罗莱生活(002293)2022年年报及2023年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E5313.816066.756809.397552.85573.49737.56851.15968.40营业成本2871.723250.863627.714008.80折旧与摊销104.67136.04151.31169.18营业税金及册加36.4541.6246.7151.81-23.162.066.715.18销售货用1140.141274.021429.971586.10-197.66-100.00-100.00-100.00357.64539.94606.04672.20经营营运黄本变动-379.23374.34.150.90.177.71财务货用-23.162.066.715.18其他353.5663.20100.9784.04-197.66.100.00-100.00-100.00431.66464.51859.24949.0919.4118.4417.5216.6430.40-270.00-270.00-275.001.361.271.491.84-209.5919.7019.0118.48其他经营损益0.000.000.000.00-239.98250.30-250.99-256.52672.30877.951011.261147.24短期借款289.60232.5324.5540.36-5.25-20.07-21.26-20.86170.100.000.000.00667.04857.88990.001126.3836.680.000.000.00所得税93.56120.32138.85157.98支付股利0.00456.27-548.69-569.72573.49737.56851.15968.40-579.26-123.06-9.84-8.15-0.025.344.875.04-156.23-811.86-533.98-618.23573.51732.22846.28963.3746.73597.6574.2674.352022A2023E2024E2025E2022A2023E2024E2025E货币黄金1204.32606.67680.94755.29成长能力应收和预付款项698.97736.61848.96932.76-7.75%14.17%12.24%10.92%存货1636.531889.062107.502344.87营业利润增长率-20.24%30.59%15.18%13.45%其他流动黄产846.88864.49871.74884.76-20.19%28.61%15.40%13.78%1.751.751.75BTDA增长率-17.54%34.79%15.08%13.03%0.000.000.000.001070.751237.501390.871528.74毛利率45.96%46.42%46.72%46.92%无彩资产和开发支出438.47415.98391.58369.8227.75%29.93%30.00%29.97%1084.191073.901063.611053.3210.79%12.16%12.50%12.82%6981.876825.967356.957871.31ROE13.67%16.88%18.21%19.10%492.69260.16284.72244.36ROA821%10.81%11.57%12.30%955.801016.461171.091277.02ROIC23.95%26.90%26.64%27.26%长期借款170.10170.10170.10170.1014.19%16.75%17.17%17.50%1168.881008.911058.261108.362787.482455.632684.172799.840.800.880.960.99股本839.88839.88839.88839.885.526.226.496.66790.84790.84790.84790.849.289.369.549.402482.972758.923056.503450.15存货周转率1.841.741.731.734168.534339.134636.715030.37109.30%25.8631.2036.0741.114194.394370.334672.785071.4739.92%35.97%36.48%35.57%6981.876825.967356.957871.31带息债务感负债23.78%17.52%16.94%14.80%流动比率2.072.292.232.302022A2023E2024E2025E速动比率1.291.231.191.20EBITDA753.801016.051169.281321.61股利支付率0.00%62.31%64.84%59.14%PE18.8214.7412.7511.202572.472.312.130.680.871.011.15PS2.031.781.581.434.995.205.566.04EV/EBITDA11.388.787.596.62每股经营现金0.510.551.021.130.00%4.23%5.08%5.28%每股股利0.000.540.650.68请务必阅读正文后的重要声明部分