226267存货周转天数175.5175.5175.5175.54,1414,5154,6705,0150.60.70.70.7其它流动资产361308523438固定资产周转率1.61.82.02.2流动资产合计10,80612,18314,16716,226573573573573固定资产8,0507,9317,8207,715在建工程5858585820222023E2024E2025E无形资产894865837810净利润3526048541,097非流动资产合计9,8889,7339,5939,461少数股东损益197337477613资产总计20,69521,91623,76125,688非现金支出844308310312300300300300非经营收益737599应付票据及应付寒款1,6581,6231,8581,812398198000经营活动现金流1,7181,1661,7481,880其它流动负债4,2744,5894,8685,130资产415-117123流动负债合计6,2326,5127,0267,242授资249-7040长期借款0000其他-1,337465054其它长期负债1971971971972,001-135-109非流动负债合计197197197197300000负债总计6,4296,7097,2237,43900002,8192,8192,8192,819其他298-1213,42614,02914,88315,981融资活动现金流2-12-12少数股东杖益8401,1771,6552,2682821,0191,6191,759负债和所有者权益合计20,69521,91623,76125,688备注：表中计算估值指标的收盘价日期为4月20日资料来源：公司年报(2021-2022)，德邦研究所请务必阅读正文之后的信息披露和法律声明