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国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E230.17181.97247.80358.66347.0544526674.701,025.511,483.2069.07127.89139.39211.85306.41营业成本106.5913480189.11270.20380.10预付账款4.617.239.1513.9020.112.983.755.608.5212329724179.81215.72308.22433.59营业费用72.9513181136.29206.13296.64其他59.17473.69484.27505.5253325管理费用119.76180.89232.77348.67499841,018.781.030.501,287.311,652.021.90-0.19-0.34-0.77长期股权投资6.743.233.634.03444资产减值损失-4.07-645-9.51-14.45-20.90160.96192.56222.33240.97197870.030.000.000.00在建工程3187115.3744.3033226.112662.662.66无形资产62.1264.7170.5973.1455.6918.033.768700.41其他非流动资产114.58109.8710517105.1757.77185.39277.25352.33441.52521.80467.60396.38-0.065.621.701.701.701,349241,460.311,552291,754.9157.7116.98114.67187.09278.950.000.00000-2.06-8.1112.8420.58320815.3949.9749.8971.281002759.7725.10101.83166.51246.87其他43.6080.4686.16124.62176292.7433813.7222.43332658.98130.44136.05195.91276.5757.0421.7288.11213.615.6412.079.66483长期应付款0.000.000.000.00财务比率其他25.7435.9635.9635.9635.96202120222023E2024E2025E31.3748.0345.6143.2040.7890.36178.46181.67239.1031735营业收入31.82%5153%52.00%4463%10.2613.8427.5650.008326EBIT135.15%-8189%960.48%63.13%48.96%133.34133.34133.34133.3413334EBITDA75.35%-48.43%290.71%49.68%3385%997.011,018.641,018.641.018.641,018.64归母净利润208.16%-6193%305.75%63.52%4826%1182716.02191.08313.83495.811,258881,281.841,370.631,515.801,731.0569.29%69.73%7197%73.65%7437%1,349.241,460.311,552.291,754.912,048.4017.22%5.64%15.09%16.24%16.64%ROE4.57%1.71%6.56%983%12.96%ROIC15.56%-082%15.03%20.00%26.16%202120222023E2024E2025E净利润59.7725.10101.83166.51246.87资产负债6.70%1222%11.70%13.62%1549%折旧掉销27.0533.9060.1374.60716216.907817.576.575.971.90619-0.19-0.3414.976205.664.654.053.8582.5735.92-1253730.02114.22-54.30-131.13-173.19应收账款周转平5.023.484.934.934.93其它94.8634.8591.18123891.100.750880886089-49.13106.40108.32143.05总资产周转单0.300.430.580.72资本支出8889-68.55-140.00-20.000.00长期投资46.000.000.000.000.430.160.661.08160其他0.60-2.150.661.07-0.370811.07-135.50-460.35-139.34-19.081.07每股净资产9.369.5110.071236债权融资5.66.43-241-2.41-2.41股权融资662.1021.630.000.000.00152.42400.3598.6760.3440.70其他-62.55-12.8530856.966.475.93528658.79-15.27-23.40EV/EBITDA49.321819045.8131.232324584.76-543.8848.206583110.8571.70753.0771.3943.7129.22请务必阅读报告末页的重要声明
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