民生证券INSHENG SECURITIES黔源电力(002039)/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2613268327622843成长能力(%)营业成本1152123312731312营业收入增长率26.142.672.942.95营业税金及附九加31323334EBT增长率34.37-0.712.702.81销售费用0000净利润增长率65.0249.949.929.68管理费用111107110114盈利能力(%)研发费用0000毛利率55.9354.0353.9153.85EBIT1319131013451383净利润率292831.9233.2434.61财务费用418308271231总资产收益率ROA2.473.724.034.46资产减值损失0000净资产收益率ROE112714.9914.6714.37投资收益333偿债能力898100710801158流动此率0.370.420.64071营业外收支-6000速动比率0.370.420.640.70利润总额892100710801158现金比率0.090.200.420.48所得税127151162174资产负债率(%)61.7257.3253.6248.41净利润765856918984经营效率归属于母公司净利润414621683749应收账款周转天数6.4710.0010.0010.00EBITDA2033211821822248存货周转天数0.050.100.100.10总资产周转率0.160.160.160.17资产负债表（百万元）2022A2023E2025E每股指标（元）22653111091278每股收益0.971.451.601.75应收账款及票据46747678每股净资产8.609.6910.8912.192233每股经营现金流4.555.334.784.920000每股股利0300.360.400.45其他流动资产608491503516估值分析流动资产合计881109916901875PE14.39.58.7长期股权投资23232323PB1.61.4131.1固定资产15203149191461814269EV/EBITDA7306.395.715.02无形资产34312825股息收益率(%)2.162.602.893.25非流动资产合计15879155821526814906资产合计16761166801695916782短期借款0000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据458507523539净利润765856918984其他流动负债1918208621012117折旧和摊销713808837865流动负债合计2376259326242656营运资金变动343051717长期借款7452645249522952经营活动现金流1946227820452104其他长期负债51751715172517资本开支-673-510-523-503非流动负债合计7969696964695469投资0000负债合计10345956290938125投资活动现金流-673-500股本4284284284280000少数股东权益2740297532113446-712-1000-500-1000股东权益合计6416711878658657筹资活动现金流-1286-1465-948-1433负债和股东权益合计16761166801695916782现金净流量306577170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