附：财务预测摘要2021A202242023E2024E2025E2021A2022A2023E2024E2025E4147469954166668775847775545690486961058922592187272334294176营业成本286534884488561767873321310营业税金及附加1419152129其他应收款4792111130150预付寒款87121218106142159191244存货10721518181523562683研发费用9041185124316431980其他流动资产45483483483483418-148143628910116610951118119823-113000923182022固定资产238253414491417无形资产18014958535159232833其他非流动资产4477125845800050565865651177868956847722110914341086837589789548营业外收入000000212155营业外支出01应付票据及应付寒款411084772192111081433其他流动负债476427377383393所得税19-1120206296968287328941088141400000少数股东损益1613其他非流动负债9696969681272789110811401114993685885644EBITDA9579021076118814363338414962EPS(元)1.951.752.172.63337股本411413413413413221724682468246824682021A2022A2023E2024E2025E13012027285239185298归属母公司股东杖益38754894578468538250营业收入%)74.516.124.525.921.8负债和股东杖益5056586565118956향业利润(%)595.5-14.827.720.329.3606.8-10.522.621.329.640.037.135.035.435.917.013.112.912.413.2现金流量表（百万元）2021A2022A2023E2024E2025EROE(%)21.214.815315.817.0经营活动现金流5775146991163ROIC(%)19.213.313.713.915.6净利润828732894108814141782472181509622.715.910.11.47.236净负债比率%)-55.6-42.043.047.759-2323-28-33流动比率3.814.2-703-583-541334速动比率2.83.76.05.49.1其他经营现金流179427668授资活动现金流-992-240-116-138-1341.11.01.21.326328914016516817.223.90.00.00.0-760789应付寒款周转率5.66.821.90.00.0其他授资现金流3142筹资活动现金流60-74-49-311.951.752.172.633.3700212194-2511391281241.682.80000093311.7813.9316.5019.8700015225100P/E42.947.938.631.924.9-150-193-286-243220P/B9.07.16.05.14.2-436340324513998EV/EBITDA33.635.329.326.120.9数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明