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中泰证券ZHONGTAI SECURITIES公司点评图表1：盈利预测（百万元，以2023年4月21日收盘价计算）资产负债表单位：百万元利润表单位：百万元会计年度20222023E20242025E会计年度20222023E2024E2025E货币资金56,34679,89296,727113,413营业收入122,954141,500157,400172,300000营业成本77.22889,17398,399107,40317.75114.95116,40918,371税金及附加9511.0071.1401,269279322355388销售用9.17310.40011.55312,57845.23544.58749,20053,7025.3335,7316,4536,8924.85110.26110,13110,07321,60225.11628.17531,01418.26227,12228,34729,509163778701622137,874166.873191,037215,383-369-357-332-3534.9595,2915,601-1.190-974-1.228-1,1311.7541,7541,7541,754-1.14250050050012,91311,55110,4369,5341.0871,1861.2791,184在建工程9641.0641.0649641.8931.9171.9171.9097.3428.8159.62610.508营业利润8.79511.68913.23714.716其他非流动资产15.53415.53415,53415,534营业外收入196228225217非流动资产合计43.08043.67743.70543.895营业外支出239437368348资产合计180,954210,550234,742259,2788,75211.48013.09414,5859.9629,9629,9629,962所得税9601,2631,4411,605应付票据10.63013.86015,07216,1677,79210.21711,65312,98019,07524.72427,57730,423-289234-3600008.0819,98311,58513,01617.70020,37022,65824,803NOPLAT7,93710.90912,27713,534其他应付款2,8272,8272,8272,8271.712.112.452.75一年内到期的非流动负66266266266217.56818.99321,12422,542流动负债合计78.42491.39899,883107,386会计年度2022E2023E2024E2025E35.12640,12645,12650,1260007.4%15.1%11.2%9.5%7.8617.8617,8617,86137.5%12.5%10.2%非流动负债合计42.98747.98752,98757,98718.623.5%16.1%12.4%负债合计121,410139,385152,870165,373归属母公司所有者权益58.64170.02980,66792,73637.2%37.0%37.5%37.7%9021.1361.2056.3%7.2%7.4%所有者权益合计59.54371,16681,87293,905ROE13.614.0%14.2%13.9%180,954210,550234,742259,278ROIC9.7%11.3%11.1%10.7偿债能力现金流量表单位：百万元资产负债单67.1%66.2%65.1%63.8%会计年度2022E2023E2024E2025E90.0%82.4%77.7%73.1%7.57820.70113,8671.81.81.92.012.01313.50114.82115.997速动比单1.21.31.41.5-8.918648-4,613-4,5021.2763.731-263-8640.70.70.70.7经营性应付影响-4.1818.8794.0663.94052423636其他影响7.3B8-6.058-726应付账款周转天数95889697-1.291-431-384-590存货周转天数190181172172-4,373-2.717-2.163-2.274每股指标（元）690001.712.112.452.75其他长期贵产变化3.1512.2861,7791,6841.604.372.932.921.4553.2753.3523.43112.3814.7917.0319.585,9175.0005,0005,000估值比率-3,688-3,290-3,534-4,000P/E21171513股东融瓷1710P/B22其他影响-9451.5651.8862.431EV/EBITDA197173157145-2-请务必阅读正文之后的重要声明部分
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