国联证券2021A20222023E2024E2025E2021A2022A2023E2024E2025E795338624314088611852998824160643183003208254237065272370应收账款+柔据3299391344045013营业成本119723147775166535186748211647118673952121371381615874税金及附加96817785107041113513396417636411549441711471737509175营业费用39144081474855246483其他140723149531177799202366232469管理费用22612438300033033782653058655187776937811461862101财务费用●20061960735462664577长期股权投资61561746447762779118资产减值损失)339105045-5413-62201146912948157242044125433公允价值变动收472000在建工程46588009680投资净收益37282017395139513951无形资产13791389132312981311其他-7991047-1005-1182-1399其他非流动资产128271141242146898153692275315360141022144428816203145231284243224255943270179营业外净收益457192192192856203886471102016◆106740113228228431581714294216362900836281509000所得税67195040762810228579095624575942851609651415202g09892541400718780其他366156480163541746617502少数股东损益4834525170404280794239105561066289067140161037242645785875711740136117163082121670838131长期应付款35783531353135313531其他11674115081150811508115082021A2022A2023E2024E2025E15137017812117191713670998852成长能力23.93%13.92%13.8013.831489579448602031728023763615812869营业收入5.64%21.7828.8920.37168084182729186198191448198488EBIT4.13%43.7424.7216.837923773977397739EBITDA35.6751.3734.07资本公积1418910214102141021410214归母净利润留存收益86560837599438810297025.47%1925%20.03212222292767552844402921383037903194114.97%4.44%5.91%6.90%8562038864711020161067401132289.54%4.19%5.46%7.79%9.71%ROE2.75%5.48%6.57%现金流量表ROIC2021A20222023E2024E2025E67.68%71.3671.5471.79净利润909892541400718780资产负债1.4131219192521752884858929流动比率0.50.50.50.50.4财务费用20061960735462664577568446087-30162-300263743749.047.147.747.747.77305399813919167花60.30404其它56119-1831277212763135042020202022570721834882934028346657资本支出4002-6225-17931-19714-21674130.60.71.11.5-1166300028114526.0其他86124910904904904每股经营现金流10.910.8113122133-10014-17027-18809-207702126224845-7713-352083785710.926.419512.90000131312其他-3242330536-8911-8622-773613.018.59.17.6-11161-5874-16623-43830EV/EBITDA14.021.11541189.698826132546422235619705EV/EBIT23.93%13.92%13.8013.831489请务必阅读报告末页的重要声明