国联证券财务预测捕要202120222023202420252021A2022A2023E2024E2025E16581924194632731257714852166361946222479应收账款+柔据36104393494557886682营业成本97461175312835149891727565105104122141税金及附加959210010711725013258323537784354营业费用383399383409450其他20572047288432253610管理费用14051539174719852203989111727128121485618060财务费用●1271031597720长期股权投资212275291308324-101-119-137463339913333259公允价值变动收益10000在建工程385593494395297271142142142142无形资产634529423317其他559911310597其他非流动资产29753261321431671162112115662024251684059397851976256764营业外净收益5-11-11-1118297211242133122481248231166111015552013250511942268938148020316423029737024113346340039714577963946132517162135其他248823143094-18-264160946990665368127671965964135117492177232823681587862210长期应付款00000其他5705645642021A2022A2023E2024E2025E2898293221511425774成长能力89919922880482388444营业收入8.91%18.0912.0116.9915.5038349(65)EBIT49.096.25%41.3421.9220.8412211316131613161316EBITDA24.234.81%36.7615.0013.46资本公积23183425342534253425归母净利润95.960.10%40.0829.4924.44留存收益572864277778952711703930511202125281424416379毛利率22.5120.8722.8522.9823.15211242133122481248237.66%6.37%7.97%8.82%9.50%ROE10.428.63%10.7912.2613.24现金流量表ROIC7.94%8.22%9.67%12.1914.612021◇2022202320242025净利润963946132517162135资产负债49.1446.9741.2736.6434.02710695894910878流动比率1.61.71.92.22.4财务费用12710315977201.01.01.11.31.4-51675723-543-576-702-873-352-811-8713.73.73.63.63.6其它208714-212355388存货周转率3.93.64.04.04.0791827183917031975总资产周转率0.70.70.80.90.9资本支出-869-132900092-334000每股收益0.730.731.031.331.65其他840560172172172每股经营现金流0.600.631.401.291.5063-11031721721726.888.489.5110.8412.49-18741114-2111-1515-799096000市盈15.915.911.48.87.1其他660-809-159-20市净率1.71.41.20.9-1213400-2270-1592-819EV/EBITDA14.511.76.55.14.0-407152-2602831327EV/EBIT22.418.49.97.45.4请务必阅读报告末页的重要声明