附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E26023616421146805389360641184878563063896702116241929213332营业成本2424261730513482392612766162102198营业税金及附加1727293239其他应收款7971255373089810591214预付寒款3632484461131154190217239存货6166518278601041研发费用130137166186211其他流动资产114674574574574513101512571338140814773428-2020624固定资产535726843905-0无形资产28429932133535333242827其他非流动资产190227230230221023617487355496088686733448770981515362033241625882893营业外收入230220220220220营业外支出6375应付票据及应付寒款12521433169818752153330455597707814其他流动负债284380498493520所得税4669117134124743872992112833865045906800374286197少数股东损益0-000其他非流动负债12131328338650459168015482506280328873104EBITDA4285696097198260000EPS(元)1.822.483.79436股本1561561569519349349349342021A2022A2023E2024E2025E979127215931983243020692366274632013764营业收入%)-1.514.218.515.413.536174873554960886867향业利润(%)-35.845.822.918.415.0-33.836.330.517.215.232.836.437.438.138.57.99.410.310.510.62021A2022A2023E2024E2025EROE(%)13.716.318.418.418.1171613874778ROIC(%)12.912.113.013.814.1净利润283504590680118139210542.851.450.47.445.2-16413净负债比率%)32.3-60.6-72.5-74.9-33-24-28-27流动比率1.81.81.9-283205速动比率1.21.41.41.51.5其他经营现金流10228342-312-137-138-1500.91.01.0资本支出426303163164176应收寒款周转率29.442.642.642.642.6-23222应付寒款周转率8.47.37.3737.3其他授资现金流1204112524-12762-129-233-2181.822.483233.794.36022001.103.933.645.604.990460-87-88-8813.2614.6517.0820.0023.6000000170P/E46.534.126.122.319.4其他筹资现金流-2999-42-145-129P/B6.45.84.94.23.6-1541459303503411EV/EBITDA26.719.417.614.111.7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