国联证券公司报告|年报点评利润表202120222023E2024E2025E202120222023E2024E2025E2,9238310,075.018,795.420,5989,238.111,568.814.524.618,22142.102.811,979.003.117.02营业成本4,770.07,370.35124371978019434243.99税金及附加4313303548.0360.3075642,205043,460.213,818.834,721025,847.93营业费用1,518.041,920.4124272●其他610.694,710.185,10261管理费用128741,733.82,007332,541983170.747,025.8320,144.524,336.429,129.634,9722财务费用2443987350.4383.90长期股权投资44.5040.0333.22资产减值损失252074.7577.282.139.12,199.831,948.951,708.701,443.50公允价值变动收益28.500.000.000.0010.84222361853013589108.09投资净收益62.2534.5834.5834.58无形资产607.7971757574.7543180420.1149788395.4335a.35其他非流动资产533273749634.59592.921,92822451463,797553336054059.953.519.632595050营业外净收益14110,361.824204.527856.03216633756732448.833,031323794.9229.720.000.00所得税294.03289.71410.39508.00635.97应付账款+柔据1,236.592193.372812.083,48329140351,650.02523313158.94其他3,251473,802755,447278,508.7119.0423834,517.799620.2611.99202.023.062504283135.11105.54101.7772.14442919.123.931.031031.03其他701.07616.43616.43616.43202120222023E2024E2025E810.5571924689.61636.595328336,731.018411.54/10.282012.628.5营业收入2591%27.33%25.23%25.55%25.45%少数股东权益9.77561EBIT4187%32.44%23.59%25.16%724.18824.16824.16824.16824.16EBITDA39.70%832%2.30%1999%20.62%资本公积3,1988813,885.013,865.013,835.013865.0归母净利润58.96%22.18%23.79%2519%留存收益1,114282794.074,7496810201.021,884324.938.749.42%48.37%48.47%4928%49.90%10361.824204.527856032,166.31935%17.83%17.62%1737%17.34%ROE28.13%9.47%10.41%11.46%12.60%现金流量表ROIC52.39%45.74%294%122.33%202120222023E2024E2025E净利润1,403.511850.092038442,523313,158.94资产负债5142%27.81%30.20%3197%33.62%248.1025784550.81流动比率1.834322.9财务费用24.43987350.432.723443.181255.17902.1974284-1,122811,092.94286.4933228445959其它491881221.00487.74950.071,174791.714931.03653.013749.973356.064025810.40.400.5资本支出-8973074.12115.8142.800.000.00每股收益1.72.03.8其他133.15410741.074107每股经营现金流1.108-25444115.19133.7221228.530.2债权融资178527.8525.170.00100.000.0087.975249.739.7其他483.5130.5233.0724.75.75.07580EV/EBITDA63.923.8.263.066.723.263,558983161423,80313EV/EBIT73272.944.835327.32请务必阅读报告末页的重要声明