国联证券公司报告|年报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E10,5058,8287,1478.64512,9635272958,07971,46786,44694,6159.3058,28013.16214,406营业成本44,20047,53458,29669,94176,3728204421510558税金及附加1171361631972166,29910,1329,63011,55412,607营业费用7609191.07212101,325其他4,0532,3852,5512,9093,104管理费用047165,7146.646769430,44629,82930,63136,77943,637财务费用●382560658388224长期股权投资117261246231资产减值损失-132-1,110-1,366-1653-1,8099,03611,38312,02013,89414,542公允价值变动收益002,3144.02255524,6823,661投资净收益67115115115无形资产4,5274,3323,638317381370其他推流动资产26,18825,72525262A25.05529483.7605,84g687742,13046,86147,89147,72346,399营业外净收益5272,57676,69078521●84,50290,03729722,1073,7585,8463,5377,9511,72173所得税460747564877103115,38114,03720,25024,29526.51025131,3603,1944,9695,844其他4,8094,6865,533少数股东损益-100-101-157-18423,72726,67427,48531,09733,74126121,4603,2955,1266,02812,09110,79488454.056220155155、155155其他2,4532,4532,4532,4532021A2022A2023E2024E2025E14,33213,40211,4539,2046,66438,06040,0763893840.30140,405营业收入198%10.15%23.05%20.96%9.45%少数股东权益715614EBIT427%-20.47%65.54%41.15%13.88%1,2461,2461,24312431243EBITDA-097%19132%33.65%1272%资本公积24,92425,30425,3082530825,308归母净利润8.12%-44.10%125.72%55.56%17.60%留存收益7,5289,3491241817,19322,80834,51636,61439,58344,20149,63216.17%18.43%19.09%19.34%72,57676,69078,52184,50290,0374.77%2.34%4.47%5.75%6.18%ROE7.75%4.07%8.46%11.72%12.21%现金流量表ROIC8.56%5.04%7.39%10.90%12.20%2021A2022A2023E2024E2025E净利润2,5134.9695,84452.44%52.26%49.59%4769%44.88%1,729033554,153流动比率1.281.121.181.29财务费用382560658388240.690.700.75-1653,833502营运资金变动3,94004,5784902765.677.016.576.576.57其它9993,140-5341,0227.024696.056.056.051,5181,22811,7559,96910,921总资产周转率0.730.760.911.021.05资本支出4,3846,561-4,400-3,300长期投资0002101.174.85其他-208464646每股经营现金流1.220.999.468028.795,9457,14943543,9543,254每股净资产27.6430.11339638.477,3733,11781982,713股权融资040025.0244.761983127510.84其他5361,109-8802.031.901.751.551.377,9102,008-90824,517-3,349EV/EBITDA33.2630.179.656.845.523,3603,8131,6811,4984,318EV/EBIT50.4030.17169911.409.11请务必阅读报告末页的重要声明