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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E1230.03875.161.921262935495301.576,740.16755082829789633.921153.00494591393.116136营业成本3761.024.619505010.135.621596221925334155831781826024258263427354442.0747.1251161062401.748841530.42220273销售费用5068537834431375134656426其他4354192191393120141239122管理费用323.7633915390.93453052839.933288326,272898459.05研发费用1625714327211422323491583794.41794417944179441027(1731)(23.71)固定资产2464.592678272.476172274.07207197资产信用减值损失(13.75)25.00275.72260812608126081公允价值变动收益0000.000.00000无形资产734866011853435174.4118993180.0029000330.00其他19233180.73195182132820310其他(304000.000.004596.674,649.084394.594,1437566435622.07862517438.617,9374110,8514012323.68营业外收入66060225.005.00500115.00100002769011025营业外支出17415620.00161413.4938922168464873927307669216265386751993.22其他665.02620.05339278195289360051所得税81897602104.1012912138641,193.501273.673,851242,717.185873350.517634192781782234220008110.007347610769137423应付债券0.000000.00513.8650.0770233794.97853.59其他133255406539653010500540.7808421147165.0953.013,705302,77925403683960371045.671.09453114983120179202120222023E2024E2025E1015.611021151.021151021.15102115资本公积540.90567.90567.90567.9056790营业收入606%1113%1440%1203%3304.97426252489950-129%-631475%7.41%其他52.016.150000.00000日属于母公司净利润2222%7.05%2758%1319%737%5,873.856341.536.946.107,637388296857438.617,9374110.85140毛利率2906%2159%2557%25.02%净利率959%934%1053%1029%ROE1046%1039%1200%12.05%ROIC1454%1337%1422%202120222023E2024E2025E净利润58733550.51702337949785359资产负债率2101%2011%3479%32.75%256.0226789268942689426894净负债率-17.65%-2037%-1393%财务费用1337(1035)210230171231212投资损失(174410(290.00(330.00速动比率1451561231.75157营运资金变动(357.44(8267周(11.78)52545其它62346107691374236598188.0038300830.226074.61445资本支出828513278976810.96总资产周转率0750770730.72073长期投资11524(121430000.00其他1.0343☑103192899032904050054180.00290.00330.00每股经营现金流039-022134134.951947133512(372374815196351583)(1728☑(27834其他000000市盈率26.432469193417.091591(10041)3587(650,71)市净率2762562322.09192汇率变动影响0.000.00000000000EV/EBITDA12321120104819202(332351046.101047,7815.01167614.513261117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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