国联证券公司报告|年报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金700115010011280177512021595209427613669201331402492603营业成本6231489196024税金及附加81214192544867684410601342营业费用24●506481其他431489490491493管理费用2643764616218071804275533464244财务费用16341581-10-915195981304131812921226一公允价值变动收益210在建工程575358298238179授资净收益○2381321166无形资产1117456其他X-2-10-14其他非流动资产41042842441949329739754678017032202213020181869营业外净收益15333335074862488653646113508323430580808348163000所得税4413407551、725504326422784其他162C457121018789651118248731441255576513921099800498000●00其他732021A2022A2023E2024E2025E90146511728732205182317561753营业收入17.55%32.71%3132%32.87%少数股东权益2000102341EBIT133.14%-38.68%44.62%34.15%股本200200200200200EBITDA131.54%-28.75%77.00%2322%26.47%资本公积12991075107510751075归母净利润164.14%35.42%31.11%34.66%3795%138317782310304326282658◆30623607435948.13%45.48%45.49%46.09%46.58%350748624886536461134192%20.44%20.14%2057%2136%ROE20.04%11.82%13.50%1548%17.72%现金流量表ROIC65.94%13.95%13.76%17.11%23.01%2021A2022A2023E2024E2025E净利润504326422568784资产负债25.07%45.34%3732%32.74%28.68%5793268309345流动比率233.6423.83.6财务费用23411222.42.222存货减少-138-228-168282营运资金变动-144-203-1036.048525.66.1其它2592002771.4132362455337951010总资产周转0.3030.50.6494552200-200-200长期投资42956000242.8其他2012125159417418019112212.714717.321.02511185457-302000029.044.934.325.518.5其他15242438-2158564.134145760-508337323EV/EBITDA48.339.819.515.311.5-55044414g278496EV/EBIT53.651330.723.216.42请务必阅读报告末页的重要声明