国联证券202120222023E2024E2025E202120222023E2024E2025E货币资金6,61126,35212,7271427515,996管业收入32,70037,66049,30656,95062,90521,58710.07517.95720,74022909营业成本30.25035,00445,58852,72058,2363,5713,7035,2186,0276,658税金及附加88487303351387存货24,8582624933,79043,164营业费用436436569692其他318929631708769管理费用1,2041,53856.94667.30870,32380,82789,496财务费用●27-121151,8201.6131,5391,464资产减值损失-24-490-198,6898,3748,0387,8107,655公允价值变动收益34200在建工程8006472,1123,709投资净收益778无形资产1,8901,8141,5821,3991,1986147105其他非流动资产18452,3422,4262,4047995831,3581,8101,97615,04315,77216,860Y17,534营业外净收益2555571,98982,17486.09597,688107,0307906081,3531814198110,1491,849007所得税1378523631434333,82034.92843,98250,8536535231,1271,5001,638其他9,2852729023,16326,74129,5380000053,25464,06767,14577,604857226535231,1271,500371284250214163长期应付款1,190118118、118118其他1,4321,5711,5711,5711,571202120222023E2024E2025E2,9931,9731,8515624766.03969.08379.50787.574营业收入234%15.17%30.92%15.50%10.46%少数股东权益0000EBIT-1427%-40.40%31.98%891%2,7692,7692,7822,7822,782EBITDA-6.57%-15.96%31.25%21.52%794%资本公积83318,3328,3198,3198,319归母净利润-16.01%-19.84%115.30%33.15%9.17%4.6425,0335.9117.080835515,74216,13418,18019,4567.49%7.05%7.54%743%71,98982,17497688107,0302.00%1.39%2.29%2.63%2.60%ROE4.15%3.24%6.62%825%8.42%现金流量表ROIC13.73%2.02%-19.32%1822%19.02%202120222023E2024E2025E净利润6535231,1271,63878.13%80.37%80.24%8139%8182%1,213884933990流动比率1.071.051.051.041.04财务费用27-121-15-440.530.570.460.45-4,736-1391-7,540-5286-4,088-17.07227243-11,7121,170应收账款周转率1543.792.792.792.79其它4,9531,7997,5525,3034,1051221.33135135135-14.96929267-9,7053,7710.450.460.570.580.59资本支出-2,692-1808-1855-1,73800000230.190.410.540.59其他2,31698653-53810.52349141376-823-1802-1,6805.665.806.126.546.999,495-8,387-18843552001300110.35137.6663.9448.0243.99其他-946318-2472963184.584.474243.963.708,549-8,7052,117331370EV/EBITDA528428.58282722.9620.87-6,79419,750-13,6251,5481,721EV/EBIT130.8599.81468135.0131.54请务必阅读报告末页的重要声明