附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E217312227331960347923989131793315804128852535583815401713182581050711676营业成本271292602134930441944904876817055122111230314938营业税金及附加106124158175其他应收款3836715240821341353504630701预付寒款186162355302428782816107313131460存货645261668698971610304研发费用1029940132115761751其他流动资产197417241724172417244372004075234451622118258211502391324068-187468-248-315-350143140136132126269319100120140固定资产10736106741368216631170179-12-14-21无形资产29730328323818742-11097其他非流动资产50447142705069136737-6003795140531531115870663960211428473274457152781893418068281543004431422营业外收入3980477794119431416011984营业外支出61413应付票据及应付寒款8377799513982138231703621112841326845645273其他流动负债25112279223020622402所得税250474360502580434760575829547246551861236729094062469320313198297026121795少数股东损益-004-0其他非流动负债23162859285928592859186223682909405946932328124125339843551636077EBITDA434852235346728681489447475151EPS(元)1.091381.702.372.74股本17101710171017101710810080558055805580552021A2022A2023E2024E2025E538774141032214385190781457716359190802313927832营业收入%)13.230.727.23795140531531115870663960향业利润(%)17.534.715.039.615.521.727.122.939.515.614.717.615.415.916.05.97.57.08.02021A2022A2023E2024E2025EROE(%)12.714.415.217.516.832104630275257057111ROIC(%)8.99.010.711.5净利润186123672909406246931777191316092120234261.359.564.(60.556.4437200407523445净负债比率%)55.145.441.019.21-109流动比率1.3-1063-587-2175-1005-383速动比率0.70.80.80.80.9其他经营现金流2397371421-2027-37594504-4888-25110.80.81.0资本支出3049337528962767161应收寒款周转率434.34.34.3372-184456应付寒款周转率3.1323.23.232其他授资现金流1394-568-1604-2116-2344-94504-1270-12561.091.702.372.74-532-253001.882.711.613344.16-7341167-228358-8179.5713.5316.280000037-45000P/E23.318.314.910.79.2其他筹资现金流1210-366-1042427439P/B3.02.7231.91.610661518-3022323344EV/EBITDA11.79.69.87.25.9数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明