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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890719191043.412002107127859581281305.43130355.80328593.99420,12934496,258302521738433718981581.6577.0030996.093.72262.04961325995.15380.13386460.041626466.441584329119104720452.4118.71346营业税金及附加48653907.481050321240651.44233存货100813.6210435522销售费用11.0994013024.0114897.751802906其他167022642511802417296334435334.92155管理费用6.978679.428911141841387559.99354384.09516298.76研发费用7.69143155104519746.082233162264426310943.031759521294679289913735.00548财务费用(641202.90000(4000.00)(5400.00)固定资产41275339541481107.429.9512088442资产信用减值损失(3973.17)3.000.00(2500.00)(3000.00)在建工程30998.16465313660,125.03公允价值变动收益000400240.000.00000无形资产4479.619539.96115100914055281581791投资净收益1232.702514544000.005.000007.00000其他42223.7961.6138433447.1435283.413091849其他91523)0.00129931,92213,21749209850.19245,8850419823.7336,821.98558112074735.52600,9523556423428760,77806789759.03营业外收入183.04159431001.0010012123.0614.415.401200001400.00150000营业外支出119.6430855214.10654654107.190.04220764.442023411033212629288502.6219,887.1336,6728655,598.10747299892,989.22其他184938239136.79940496792214.7085,12252所得税2026.403215715003836576247.43914137808.92273316.83297590.78425,740.99375125.1433,457.1468153.7485550.0822119.0959.099361.000001100.001200001929412.727986.13384752841应付债券15855.0519,177891647173171632217.60595159313230,729.16其他27.725.7250.004.52299087835879.68652125818852539319465,69985128,281.77473805154,147.9057,403.61215,044.69424.043.19344,97128432528.758108.9012427.9116459102855426202120222023E2024E2025E23305244251439629439629439629资本公积43163.7089904378890437899043715906%15207%2786%1812%21.10%35253.9464.457.061052168816012.98229195.4218484%5157%3391%24.43%其他3764.788677314286365576.1561799418534%9289%3471%176.909.1621926300357,23028600,9523556423428760,77806789759.03毛利率2628%2023%2241%23.45%净利率1222%935%1096%1250%ROE1885%2270%23.74%ROIC11773%22284%21404%441152%202120222023E2024E2025E净利润33.457.14460407962019.90资产负债率6114%54.77%6346.5913.09116179829519695.752159590净负债率-3925%-80.95%-7155%财务费用158033(2900.00)4.00000(540000流动比率119131119121投资损失304494(4000.00)5.00000(7000.000921050960.97110营运资金变动8639.4763296414306751其它21359.178096264.5534861338475284156275875842,908.0161,20884124,973.63121,917.0045954.03489578586资本支出45655.7453995.975752649418788644.79397总资产周转率0720.75长期投资6135.966646.175351586044.57601411其他10557270(12478198(9082233)(913455☑65225393194(53,78106)(64,13984)(33,256.01042,89890)(40,53744)1757250651.1749,9226.1523949.079.145894.5765019934.60673446.13589174764850.7343.016.91(8240.43)(920897其他73445498296☑0000.000.00市盈率32191595126882,286.43(633.00)市净率11.706015420.000.000000.000.003681125020.67131112,7855379335439,1673078385102709.624436153627.0319941615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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