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公司报告ㄧ季报点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金4032.423996305.455751255923118478037,714.5947,050.127.207.178.111016338.64965689营业成本239573725.69250282923531.108.07339914127535248675666237230营业税金及附加1772520832232242728930209存货3974.555.170815272.61630040销售费用5424.056334747.093848097338.75007其他773811,192401296821213481248781456.771.646751.90106175878620,178.8426,0329329,39087研发费用979.641.015971330.101.505601.640.64984.93财务费用7826105867172944固定资产3077233981654.754435.480.05609890资产信用减值损失-16.91-1600-2000在建工程1582.13873.16559903839425036公允价值变动收益0002847220无形资产2233.452921422.678012434.60219119投资净收益-9631-14156-12.00680-3240其他3632.064189.033,893633,99085401229其他93.47201485.791510100.4011509.7913,6243413535.0513,948511421813061454340.2031,1922033,713.0039,9814343,612.69营业外收入7617.607.60637123784947522.000002000.00200000营业外支出308637943483348334614519.695.90245.199406982.006498853,031124312.975,410.61其他3508.07330296333694412758378156所得税489.9149850601.75748309387410,1528110,5363413.1095812290.412338.832532.633.05722447187133.18105146150.00170.001500037003341403347.035899应付债券0.000000000.002499.213,016883517.64441289其他650.3156615675.9813117225278949716.15845.98834.5412.015.76112524913,9555713114.95361.946388574488202120222023E2024E2025E1754.001.754001754.00175400资本公积222387241223241223241223251%912%1196%1143%10.70%148773317.017.12200683523585.992799887-1786%720%2041%17.7%2531%其他-2277.64-2.41223-241223-241223-1839%2071%1660%25.45%16,9413222,4612026,0258730497,7426,998.4031,1922033,713.0039,98143毛利率3059%3300%34.74%净利率656%663%714%ROE1388%1382%1483%ROIC1902%2012%2034%2041%31.56%202120222023E2024E2025E净利润2338.632532.633.016883517.64441288资产负债率3725%3852%3338%3491%30.07%515.60446044949054070净负债率-1423%-964%-1404%3127%财务费用843010039105867172944流动比率1671731921.99239投资损失52.91115.621200-6803240124129159营运资金变动-224031-1.755803793.91-489182其它-720231244.163044486861195505535516512391851855.427,920.0516480891749.01900资本支出2321.70907.496913178401总资产周转率13513012125长期投资674.150000000.00其他-379056-543145-159163-1485.651311722.01252674.15-79434-824.971811364.52债权融资162128214681230330235180231098105912.44144543612191-7150-922其他-217528-2147.03-230353-2352.02市盈率3137288923.9320521636-7645278.182323-5026市净率4353893312430.000000.000.00166416.061238102641562-153.461459.457,10248-71043191517.9413751127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
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