公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金694.76562.40467.415411559491678298144197729196.17197.18277892922039020营业成本390.744046348539592477.731103145915501980营业税金及附加411359643存货135.7111747184551778725658销售费用12137105.99122.161387816144其他14291882331126464015管理费用6174781887.74977551,05319129174研发费用73.1172368144111133590.000000.00财务费用1328141170固定资产35265304512849014624资产信用减值损失0000.00在建工程166251662516625公允价值变动收益0.00无形资产53.17327012230.00480980980其他799.718055080277800.0579918其他4943523510.0a00878091,077.961,053.001,027.54101167(19922)17.56533779.881928.722.030.552,09073230341营业外收入0.030170190210230004314营业外支出00700776.15112041403616227(19980)17.6753497981102.96其他7783181291454822414所得税331802119715441848429333285.844295614374547678487510.000004.59(12☑(252)018024026应付债券0.000.000000.00235401689452967.61其他43.1734.01340134013401008023034044431734.0134.0134.0127857327341335135113711393202120222023E2024E2025E1998420035200352003520035资本公积1443.791442.71442771442.77144277-13.92%-122150%19.70%258164311217719593-23311%-10882%20388%4929%其他1891017.7☑(17.72)17.7☑日属于母公司净利润-29552%-107.17%16820%1,650.151835271928.722,030552,08073230341毛利率4239%3959%4040%4040m4030%净利率-34.71%252%556%6927.46%ROE-14.42%102%4.79%ROIC-2407%197%620%10.97%202120222023E2024E2025E净利润(236691437452967.618725资产负债率1444%1620%1612%1537개2032%35213034322432742500净负债率4129%-284m-26.94%3025%财务费用4902508141170流动比率4463163333.6301投资损失(480速动比率2752703.06241营运资金变动(2350☑(75.78)其它5228372.23024320341343343343027496529538资本支出100010.001000总资产周转率0340410.53长期投资0000000.00其他224.63(9173(1020)10201020023034044(9824)(25484020020)043030000(11660(8923)3602a15824843909594.01其他55400000000.00市盈率-16.75233628115835452142202612222.90市净率2392332262170.000.000.00159633.662524221541023(94.99)73.7443.76940196751233448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