公司报告|年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E944861046.761.033181393.45191137618141222701,61887209540187.601568337662431535760营业成本3392160912793.771.016651301034336392394220237085512.951676216825120295564431165193销售费用51.028346103.461383017616其他485.9155238577.6857757管理费用50.6596331214115296195131,873.912429.233,071083734.58研发费用41.9157.509429121950.000.000.00财务费用(56.95)固定资产79.7612871108862164(11.78(6003714103191031910319公允价值变动收益436148623.571000无形资产60.04619859885777投资净收益441(135)2002.00200其他53.958925497555166153其他18.97(961)0.000.00)209.00395.08343.63327.0831151162034324755431712.00930.433398174046.09营业外收入0250500500.00营业外支出059284050050050120.64128.4012924253912464216209429885543171200930.43其他52439724773186.039655所得税23.61696699681302617308225.642065533993342.97138483802261232800.171800.100000000.002534058.791213应付债券0.000000.0013596356.174887060353788.04其他25.0437511824212825521614225567.1693518.2421282552209.0627531224.803612119302091273234354405202120222023E2024E2025E84338433843384338433资本公积1133.601133.601133601133.601133605456%3240%2944%2334%639.00927.711302671785.502415936789%16691%2917%其他(022(030日属于母公司净利洞5428%16197%3159%2877%30.57%1873.862,166322548.083,036953677.612,441.832,772853,398174,046.09毛利率4529%5097%51.99%净利率2199%2913%2895%ROE733%1660%1859%2010%ROIC3150%7449%8554%6141%202120222023E2024E2025E36022468706035378804资产负债率1004%811%10.63%9.11%219521952195净负债率4539%-5157%财务费用12810(2533)2950402司流动比率11.769.031099投资损失1352.00)200(200速动比率8917379627.12895营运资金变动39624)其它5343157187912134327106075.195486145472.93319383411资本支出751151572927总资产周转率0310540.6长期投资0.000000.00其他(47699(3526司5231614225567.16935(45.49)0.990734231175.61754债权融资31.00282229564026254435.6143092.14(1595☑其他(15499000000(000市盈率67.02255819.4415101156(4832)(66.75)119.25)市净率491425361251汇率变动影响0.000.000000.0027.01117713.431003722(45635)5752517.9328.66120913.991035739资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明