民生证券INSHENG SECURITIES长江电力(600900)/公用事业及环保公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入52060861538659987066成长能力(%)营业成本22233349823529335620营业收入增长率-6.4465.490.520.54营业税金及附九加1072172317321741EBT增长率-14.7972.830.240.25销售费用165258260261净利润增长率-18.8966.530.800.92管理费用1360215421652177盈利能力(%)研发费用90129130131毛利率57.2959.4059.2559.09EBIT27141469064701947136净利润率41.5841.6041.72财务费用4092101641094610680总资产收益率ROA6.515.875.885.84资产减值损失-268-100-100-100净资产收益率ROE11.4917.8116.8816.06投资收益4600500060006000偿债能力26936416504198142363流动此率0.290.200.320.46营业外收支-623-450-450-450速动比率0.280.200.310.46利润总额26313412004153141913现金比率0.180.070.190.33所得税4664535653995449资产负债率(%)40.1965.2763.3961.77净利润21649358443613236465经营效率归属于母公司净利润21309354853577136100应收账款周转天数30.8280.0080.0080.00EBITDA38257691896930269419存货周转天数7.448.008.008.00总资产周转率0.160.140.140.14资产负债表（百万元）2022A2023E2024E2025E每股指标（元）9302101932971254064每股收益0.871.451.461.48应收账款及票据4397188951899319095每股净资产7.588.148.669.1966105106107每股经营现金流2.802.682.68453767774781每股股利0.850.900.951.00其他流动资产1084126112651268估值分析流动资产合计15302312215084975315PE25.115.115.0148长期股权投资67166731667916685166PB2.92.72.52.4固定资产211351466698445586424474EV/EBITDA16.6812.5512.1211.68无形资产22113221132211322113股息收益率(%)3.904.114.344.57非流动资产合计311966573113557800542488资产合计327268604333608649617802短期借款26752738417684179841现金流量表（百万元）2022A2023E2024E2025E应付账款及票据942116911801191净利润21649358443613236465其他流动负债24764806198091781230折旧和摊销11116222832228322283流动负债合计52458155629158938162261营运资金变动-20846474199210长期借款38618195407179407174407经营活动现金流30913685026558765616其他长期负债40438434384744844948资本开支-4834-277881-1422-1422非流动负债合计79056238845226855219355投资-1032-5990-5990-5990负债合计131514394474385793381616投资活动现金流-4093-268352-1412-1412股本2274224468244682446827172600少数股东权益102661062410986113507077230940-8990-4500股东权益合计195754209859222856236186筹资活动现金流-27584200741-44656-39852负债和股东权益合计327268604333608649617802现金净流量-6238911951924352资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告