公司报告丨公司点评天风证券TF SECURITIES财务预测摘要资产负债表百万元202020212022E2023E2024E202020212022E2023E2024E382.9724080320263200423967417405.29400,31458.755298654024232.85492984447463310营业成本686.0932903309.04343153952766314.0639361675352(193)1391222291047569972531860135731销售费用12306002294其他14437909397.7411209管理费用5.67773020.02275327552356.171509820700.764796376376376372159172613391295固定资产25.56232921021874资产信用减值损失(23990(7.91(633)3.16)0.000.000000.00公允价值变动收益0000000000.00无形资产0.030000.00投资净收益10.461582813.74465其他12222717772207524其他452.16531140.008783154.181014210035452856.0365.912467851,758.741,733.971,609412296.63营业外收入4123712753.013401918237289营业外支出4058821604.78595126941625317484(35599)5428其他6283406634162556816所得税5576.51675553312472539578.78111589(24893)47.7555.7517.0216.603159000(14.96)035045136应付债券0.000.0040.51473054.39其他57392852227127.6634070090.10011744145.12120.981308.00840.32779.69123687403925.72260726522788202020212022E2023E2024E601.5760157601576015760157资本公积851.96851.96851968519685196营业收入-123%1460%15.50%(33363)(4797(42540-30459%-11543%2374%17.63%其他04☑6.781772713.75日属于母公司净利润-31348%-11732%1,15985918.42954.281,002971059.761,758.741,733.971,809412296.63毛利率-177%18822280%25.40%净利率-52.16%1012%1027%ROE-3141%-2621%436%48%527%ROIC-1925%-2084%678%462%19.90%202020212022E2023E2024E净利润(3586)(24893405147305439资产负债率5300%4497%612534230227227净负债率-145%-377%2803%-5803%4284%财务费用198020.1413384381295193202225197投资损失281)374(46速动比率094070营运资金变动608350.1234029)79856(109514其它256.160350451360831051120.9990.78849.230360.70资本支出13.40581总资产周转率0190230.27长期投资0000000.00其他172831.963.00)1106-0.74-0490.1026516.942813.744.85每股经营现金流019-0.601.79(1052☑(177.197997(2539433512361881541.621727205.00)104其他59690.00)000市盈率-15.18-2282131.7711285981554)74.96253.00)434.55市净率5987286.92655汇率变动影响0.000.000000000.00EV/EBITDA26342494973986058391599.9827.092540100.6188888620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