电太阳纸业(002078)HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度20222023E2024E2025E会计牛度2022A2023E2024E2025E12588121771371819087营业收入39767411614586650641现金2386200022796564营业成本33735345673846542291应收账款2233230325692835营业税金及附加178185229253其他应收款118118135销售费用153156197238预付账款664694767845管理费用1033106211471271存货5339514458556399财务费用834901925669其他流动资产1887191821302308资产减值损失5533-212035426370623668337588公允价值变动收益600长期投资256284309334投资净收益22140288742952626792256063033362341624861无形资产1767212425082901营业外收入39303030其他非流动资产4529512970738746营业外支出4资产总计48014492395040156675306836504189488617448143291070611636所得税251474620757短期借款81694246002817317535694129应付账款3915435547195235少数股东损益其他流动负债53645728598764022809316635594116非流动负债73928561977610991EBITDA211287521248611058长期借款66407799899910199EPS(元)1.041.131.271.47其他非流动负债753763778793负债合计24840228902048222628少数股东权益90991101222022A2023E2024E2025E股本2795279527952795成长能力资本公积3574357435743574营业收入23.7%3.5%11.4%10.4%留存收益16715198812344027556营业利润.10.0%19.5%14.9%16.8%归属母公司股东权23084262502980933925归属于母公司净利-4.1%12.7%12.4%15.7%48014492395040156675毛利率(%)15.2%16.0%16.1%16.5%现金流量表单位：百万元净利率(%)7.1%7.7%7.8%8.1%20222023E2024E2025EROE (%12.2%12.1%11.9%12.1%382491091122610160ROIC (%0.0%9.7%10.5%10.1%净利润2809316635594116偿债能力折旧摊销2112421073825515资产负债率(%)51.7%46.5%40.6%39.9%财务费用633912930677净负债比率(%)107.2%86.9%68.5%66.5%投资损失-22-140流动比率0.720.851.281.64营运资金变动-1754814-644-156速动比率0.380.440.661.02其他经营现金流4609237242074280-6121-5823-6987-6412总资产周转率0.830.840.910.89资本支出-4682-5827-6962-6385应收账款周转率17.8117.8717.8517.86长期投资.1446-30-24-23应付账款周转率8.627.948.158.08其他投资现金流73401803-3672-3961538每股收益1.041.131.271.47短期借款472-3923.42460每股经营现金流薄)1.373.264.023.64长期借款1248115912001200每股净资产8.269.3910.6712.14普通股增加10800估值比率资本公积增加1148000P/E11.0810.179.057.82其他筹资现金流-1173-908-915-662P/B1.391.231.080.95490-3862794285EV/EBITDA22.225.093.303.45资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告