民生证券INSHENG SECURITIES中兴通讯(000063)/通信公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入122.954132.947143.077161,871成长能力(%)营业成本77,22882,02088,50899,608营业收入增长率7.368.137.6213.14营业税金及附九加9511.0641,1451.295EBT增长率26.2225.9611.8920.40销售费用9,1739.97110.44511,736净利润增长率18.6023.5914.2323.02管理费用5,3335,7176,0096,799盈利能力(%)研发费用21,60223,93025,46828,489毛利率37.1938.3138.1438.46EBIT9,39911.83913,24715.950净利润率6.577.517.978.67财务费用163-190-526-908总资产收益率ROA4.475.085.486.19资产减值损失-1,190-1.416-1,440-1,433净资产收益率ROE13.7814.9414.9815.98投资收益1,0871,0641,002971偿债能力8,79511,67713,33516,396流动此率1.761.851.941.99营业外收支-43-45-48-50速动比率1.021.111.21132利润总额8,75211.63213,28716,346现金比率0.720.800.890.99所得税9601,7451,9932452资产负债率(%)67.0965.5963.0961.04净利润7,7929,88711,29413,894经营效率归属于母公司净利润8.0809.98611,40714,033应收账款周转天数52.7055.0054.0053.00EBITDA13,78516,48818,34621,512存货周转天数213.79210.00198.00175.00总资产周转率0.700.700.710.74资产负债表（百万元）2022A2023E2024E2025E每股指标（元）56,34666,26776,07791.677每股收益1.712.112412.96应收账款及票据17,75119,63220,76523,081每股净资产14.1116.0818.54279656664697每股经营现金流1.602.854.095.1245,23545,77446,57246,324每股股利0.400.440.500.62其他流动资产18,26221.48321.86923.183估值分析流动资产合计137.874153.813165.947184,964PE22181613长期股权投资1,7541,7541,7541,754PB3.12.7242.1固定资产1291313,13013,23013,327EV/EBITDA12.369.938.296.35无形资产7,3428,0228,2188,406股息收益率(%)1.051.161.321.62非流动资产合计43,08042,73342,28441821资产合计180,954196,546208,231226,784短期借款9,9629,9629,9629,962现金流量表（百万元）2022A2023E2024E2025E应付账款及票据29,70531,12232,97836,705净利润7,7929,88711,29413,894其他流动负债38,75742,1174276946,119折旧和摊销4,3864,6495,562流动负债合计78,42483,20285,71092,786营运资金变动-7744-4.11056长期借款35,12637,44337.44337.443经营活动现金流19,37724,233其他长期负债7,8618,2668,2318,191资本开支-4,505-4321-4737非流动负债合计42,98745,70945,67345,634投资2,556-1800负债合计121,410128,911131,383138,420投资活动现金流-1,291-3247-3,766股本47364,7374,737171000少数股东权益90280369055154063,369-1,7160股东权益合计59,54367.63676,84888,364筹资活动现金流1,455-6,248-4,867负债和股东权益合计180.954196,546208,231226,784现金净流量8,0019,9219,80915,600资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告