附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E65371138712040161031770821358246002355223854262381491481960071029210608营业成本149431943717770178131945414301469192611672415营业税金及附加519544521527580其他应收款22364806770174170163165181预付寒款461169543118641676854782810881存货13801324120313021449研发费用267112107109120其他流动资产1552295923612547259522932619590152284225233236602359625085-312245004975896998149263282526固定资产156031545714343139921495702121无形资产390641054534495654582049344238其他非流动资产28365081408438353744-209-126-1052937936620357003969942793409529373970435049921264914314117341342713727营业外收入4197101149125369500434467451营业外支出4313991103应付票据及应付寒款7090916665788745823540562995398043835014其他流动负债51914648472142145042所得税95776697810991245247157654423387831183099222930023284376913583750286020881441少数股东损益55820284170276其他非流动负债11132015156417891677254122092718311534941512020079161571730416845EBITDA5206452151675502615518612078236225322807EPS(元)0.590.630.720.81股本42704326432643264326109315431543154315432021A2022A2023E2024E2025E692882841078113789170831239714463171811986323140营业收入%)66.315.2-4.310.0负债和股东杖益2937936620357003969942793향业利润(%)250.0-28.335.29.614.8265.4-13.023.014.612.230.021.024.625.325.911.99.011.513.113.32021A2022A2023E2024E2025EROE(%)21.713.515.414.714.549113195177870043909ROIC(%)20.111.113.713.313.6净利润309922293002328437691083139311771216133151.554.845.343.639.422919515净负债比率%)12.410.7-26.6-27.0-20-49-34-42-38流动比率0.50.811.3-188-942-26932410-1255速动比率0.30.70.81.1其他经营现金流7072381314586-2867-51971301-1661-26220.80.70.70.60.6资本支出20562668-196883278510.817.013.915.414.7-297-2284-110-114-112应付寒款周转率3.64.34.14.0其他授资现金流-514-2441215664275-23833447-1891-10579720590.510.630.720.81-287132-6633-161.140.740.411.620.902882392891-7716472.873.854.4756000-66845000P/E13.515.512.611.09.8其他筹资现金流-1713417-935-319-308P/B2.82.52.11.8-340144611874285315EV/EBITDA7.38.0675.34.7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