附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E440267036673707282053863460255766884845114842975467349845647营业成本242828933554437253211672211800营业税金及附加2130354352其他应收款4570102108406528624762935预付寒款10071136120194216240300384465存货702698102210931482研发费用186230301365439其他流动资产3997717737737756-1425-1712831355149916631842-20001351802252696162固定资产3704175236340-1无形资产20022039262289-06其他非流动资产678653649005685805881728735100476286868721132140917891866140012431611营业外收入31067637952020520520营业外支出23222应付票据及应付寒款70079200062969387611371413其他流动负债7108807231091所得税7594109134175173196179161144554600767100312386836549少数股东损益25303446其他非流动负债96530570750968119119622063157914041755EBITDA66170285411011379180194210245291EPS(元)0.941.011331.712.11股本34956473473473487424522283228322832021A2022A2023E2024E2025E24252847342041555058归属母公司股东杖益35435801638270868001营业收入%)53.019.121.223.422.8负债和股东杖益568580588172873510047향业利润(%)31.69.327.129.824.423.27.531.729.023.037.137.136.336.537.013.712.413.514.114.1现金流量表（百万元）2021A2022A2023E2024E2025EROE(%)14.910.011.613.714.9经营活动现金流19520777941204ROIC(%)13.48.69.911.813.1净利润55460010031238506058759134.525.619.317.56-25-17净负债比率%)-26.9-38.6-59.6-60.9流动比率2.53.645.75.1-450-2751311-170-17速动比率2.03.23.94.74.0其他经营现金流1996-35-76-85授资活动现金流-205-726-194-2282660.80.7070.80.9551461561942262.92.50.00.0-45应付寒款周转率3.94.0930.00.0其他授资现金流-3910筹资活动现金流101722-185-255-2750.941.011331.712.1179000340.863.681412.136239-18-17-1762710.27125514.1710221616900-261578-1690P/E24.318.414.311.6-208-252-167-259P/B3.92.42.22.01.7-4715051698311663EV/EBITDA25.921.916.012.29.3数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明