中泰证券ZHONGTAI SECURITIES公司点评20222023E2024E2025E套计年度20222023E2024E2025E3769456655426798管业收入1525196225143169现金953164324303506营业成本353477643807应收账款211247334410营业税金及附加131727其他应收款576685107营业费用295377478预付账款516993117管理费用126165209260存货124167225283财务费用-15-27-41其他流动资产2374237423742374资产减值损失00001349122112321195公允价值变动收益2622381381381381646085100国定资产20221820918879912521583无形资产22252930营业外收入1其他非流动资产745597613596营业外支出445119578767747993利测慈79598512491580346285301331所得税991221556978821094138449799212173901141452891972022036247729791239177109140142EBITDA839101012671587长期借款0000EPS(元)0.700.861.091.38177109140142523394442474少数股东权益36545657071520222023E2024E2025E股本895895895895资本公积1551155115511551营业收入17.8%28.6%28.1%26.1%1845249233164358营业利润16.6%23.7%28.7%26.5%423049385762680412.4%23.8%26.6%511957876774799376.9%75.7%74.4%74.5%40.9%39.4%39.0%39.1%20222023E2024E2025EROE(%)14.7%15.6%17.0%18.2%6527478231123ROIC(%)35.7%42.7%50.5%60.7%净利润69786210941384售债能力4837414410.2%6.8%65%5.9%财务费用-151422%1.98%1.65%-6460-100流动比率10.8916.0518.3820.51-91-172-14910.5315.4617.64其他经营现金流6714-1693110总资产周转率0.380.360.400.43资本支出12908长期投资15380008.167.437.507.59其他投资现金流1267931101300-125-129-1560.700.861.091.380000.730.830.921.250004.735.526.447.60普通股增加4400资本公积增加15020044.8936.2728.6022.60其他筹资现金流-254-125-129-156PB6.625.674.864.112976897871076 EVEBITDA31252016-2请务必阅读正文之后的重要声明部分