2022A2023E2024E2025E2022A2023E2024E2025E36,84256.00678.304102,149142,423158.033192,654224.0746.9525,1994,843营业成本88.060118628151,323178.107预付账款1,4871,7792,2702,672税金及附加9116658551,08611,00311,90516.01420,192销售费用1,4352,2122,8903,3615981,4952,2782,058管理费用7,8687,9029,4407,843其他流动资产19,22721,87226,17829,155研发费用1,4641,8962,8904,481流动资产合计75,51196.761127,608159,14892-428-549长期股权投资391391391391-136-15-15-1553,29248,14143,58439,559-2,212-48-70-703,7523,8523,8523,752-1319无形资产2.4562,5722,7922,870-421260390150603603603603397397397397其他非流动资产9,2409,1899,1509,05439,57427,21126,35930,17469,73364,74860,37256,228营业外收入31313231161,509187,981215,376营业外支出1,2665001,0001,0008800038,3392674225,39129,20519,87028,47136,77243,814所得税5,9664,1613,9514,5443631622428232,37322.58121,44024,6615,4062,8453,4684,0332,9361,6081,850其他应付款2,1432,1432,1432,14325.72719.64519,83222,8118,8158,9759,7479,238EPS(按最新股本掉薄)5.714.364.415.0736,35742,75052,35359,51015,40915,45915,39915,46910,27710,27710,27710,2772022A2023E2024E2025E9,9559,9559,9559,955成长能力35,64135,69135,62135,701124.3%11.0%21.9%16.3%71,9997B44187,97495,211253.9%-31.2%-7.0%14.8%归属母公司所有者权益60,79767,68583,015101,324归母公司净利润增长率213.4%-23.6%0.9%15.0%12,44815,38316.99118,84173.24583068100,006120,16538.2%24.9%21.520.5%145,244161,509187,981215,37622.7%14.3%11.1%11.0%ROE35.1%19.8%19.0%ROIC26.0%21.2%20.8%2022A2023E2024E2025E43,81828,33146.8%44.2%38,24828.74626,53029,1522.12.32.42.7-5,320-902-4.110-4,1781.82.02.12.3经营性应收影响-1291,509-64-470经营性应付影响3,0768,818,2097,1001.01.01.01.0其他影响7,943-5,431-3,531-3,274应收账款周转天数5-20,806642存货周转天数353337-14,705-1,139-1,181-993股权投资650005.714.364.415.07其他长期资产变化-6,1664975879.737.296.016.299,246-12,996-4,144-3,873每股净资产13.5015.0318.4422.5112,272-38-7080股利及利息支付-5,059-6,308-5,998-5,998P/E992,032000P/B3322其他影响1-6,6501,9242,045EV/EBITDA21283128华证研究所