顺丰拉股(002352)HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度2022A2023E2024E2025E会计年度2022A2023E2024E2025E90673114455140126175775267490285680327468376273现金410635454988553114329营业成本234072248544283505323832应收账款25560372403114739575营业税金及附加477514622715其他应收款3341534842726977销售费用2784300034064139预付账款3465384942944960管理费用17574178551997623329存货1948164225222195财务费用1712200022922638其他流动资产152961182793387740资产减值损失-13276-8999非流动贵产126169128803125997121861公允价值变动收蓝-28684629长期投资7858785878587858102514281000800固定资产4365750013532645347411034137551721920733无形资产19177193221909618666营业外收入231250257246其他非流动资产55477516104577841864营业外支出29934334933021684324325826612329763610967136631712720649776778917595992108408所得税3963409946245162短期借款12838152591368914115700495641250315487应付账款24715275293144736271少数股东损益830622747971其他流动负债40124463875085658022617489411175614516非流动负债40880455934837451179EBITDA28136296873521138446长期借款7472723863925240EPS(元)1.271.832.402.97其他非流动负债33408383554198245939负债合计118557134768144366159587少数股东权益12022126451339214363会计年度2022A2023E2025E股本4895489448944894成长能力资本公积43996439374393743937营业收入29.1%6.8%14.6%14.9%37372470145953474856营业利润52.2%24.7%25.2%20.4%归属址公司股东权862649584510836512368744.6%44.8%31.5%23.5%216843243258266123297636毛利率(%)12.5%13.0%13.4%13.9%单位：百万元净利率(%)2.3%3.1%3.6%3.9%2022A2023E2024E2025EROE (%7.2%9.3%10.8%11.7%32703212194442432587ROIC (%4.8%6.2%7.7%8.6%净利润700495641250315487偿债能力折旧摊销16348141431536514457资产负债率(%)54.7%55.4%54.2%53.6%财务费用1929169117891817净负债比率(%)120.6%124.2%118.6%115.6%投资损失-1025-1428-1000-800流动比率1.171.281.461.62营运资金变动7399-3436150158311.001.151.331.51其他经营现金流65313684-176015451-12091-13153-9906-8275总资产周转率1.251.241.291.33资本支出14007-15053-11334应收账款周转率9.559.109.5810.64长期投资-14181023784225应付账款周转车9.729.519.619.56其他投资现金流3334878644319160175420-51514641.271.832.402.97短期借款-55592421-1569426每股经营现金流薄)6.684.339.086.66长期借款3961234-846-1152每股净资产17.6219.5822.1425.27资本公积增加-2204-5900P/E45.4830.1422.9318.57其他筹资现金流12203329319012191P/B3.282.812.492.185466134863400425776EV/EBITDA10.699.477.055.87资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告