国联证券2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E574656238411905174119672378289335265036007258821076营业成本12201259151318262193预付账款323246营业税金及附加101617109118143171营业费用138175202246300其他793620634647662管理费用22326531638545820112006175321292870●-121462长期股权投资00000资产减值损失-19-14●-12-181206139815851935199115-200180333466275250171914g14无形资产350363291218145色29342727其他非流动资产4106345935905872042813385732147272829342972-4-2-24158473546875145584320028043457120154200所得税333947573831997167241289373491其他337279369●44312710651394108312001440167229283364479长期帝息负债8515666长期应付款000其他1551751751751752021A2022A2023E2024E2025E24033130627524113051726138914751681营业收入40%13%21%22%22%172197203212223EBIT-23%56%21%30%股本484486486486486EBITDA40%4521%23%资本公积16611677167716771677归属于年公司净利润-15%37%23%29%32%535649932129617762853300932983671416230%37%473546875146584310%12%13%ROE9%12%ROIC12%13%11%13%2021A2022A2023E2024E2025E167241289373491资产负债31.40%36.4529.63%28.67%28.77%1812223944675451.891.441.621.771.99-121419621.731.321.441.581.79-130-748-535-576-5766425135795695.764.554.554.554.55其它11-12-12-1211.2212.8112.8012.8012.8030838066983610180.420.420.510.560.60422729600550500长期投资-13000.340.470.580.750.99其他-870-1411-1188-1088-988每股经营现金流0.630.781.381.722.10594695588538488每股净资产5.525.796.377.128.11债权融资237412-480-119-35股权融资010007857463627其他-382-133-19-64.947423.83.3-145280499-125-36EV/EBITDA34.7017.3817.2514.0110.96-434-38-418173494EV/EBIT68.0730.5236.3728.8721.40请务必阅读报告末页的重要声明