附：财务预测摘要2021A202242023E2024E2025E2021A2022A2023E2024E2025E20393063349740461788201224743016350266781012141410营业成本64874992311051251192634营业税金及附加253294362441512其他应收款41181511278420433528588预付寒款91117180217247287322存货13271512198922022543研发费用475053其他流动资产133030-74017341710203023852660-0-0000101321固定资产1490144317302064233400无形资产18319919200204-000其他非流动资产60612312600037734095509358826706401314595750751905148418312064营业外收入1205368601048营业外支出1113121212应付票据及应付寒款144209233390303448739其他流动负债63176766762783所得税65243558403945443252794135386810066502其他非流动负债39393939325280414540684792944153018762109EBITDA4765397199080105EPS(元)0.640.550.821.07135股本5075075075078718718718712021A2022A2023E2024E2025E160317220752482301829813150356440094602营业收入%)3.312.523.021.916.137734095509358826706향业利润(%)-7.7-21.746.129.726.0-2.0-13.747.830.526.563.762.862.763.464.318.213.916.717.919.52021A2022A2023E2024E2025EROE(%)10.98.911.613.414.8279319494560ROIC(%)13.310.813.015.016.5净利润3252794135386811061079812214621.023.130.031.931.47-1328净负债比率%)-21.4-24.7-8.4-7.50流动比率2.72.61.92.0-159-54428-193-307速动比率0.90.90.70.70.7其他经营现金流1504194764210.50.50.50.50.6资本支出5857420477422应收寒款周转率209.3256.5256.5256.5256.50-1111应付寒款周转率3.95.75.75.7其他授资现金流000-138-121-19-124-1310.640.550.82107135-1005363241880.630.170.971.100005.886217.037.909.070000000000P/E39.145.430.723.518.6其他筹资现金流-128-121-562448-318P/B4.34.03.63.22.8107142-106EV/EBITDA25.430.922.817.213.6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2/4