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图表1：财务预测捕要2022A2023E2024E2025E2022A2023E2024E2025E8,97916,10319,75628,82936,30460,76790,030115,85110.84117,28725.04632.025营业成本30,33850.61275.13497,221预付账款2,0403,4045,0536,538税金及附加11222541414,49721.27827.635销售费用5137299901,2741912113911,4471,6062,233640910,7572.1533,3426,14036,85759,33381,890107,764147432346301长期股权投资11,50511,50511,50511,505-198-189-193-19110,85713,93019,72025,468-126-88-1071329814,29815,79815,798-13-15-6-12无形资产1,3111,5572.15312422.2283.1204.1136666661.021330350360其他非流动资产9,7449,75710,23410,65335126.0809,26212,27146,78151,11259,19965,642营业外收入655683,638110,446141,089173,405营业外支出2037283312940003.4986.0489,23912,24445,79765,39984,541所得税-174-258-20926500003.6726.30611,9799671,4452,820163200236其他应付款686.1069,21211,7434,5705,6126,787EPS(掉薄)1.722.984.505.7432,18552,92274,30995,09313,83713,88713,81713,89724082,3172,3172022A2023E2024E2025E2,1882,5271829318,39118,50318.741营业收入增长单114.8%67.4%48.2%28.7%负债合计50,47871,31492,812113,83414.9%77.8%47.9%30.9%3041336,18645,09456,15220.8%74.0%50.9%275%2,7472.9463,1833.41933,16039,13248,27659,57116.4%16.7%16.5%16.1%83,638110,446141,089173,40510.1%10.4%10.5%103%ROE10.6%15.6%19.1%19.7%ROIC11.7%18.1%21.4%22.4%2022A2023E2024E2025E2,86012,45010,56814,19760.4%64.6%65.8%65.6%5.0057,99011,38214.4741.11.11.11.14,876-5,9096,781-6,3570.90.80.80.8经营性应收影响6.508-7,702-9,321-8.367经营性应付影响13.42220,51119,62319,1600.60.60.7其他影响4,185-2,4404,335-4,713应收账款周转天数7173-19,917-3,0896,195-4,21873828691资本支出-14,1115,571-9,198-8,218股权投资-3,3620001.722.984505.74其他长期资产变化-2,4442,4823,0034,0001.406.095.176.9418,121-2,237-720-905每股净资产14.8717.6922.0427.45倍款增加10.653-1,336-7080股利及利息支付-758-1,219-1,579-1,943P/E35201311股东融资9,109-14300P/B4332其他影响-883461929958EV/EBI TDA318199138104
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