东方证券ORIENT SECURITIES伯特利季报点评一业绩符合预期，新项目及扩产能将保障盈利增长附表：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2,0762,2875,4387,1729,4223,4925,5397,63810,39914,3881,8542,75015732,142营业成本2,6484,2965,90111,0785673101营业税金及附加2430101存货4258998561,161营业费用28596183115其他5844937288103管理费用及研发费用35056348631,1944,9576,4857,99310,63514,195财务费用(40长期股权投资00资产、信用减值损失043固定资产85814151,4311,3241,147公允价值变动收益0000在建工程140303275191149投资净收益55无形资产69130124118其他959070其他22830695757481,1371,5012,0191,2952,1601,8511,6501,425营业外数入22510资产总计6,2528,6449,84412,28515,620营业外支出022短期借款130059355767631,1611,5102,027应付票据及应付张款1,3482,7723,2464,4026,093所得税151196264其他2952782592963041,0101,3131,7641,7733,5514,7576,432少数股东损益23179106长期借款000005699941,2351,658应付债券7556656656656651.231.702.313.004.03其他2283621931992079831,0278588648722,7564,0784,4095,6217,3042021A2022A2023E2024E2025E少数股东权益0356417495601408412412412412营业收入14.8%58.6%37.9%36.1%38.4%资本公积77980912910907营业利润1.8%30.2%52.0%32.0%34.5%留存收益2,0792,7263,6754,8256,371归属于母公司净利润9.3%38.5%35.9%30.1%34.3%其他22921322253,4966,66424.2%22.4%22.7%23.0%23.0%6,2528,6449,84412,28515,62014.4%12.6%12.4%11.9%11.5%ROE16.3%18.1%20.6%22.1%23.9%现金流量表ROIC13.9%13.5%16.6%18.6%20.7%单位百万元2021A2022A2023E2024E2025E52770110101,3131,764资产负债率44.1%47.2%44.8%45.8%46.8%折旧摊销107435265303332净负债率0.0%0.0%0.0%0.0%0.0%财务费用52)64)2.802.132.252.242.21投资损失32.531.822.001.981.95营运资金变动761690270371其它2936123323.53.87.7192.2193.54337852,9701,8512,429存货周转率7.67.6资本支出209(12110246)(107060.91.0181其他6998762695每股收益1.231.702.313.004.03(342241.061.917.214.505.90750每股净资产8.4910.2312.1914.9818.741428452其他18427051.337.027.321.015.61,076158市净率746.15.24.23.43-0-0EV/EBTDA35.620.917.713.610.46161463,1511,7342,249EV/EBIT42.433.722.016.512.2资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2