东方证券ORIENT SECURITIES财富趋势季报点评一项目收人延迟确认助公司业绩高增，全年仍需关注国密信创等项目进展附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金557609744803863326321401469545应收票据、张款及项触资33293546营业成本44536182营业税金及附加存货052销售费用4758其他2,1812,2872,5222,8183,126管理费用及研发费用6181911011092,7602,9423,3043,6674,047财务费用(49长期股权投资00000资产、信用减值损失000100固定资产20公允价值变动收益在建工程88投资净收益296528无形资产012121111其他111224其他504394395385400330514426428421438营业外数入0000资产总计3,2743,3673,7324,0884,486营业外支出短期借款00000327145应付票据及应付张款3173其他16118721125128228246163189213254285少数股东损益长期借款006282154399462应付债券003.021.65704.274.95其他6968111691992192622972021A2022A2023E2024E2025E少数股东权益067939393营业收入19.4%-1.5%24.9%16.9%16.0%资本公积1,7691,7431,7431,7431,743营业利润18.3%48.1%128.2%16.5%15.6%留存收益1,2691,32916752,350归属于母公司净利润17.9%-45.5%124.9%15.5%15.9%其他03,1053,1693,5133,8264,18986.6%83.7%84.7%84.7%84.9%3,2743,3673,7324,0884,48686.3%47.8%86.0%85.0%84.9%ROE9.4%4.9%10.3%10.9%11.5%现金流量表ROIC8.1%3.4%8.5%8.9%9.5%单位百万元2021A2022A2023E2024E2025E282154345399462资产负债率5.1%5.9%5.9%6.4%6.6%折旧摊销24净负债率0.0%0.0%0.0%0.0%0.0%财务费用(49(84流动比率16.9615.5515.5214.4614.19投资损失(5916.9515.5215.5114.4514.17营运资金变动(501)(103)303118其它571227(16)19.113.012.914.513.4245201236291304存货周转率68.618.516.728.424.1资本支出总资产固转率0.10.10.10.10.1长期投资1100其他(169)(228周236每股收益3.021.653.704.274.95(389(173)3.682.152.533.123.250每股净资产33.2733.9437.6340.9844.87000其他71343.179.135.230.426.3713.93.83.53.22.9-0-0-0EV/EBTDA39.935.130.226.0521355960EV/EBIT40.295.235.330.426.2资料来源：东方证正券研究所有关分析师的申明，见本报告最后部分。其他重要信息被常见分析师申明之后部分，或请与您的投资代表联系。井请阅读本证券研究报告最后一页的免责申明。2