民生证券MINSHENG SECURITIES中航沈飞(600760)/军工公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入41598531076619880188成张能力(%)营业成本37460477795955372136营业收入增长率19.9327.6724.6521.13营业税金及附肋加206252314380EBT增长率41.4432.7025.3021.65销售费用18222833净利润增长率34.5526.6725.0021.98管理费用894111913741647盈利能力(%)研发费用74090711361376毛利率9.9510.0310.0410.04EBIT2313306938464678净利润率5.545.505.515.55财务用-289-265-336-425总资产收益率ROA3.923.974.034.11资产减植损失-246-44-65-79净资产收益率ROE17.9519.6821.0821.93投资收益00偿债能力营业利润25993291411650241.171.161.161.17营业外收支12121212速动比率0.590.580.580.58利润总额2611330241285036现金比率0.510.500.500.51所得税298373466568资产负债率(%)76.5078.5279.7680.32净利润2313293036624467经营效率归属于母公司净利润2305292036504452应收账款周转天数30.4830.3330.1830.18EBIT DA3103387947575694存货周转天数118.61118.61118.61118.61总资产周转率0.680.800.810.81资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金22498284123581843560每股收益1.181.491.862.27应收款及票据3488432153596492每股净资产6.557.578.8310.36预付款项13242177342210426775每股经营现金流1374.044.945.32存货12172154821928623361每股股利0.400.600.750.91其他流动资产63707887估值分析流动资产合计514636601982646100275PE48383025长期股权投资76767676PB8.67.56.45.5固定资产4084437045784786EV/EBITDA28.5621.3215.8211.86无形资产1031103010301030股息收益率(%)0.711.051.321.61流动资产合计7329761578248037资产合计587927363490470108311短期借款10101010现金流量表（百万元）2022A2023E2024E2025E应付款及票据19227244013026236656净利润2313293036624467其他流动负债247133237240855492917908099121016流动负债合计43950567837112785957营运资金变动-438404349214700长期借款100100100100经营活动现金流26787928969010420其他长期负债929930930936资本开支-1058-1076-1103-1212非流动负债合计1029103010301036投资-75000负债合计44979578147215786994投资活动观金流-1289-1076.1103-1212股本196119611961196183000少数股东权益9769869991014债务募资-140-50股东权益合计13813158201831221318筹资活动现金流939-1180-1467负债和股东权益合计587927363490470108311现金净流量706591374067742资料来源：公司公告、民生证券研究院预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告