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中泰证券ZHONGTAI SECURITIES公司点评单位：百万元20222023E2024E2025E20222023E2024E2025E17,85522,60628.35234.96232,17234.53536.53238.48155520,31821,10521,44021,980应收账款1202852692482,3912,4802,5322,590预付账款282293297305销售费用4,2004.5244,7494,9644.1524.3134,3824,4921,4731,5891,6441,732000研发费用637175其他流动资产9,58910.09710,52510,944-421-400-40032,00237,59843,83150,95611111111其他长期投资29292929资产减值损失-26000长期股权投资36836836836816415015015010.99610,77410,676170170170170457457457457543540540540无形资产2,5582,5242,4942,4665,0016.0417,3668,411其他非流动资产3,9023,8983,8953,8922020202018,30918,15618,01617,889营业外支出1510101050,31255,75461,84768,845,0067,3768.421225225225225所得税1,2011,4521,7702,0211982062092143,8054,5995,6066,400应付账款3.4643,5983,6553.74794114139158预收款项00003,7114,4855.4676,2428.9099,56410,11710,657NOPLAT3,4854,2945,302其他应付款002.723.294.014.58一年内到期的非流动负49496.8267,1477,2937,52519,67220,78921,54822.41820222023E2024E2025E00000006.6%7.3%5.3%其他非流动负债4.3684,3684,3684,3688.3%23.2%23.5%15.0%4,3684,3684,36817.6%20.9%21.9%14.2%黄债合计24,03925,15625,91626,786归属母公司所有者权益25.49529,70734,90140,87136.8%38.9%41.3%42.9%少数股东权益8911,0301,18811.8%13.3%15.3%16.6%26,27230,59835,93142,059ROE14.1%14.7%15.2%14.8%50,31255,75468,844ROIC19.5%20.3%21.0%20.4%单位：百万元47.8%45.1%41.9%38.9%20222023E2024E2026E17.7%15.2%12.9%11.0%4,8795.3417,2001.61.82.02.34,4615,3956,3897,1711.41.61.82.1-659-110经营性应收影响-27-17711130.60.60.60.6经营性应付影响3641426097应收账款周转天数123其他影响740141-5629应付账款周转天数58606161-2,199-718-718-7186872733-1,696-1,048-1,047-1,0460002.723.294.014.58其他长期资产变化-5013303293283.583.924.645.28-1,67612812812818.6921.7825.5829.96-20000股利及利息支付-1,576-358-432-491P/E35250000P/B6544其他影响-80486560619来源：中泰证春研究所请务必阅读正文之后的重要声明部分
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