国联证券2021202220232024202520212022A2023E2024E2025E385307369467602管业收入3244246588561096应收账款+柔据103208271347营业成本263378489616242376税金及附加411148168262339427营业费用206077其他08597112管理费用7910115520124170070198312511586020长期股权投资14-11214209190167143公允价值变动收益0000776246222无形资产2222191511其他1111-15其他非流动资产189235223210203206990138438563512459409营业外净收益52113812641496171019950471402520000所得税4610应付账款+柔据56120155、19544296686130其他190201364473の604少数股东损益52111421271300628799397210958443018长期应付款000其他161815151520212022A2023E2024E2025E217659292376543674832营业收入24.4730.68%55.26%30.15%28.00%少数股东权益3458EBIT61.0549.31%203.97%28.23%50.48%261368368368368EBITDA42.82-30.09%172.50%18.36%29.24%资本公积383291291292294归母净利润128.828.84%100.79%29.51%51.81%留存收益170195317421846889Q952116343.2237.93%42.59%42.93%43.79%1138126414961710199513.426.92%10.05%10.00%11.86%ROE4.78%324%6.12%7.36%10.08%现金流量表ROIC12.314.75%11.88%15.41%23.71%20212022202320242025净利润6613034.8637.10%29.58%26.88%23.57%18225250流动比率2.63.34.14.14.5财务费用001连动比率2.12.73.53.53.855-20-94-77-884034-16-252.02.2222.2其它3092871.81.82.02.02.02926102114149总资产周转率0.40.50.60.60.656-1170034-220000.10.10.2020.3其他-2330.10.10.3030.4-94-162-132.22.32.52.72.9债权融资-14-133510700085.9120.760.146.430.6其他270-104A4.13.93.73.43.1302-17-17EV/EBITDA49.656.824.019.814.8237-826213569.0108.941.331.420.12请务必阅读报告末页的重要声明