附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E2143626847178513689252973541706518365508674146854899341759176882739342649营业成本353473767734767352103571230853685199536482191营业税金及附加29283385347135373614其他应收款261254509204502443415524539548预付寒款22427130425831431153543366437173807存货39052192402021064084研发费用8581223113312161211其他流动资产40272854333432833232149311569988574257206368891663466499562689-201-27000035703687380439204037178134146147固定资产39986377403701136689351790-000无形资产2208121681211982071520231359347000其他非流动资产64265783433436713241610009349995738819710188811566210486180082108422484233783419329306102341225510299营业外收入13810411111326671726172617261726营业外支出307142186191181应付票据及应付寒款1796714802001025618004210022240323309其他流动负债13559127788507105298573所得税31514770629565586790248132334416169159931520471041323414707158451651997848790739662594987少数股东损益20032512279130073135其他非流动负债150291455487729734102175102107221191612838133845900652651264022824925503EBITDA1473522078242692570026304864310047128391584618981EPS(元)0.982.062.292472.57股本40974097409740974097233337543754375437542021A2022A2023E2024E2025E1852724044343394543056994258503304044955577937117760.520.30.52.91.79349995738101888115662향业利润(%)235.271.717.16.64.0160.8110.211.17.74.334.742.246.947.847.913.120.322.523.524.12021A2022A2023E2024E2025EROE(%)20.630.725.421.518.3149721691513482287717811ROIC(%)17.936.129.837.340.9净利润7104132341470715845165193981388333153490364763.155.031.427.722.114931156998857425净负债比率%)57.418.614.6-15.6-359-34700流动比率0.60.91.73.05.12424-1670-176732685-2780速动比率0.50.82.74.6其他经营现金流329659000-5576-1765-770-2140-13410.70.70.70.70.6资本支出2181181265420231224应收寒款周转率28.023.123.123.923.500-117-117-117应付寒款周转率2.65.20.00.0其他授资现金流-339548000-5914-8987-10481-1032-12140.982.062.472.57-2238-9400002.883250264.403.421744-994-1394-1137-12724.976358.6411.1113.680000019881421000P/E10.74.64.24.1其他筹资现金流-7408-8474-908710558P/B211.61.20.90.834836164-99031970515256EV/EBITDA4.82.82.61.81.3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