国联证券公司报告|年报点评利润表202120222023E2024E2025E202120222023E2024E2025E26923895374857498090906210149119731352751343886210171149营业成本317753476308744983191835税金及附加182837914051176212125052797营业费用54105124141其他30844852484948684884管理费用7361032103811811380771210376116101417416960-2614-17-24长期股权投资000-8015701840210225543170公允价值变动收益83-140004567859901028//800投资净收益108434343无形资产208301271240210其他1224202020其他非流动资产207550550550550271627113255372624413476391243724730管业外净收益4101531385215523185462169016892713271537293611239000所得税208336333400458应付账款+柔据1702265133833995、44611479237823812858其他102310111639C1843少数股东损益06221252830864901477156336304147923162361283432432111长期应付款000●00其他106134134134134202120222023E2024E2025E10813513513513531945037490757696439营业收入63.12%63.29%12.0017.96%12.98少数股东权益0137157182211EBIT149.35%57.784.07%18.84%14.27%465650650650650EBITDA110.76%53.90%19.72%15.79%资本公积21551979197919791979归母净利润151.28%56.53%1.9420.04%14.43%留存收益43406049782999661241188151061615251毛利率42.76%40.99%37.78%38.501385215523185462169026.66%26.24%23.87%ROE21.26%22.57%22.50现金流量表ROIC69.86%106.58102.91%104.60%202120222023E2024E2025E佳债能力净利润14792378238128583271资产负债31.46%36.3631.6131.10%29.69%226284264340443流动比率2.52.12.42.52.7财务费用-26-9214-17-242.01.92.02.02.2-641229-945-384-292-256302-27229922610.820.711.811.811.8其它628-1749113492582.34.53.03.03.014102927235234463881总资产周转率0.50.70.70.60.6-213-495-700-800-723-1997000每股收益2.33.63.64.45.0其他54903535352.24.53.65.3-2403665-765-76510.713.316.119.423.1363877-1239018600013.28.48.36.96.0其他-205-967-594-680-7732.82.21.91.51.315995-1833-680-773EV/EBITDA7.14.33.92.81.9683633-14720002342EV/EBIT8.04.74.33.12.12请务必阅读报告末页的重要声明