财信证券CHASING SECURITIES公司研究报告20214202242023E2024E2025E2021A2022A2023E2024E2025E2,2822.8943.6304.4515.3212,2823.6304.4515.321减：营业成本1.4671.8892.3872.9113,451增长率(%16.4726.8325.4622.6119.542028344250151301481582723505457545636745-37.65100.0159.6920.9224.141191311561782131.172.343.744.535.625574911131351.010.001.732.092.592192725每股经营现金流3.723.295.025.357.07减值损失-300销售毛利率0.360.350340.350.351销售净利率0.070.100.130.130.14公允价值变动损益0000.170.270350.340.3400000投入黄本回报率ROIC0.120.230240.280.31170341439590756市盈率PE)105.5852.7933.0527.3422.02加：其他非经营损益00000市净率PB)18.2314.0211.419.327.59167333532643799股息率（分红股的0.010.000.010.020.02133147582021A2022A2023E2024E2025E1543024865867284045毛利率35.7134.7234.2434.6135.1415130148158272328.2920.6320.0518.8618.322021A2022A2023E2024E2025E8.24%11.81%15.4115.0215.3313520336344553213.9116.9619.7219.3019.460000销售净利率6.77%10.4313.3813.1613.68258287377455547911141721ROE17.2726.5734.5334.0934.46存货259453523658772ROA7.24%12.2816.1917.2219.37249895128148ROIC12.0323.11%24.3327.6531.13001001602100000057.5653.2352.5448.8543.10000067.9972.1068.9367.5064.861,0661,1021,1701.1911,15644.3947.5840.8633.4818.46无形资产和开发支出195200228250268流动比率0.580.920.961.111.32135991047578速动比率0.290.340440.490.592.0822.4552.9743,3803,732股利支付率85.820.00%46.1346.1346.13短期借款52847251445823514.18100.0053.8753.8753.8700000资产管理效率应付和预收款项5795407618961,0751.101.181221.321.43长期猎款315012595622.253.023.724.234.928714516320323611.5217.9315.1215.9515.671,1981,3071,5631,6511,608存货周转率5.664.174.574.434.471291291291291292021A2022A2023E2024E2025E368385385385385EBIT188.10341.67559.37668.37815.913756218801.1941.583EBITDA317.44490.65715.81859.051.03538731,1351,3941,7082.097NOPLAT176.64327.08430.51566.77710.231113172126150.74301.49481.47582.20722.74股东权益合计8841,1481,4121,7292,123EPS1.172.343.744.535.622,0822,4552,9743,3803,732BPS6.798.8210.8413.2816.3现金流量表2023E2024E2025EPE105.5852.7933.0527.3422.02经营性现金净流量478424645688909PEG-2.800.530.551.310.91投资性现金净流量-322-251-252-227-216PB18.2314.0211.419.327.59-205-233-379-606PS6.985.504383.582.99-49761608287PCF33.3037.5624.6723.1317.51