特变电工(600089)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E96003.1899030.84106485.39119453.0722852.9119273.3318413.0617719.39营业成本58883.3668233.5975888.5089217.27折旧与摊销4395.608556.928556.928556.92营业税金及册加1404.281380.421497.61824.23874.97990.311064.851194.53销售货用2291.782475.772662.132986.33-649.14617.83-660.80-644.533116.904456.394791.845375.39经营营运黄本变动2717.113377.622139.361613.69财务货用874.97990.311064.851194.53其他-3005.50649.25314.52787.47-649.14-617.83-660.80644.5321751.7232229.6029827.9029227.47152.68234.48175.89170.97-26335.83-10000.00-10000.00-10000.00436.89148.10102.0627.583555.92382.59277.95198.55其他经营损益0.000.000.000.0022779.91-9617.41-9722.05-9801.4526646.6622494.7721519.2020698.41短期借款307.012365.500.000.00-101.26-69.71-70.00-75.111238.300.000.000.0026545.4022425.0521449.2120623.30530.860.000.000.00所得税3692.493151.723036.152903.90支付股利-2198.64-3176.602789.21-2639.2422852.9119273.3318413.0617719.39.4074.89-13669.83-1064.85.1194.536969.895327.275216.855043.45-4197.36-19211.943854.07-3833.7715883.0213946.0613196.2112675.945131.993400.2516251.7915592.242022A2023E2024E2025E2022A2023E2024E2025E16244.1019644.3635896.1551488.39成长能力应收和预付款项22285.9229461.4030334.6234159.8356.43%3.15%7.53%12.18%存货14011.1016084.6918055.4221177.53营业利润增长率130.78%-15.58%4.34%-3.81%其他流动黄产16218.514360.084599.495015.95132.87%.15.66%.4.46%1160.731160.731160.731160.73田TDA增长率100.77%0.39%-2.81%-2.22%76.8976.8976.8976.8972839.8375809.8478779.8481749.85毛利率38.67%31.10%28.73%25.31%11961.3010536.239111.167686.096.55%8.00%8.00%8.00%15535.6215433.7615331.9115230.0623.80%19.46%17.29%14.83%170334.00172567.98193346.21217745.32ROE28.51%21.38%17.41%14.66%2365.500.000.000.00ROA13.42%11.17%9.52%8.14%37678.6844940.4049605.2758071.90ROIC31.67%22.55%21.87%21.09%长期借款24962.5724962.5724962.5724962.5733.25%32.36%29.24%25.49%25166.8212524.2313013.7413866.0890173.5882427.2187581.5996900.550.650.580.580.58股本3885.473888.503888.503888.501.921.832.262.9711993.3211990.2811990.2811990.286.795.725.315.6236158.9146928.3657335.3667372.06存货周转率5.214.514.434.5457696.7562349.8172756.8182793.52106.28%22463.6827790.9533007.8038051.2580160.4290140.77105764.62120844.7752.94%47.77%45.30%44.50%170334.00172567.98193346.21217745.32带息债务感负债30.31%30.28%28.50%25.76%流动比率1.211.411.631.752022A2023E2024E2025E速动比率0.961.081.301.42EBITDA31917.2332041.9931140.9830449.86股利支付率13.84%22.78%21.14%20.82%E5.576.346.706.981.531.421.221.074.083.593.393.26PS0.920.890.830.7414.8416.0318.7121.29EV/EBITDA2822.431.981.51每股经营现金5.598.297.677.522.49%3.59%3.15%2.98%每股股利0.570.820.720.68请务必阅读正文后的重要声明部分