国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E6,1461120118,74627,36738,774管业收入19,971262143235039,41047,2831,0136,1007,4318916营业成本5.0116,4607,6818,9539,745163133233283340税金及附加3,7304,60254996,6607,9918,1899.65012,18514,20315,459营业费用3,1603,4044,0444,887其他6,37572054,1204,7885,532管理费用01,1901,2721,4731,7542,058252862920241,38354,07269.021财务费用3352-80-116长期股权投资768081000022822,1472,0632,1152215公允价值变动收益28300247355910700172330118118118无形资产3631.076897717538其他627202225其他推流动资产1,7003,8263,8243,8223,8207.02910,87313,84217,37522.0744,6697,4847,6407,6457,354营业外净收益33329.95549,02361,71776,3757.09110,87513,84517,37822,077000所得税1,7012,7193,4614,3455,5192,8122,9484,1254,8085,2335,390815710,38413.03416,558其他11,45311,89822,116766111514518414,26514,84620,12123,95127,34953148,09610,26912,88916,37360000其他87878787202120222023E2024E2025Eg39214,3681494120.21424,04327.439营业收入42.75%3126%23.41%2182%1998%少数股东权益364425540685EBIT69.30%53.59%2726%25.41%26.96%1,22012201,2201,2201220EBITDA67.30%52.74%30.05%24.97%26.57%资本公积452592592592592归母净利润72.56%52.36%2684%25.52%27.04%13,55119,50935,174625515.58721,74628,80937,67448,93675.36%7626%7728%79.39%29.95549,02361,71776,375净利率31.12%32.10%33.07%35.02%ROE37.97%3633%3485%34.06%现金流量表ROIC77.39%150.16%85.46%106.03%124.93%202120222023E2024E2025E净利润8.15710,38413.03416,558资产负债47.97%40.73%4123%35.93%171201645750流动比率1.771.972062.52财务费用3752-801.171.301.511.79-1,835-1,461-2,535营运资金变动2,368638-238-1444.5325.885.305.305.30其它1,5757852,4501,9331,1700.610.670.630.630.637.6351029711,4913,27516963总资产周转率0.670.710.640.62资本支出154-825-720长期投资4,7882,4330006.6484210.5613.42其他1053658585每股经营现金流6268449.3810.8813.904,837-2894-56537412.4817.4823.1730.3239.401622股权融资3490056.0536.7929.0023.1118.19其他3,269-4,088-5,18019.5613.9710.548.05620183-22083,270-4,0895,182EV/EBITDA519530.6619.63152711.6126145,1967,5448,62111,40753.2031.2320.4315.8412.00请务必阅读报告末页的重要声明