国联证券利润表202120222023E2024E2025E202120222023E2024E2025E8,96013,44718,08023,39767,63874,05881,64995,121109,57915,01215,28817,81120,51854,43358,77264,89487,8278399721,0521,2251,412税金及附加25329430435440818,42420,27519,10322,45225,855营业费用4,1144,6135,2326,049其他3,14037854,3374,8165,331管理费用5,2646,5737,1828,09843,57950,71253,2277,513财务费用29263410246长期股权投资134112108104-587-713-8309571,65822871,9491,60811263公允价值变动收益45000在建工程189150125100/75投资净收益-241515无形资产3,88036973,0811,848788679655630其他非流动资产16.99017,10517,4284.0884,1605.1136,90122.85223,35122,80821,73420,716营业外净收益886066,43074,06376,03586,1184,1764,2205,1936.98142904,1750003844786077008161181813,245●14,17116,65519,1803,7923,7424,5865,2906,165其他12,32115,90217,08022,9431,5841,9462,24428,4293332231,23136,58042,1222,1482,1583,0463,549长期带息负债5461,227954687长期应付款1735656其他1,6151,6291,62941,629202120222023E2024E2025E2,3332,9132,6402,11230,76336,23533,87138,95244,234营业收入1329%9.49%10.25%16.50%1520%少数股东权益5,7077,933EBIT889%24.97%12.85%16.07%股本2,8602,8602,8602,860EBITDA15.63%19.61%7.56%10.75%1282%资本公积17,83417,83417,83417,83417,834归母净利润13.35%0.48%22.36%15.35%16.53%9,26611,1713,53716,2919,50737,8284216447,16652,994毛利率19.52%20.64%20.52%19.82%1985%66,43074,06376,03586,11897,229净利率5.61%5.05%5.2%5.56%5.63%ROE7.17%6.78%7.71%8.23%883%现金流量表ROIC10.73%11.47%12.05%14.42%16.12%202120222023E2024E2025E佳债能力净利润3,7923,7424,5865,290资产负债46.31%48.92%44.55%45.23%45.50%1,0611,0671,0711,014流动比率1.531.521.70182财务费用634102-150.790830.981.031.09存货减少-1,8511,171-3,3483,403营运资金变动-8.170-1,8835.575.375.375.37其它1029523161,58234663,5212.952.903403.403.40-2,1804,0197,6925,2885,983总资产周转率1.021.001.071.101.13-584000长期投资4290000.750.750.921.06124其他19314114114-0.761412.691.852.091,776-114-114114每股净资产10.4811.13119712.9314.06债权融资1,769567-4,448-268-2610000037.04368630.1226.1222.41其他1,636352-2732912.652.502.15133-551EV/EBITDA146110.511280113798927774,6335,317EV/EBIT18.60128115.3713.4011.332请务必阅读报告末页的重要声明