东方证券ORIENT SECURITIES华铁应急季报点评一高机租赁表现“一枝独秀”，轻资产助台量增长超预期附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金1381361891891672,6073,2784,7266,3008,371应收票据、张款及项触资2,1662,8163,5874,7826.689营业成本1,2611,6302,3583,1384,21921314154营业税金及附加2026存货3723344560销售费用220287414517682其他215332485593732管理费用及研发费用1992504806392,5773,3294,3255,6507,703财务费用190313450588763长期股权投资876865865865资产、信用减值损失102122147176固定资产2,8193.1843,4793,964公允价值变动收益17000在建工程250182022投资净收益8131616无形资产98877其他345495357其他4,2617,1389,88513,41817,8001,0711,4791,9397,99011,08413,96017,79022,658营业外数入3资产总计10,56614,41218,28523,44030,361营业外支出4短期借款91291955624820261,0701,4771,937应付票据及应付张款8771.00214481,9282,508所得税117178219其他1,4872,51532784,5065,973591,2991,7183,2774,4355,2826,6818,682少数股东损益10191120长期借款2713653653653654981,2081,598应付债券0000.360.460.640.871.15其他2,9344,9326,9549,41012,6123,2055,2977,3189,77412,9776,4829,73212,60116,45621,6592021A2022A2023E2024E2025E少数股东权益3751041702613819031,3881,3881,388营业收入71.0%25.8%44.2%33.3%32.9%资本公积1,3521,20812591,2591259营业利润45.1%8.8%40.7%38.1%31.1%留存收益1,4541,9812,8674,0765,674归属于母公司净利润54.3%28.7%38.2%36.4%32.2%其他000004,0854,6805,6846,9848,70251.6%50.3%50.1%50.2%49.6%10,56614,41218,28523,44030,36119.1%19.6%18.8%19.2%19.1%ROE14.1%15.5%17.6%19.8%21.2%现金流量表ROIC13.6%14.5%17.1%19.4%20.6%单位百万元2021A2022A2023E2024E2025E5996849531,2991,718资产负债率61.3%67.5%68.9%70.2%71.3%折旧摊销234280317375净负债率43.4%54.1%45.6%44.6%46.6%财务费用1903134505887630.790.750.820.850.89投资损失(13)(16)(16(16)速动比率0.780.750.810.840.88营运资金变动244(225)(451)其它422432(10)151.31.51.51.51,1051,40514331,7371,847存货周转率45.554.083.080.180.5资本支出1,552(426)611)总资产固转率030.30.30.30.3(182250其他2,716)(4,358)每股收益0.360.460.640.871.15(3,116)(4,1245,219)1.221.011.031.251.331,1575871316每股净资产2.673.303.974.845.99(1243415100其他1311,3972,03523.918.613.469.97.51,7372,3873351市净率322.62.21.81.4000-0-0EV/EBTDA16.810.994.6554(0)(221EV/EBIT16.013.26.95.3资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2