格力电需(000651)22年年报及23年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E190150.67203703.99221411.41240756.4223011.3425948.4628808.2131938.77营业成本139784.39148984.15161488.83175124.30折旧与摊销4969.957581.027805.467883.44营业税金及册加1612.241425.931882.002046.43-2206.76820.92-1739.15-2222.09销售货用11285.4512222.2413284.6814445.39-966.68500.00-500.00-500.0011549.3912222.2413284.6814445.39经营营运黄本变动6797.4717895.208630.148022.77财务货用-2206.76-820.92.1739.15-2222.09其他-2936.882071.90279.44164.02-966.68500.00-500.00-500.0028668.4452175.6643284.1145286.9186.88120.00120.00120.00-8082.29-216.00-215.000.00-343.5850.0050.0050.0028974.543484.19170.00170.00其他经营损益0.000.000.000.00-37056.833268.19-45.00170.0027284.1030340.3533880.3637587.02短期借款25277.9352895.850.000.00-66.71265.90131.69143.3621823.380.000.000.0027217.3830606.2534012.0537730.3887.160.000.000.00所得税4206.044657.805203.845791.61支付股利22223.87-23614.22-25628.64-28397.6323011.3425948.4628808.2131938.7715041.81-2010.401739.152222.09-1495.28-648.71-662.59-734.599922.79-78520.47-23889.49-26175.5324506.6226597.1729470.8032673.361802.91-23076.6219349.6119281.372022A2023E2024E2025E2022A2023E2024E2025E157484.33134407.71153757.33173038.70成长能力应收和预付款项17979.2518640.8120532.8822404.290.26%7.13%8.69%8.74%存货38314.1840039.2643508.1647357.612.27%11.20%11.67%10.94%其他流动黄产41362.288939.469380.389862.070.79%12.76%11.02%10.87%5892.295892.295892.295892.29田TDA增长率7.08%23.47%7.67%8.27%634.69634.69634.69634.6939776.7233735.8127470.4620927.14毛利率26.49%26.86%27.06%27.26%13281.2111959.3810636.56g298.7310.85%11.60%11.21%11.08%40299.8140297.5240295.2440292.9512.10%12.74%13.01%13.27%355024.76294546.94312107.98329708.46ROE22.59%25.53%27.49%29.48%52895.850.000.000.00ROA6.48%8.81%9.23%9.69%79183.2682722.2390941.8998282.20ROIC-276.58%.128.57%-68.94%-55.87%长期借款30784.2430784.2430784.2430784.2415.80%18.21%18.04%17.96%90285.3679406.1585567.9892287.01253148.71192912.63207294.11221353.450.560.630.730.75股本5631.415631.415631.415631.415.856.327.8410.67496.10496.10496.10496.1012.3013.3413.3313.2493699.1996682.14100524.29104800.02存货周转率3.363.763.803.8096758.7397165.71101007.86105283.60100.83%5117.314468.603806.013071.42101876.05101634.31104813.88108355.0271.30%65.49%66.42%67.14%355024.76294546.94312107.98329708.46带息债务感负债33.06%15.96%14.85%13.91%流动比率1.181.291.331.372022A2023E2024E2025E速动比率1.001.041.081.11EBITDA30047.2837100.4639946.6743248.37股利支付率90.69%88.78%86.96%86.91%E9.048.337.526.782172.182.112.044.354.725.235.80PS1.171.091.000.9218.0918.0518.6119.24EV/EBITDA3.391.941.310.77每股经营现金5.099.277.698.0410.03%10.66%11.57%12.82%每股股利3.954.194.555.04请务必阅读正文后的重要声明部分