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国联证券位万元202120222023E2024E2025E202120222023E2024E2025E1,1455,5044,1113,6063,5649,2721218315,57119,14522,853542371,1591,383营业成本7,22112,15314,84517.62792101125税金及附加105291542,4143,1374.0104,8985,815营业费用8731,1211,3781,645其他167835911957管理费用4074354985846634,36110,29210.031财务费用●1-7531长期股权投资09资产减值损失-46322,9093,3493,8264,785公允价值变动收益2000在建工程3162,3823,379414141无形资产500703586351其他3724272624其他非流动资产6851.0791.0601,0411,0411,3401,73922482,7904,4115.9017,8639,68211,319营业外净收益87378,77116,19417894●20,3818791,4271,77722852,82725648900所得税1933093935056251,6521,6702,1352,6083,0966871,1181,3841,7802,202其他12431,7042,1672,651○315110133,1503,8634,3025,2586,2471,10113741,7672,187长期带息负债1464157314长期应付款00000其他331428428428428202120222023E2024E2025E477432585688742成长能力3,62842954,8875,947营业收入33.12%3139%2782%22.95%少数股东权益70220230258EBIT1205%53.55%3130%23.98%244293293293EBITDA93.73%35.63%28.12%24.64%资本公积2,4208,0248,0248.0248,024归母净利润13.00%61.37%2480%28.62%23.73%2,4093,3625,8747.6235,14411,89913.0081443416,1982212%21.96%21.95%2287%8,77116,19417,89420,381净利率7.41%9.17%889%9.30%9.64%ROE1345%9.43%10.75%12.45%13.72%现金流量表ROIC20.68%1880%1823%17.61%1765%202120222023E2024E2025E净利润6871,1181,3841,7802,202资产负债41.36%26.52%2731%29.18%30.14%0354538681流动比率1.382332.031.90财务费用12310.561.801341.040.91723-723873-918营运资金变动0-134-204-216-22417.1416.5416.5416.5416.54其它8658608759042.993033.033.033.0301,4031,70322292,831总资产周转率0.750.870.940.99资本支出749-2,500-2.500-2,500长期投资662-3,73302.333754.696.037.46其他12986る13每股经营现金流0.004.785817.609.65216-4,795-2,487-2,48717.3043.5754.35债权融资5409010353800065.1040.3432.3225.132031其他4575282-273-3518.753803.483.132.79-765,421-609-247EV/EBITDA25.36179814.3611.652942.029-1,393-505EV/EBIT31.99234318651521请务必阅读报告末页的重要声明
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