中泰证券ZHONGTAI SECURITIES公司点评资产负债表单位：百万元单位：百万元会计年度20222023E2024E2025E会计年度20222023E2024E2025E19,35419,61524,99529,134营业收入52,16265,38283,31697,112应枚票据98400044.94356.22970,08381.08912.44815.07918.54921,3291381962502914288431,0511,216销售费用5989151.3609.87511.10021,69818,792管理费用2,1493.4654,1664.856401220292,7423.9565.5352.0601,2751.6121,891675127265396流动资产合计45.14947.91367.90572,362-145-100-8050286358457532624400-150551551551551-45122183111.03910.1189,3678.767283734338,0418,14181418,041310310300506426145545224204422.6453.479其他非流动资产8.7858,9909,3009.640营业外收入505049非流动贵产合计29,34528,77228.36928.053营业外支出3030303074.49476,68596.274100.4154404612.6653.4988,3657,57817.94812,861所得税-3342673507,3449.32311,2987587952,3983.14815.16516,86921.23524.813-3202-306721311,0641,1152,4003.1515961.1771.500NOPLAT19221.0152,6373.505其他应付款6356356356350.570.601.291.692.9462.9462.9462.9463,2934.1134.7535,315流动负债合计39.00740,72958.36259.647会计年度20222023E2024E2025E3.7263,7763.7063.786成长能力388388388388营业收入增长率39.6%25.3%27.4%16.6%5.0675.0675.0675,067-27.7%398.0%32.9%非流动负债合计91819,2319.1619,241归母公司净利增长率16.2%4.9%115.2%31.3%负债合计48,18849,9596752368,88820.05620,79522.82425.60213.8%14.0%15.9%16.5%6,2505,9305.9285,9241.5%1.2%2.9%3.2%所有者权益合计26,30726,72528.75131527ROE4.0%4.2%8.3%10.0%74.49476,68596.274100.415ROIC2.6%1.4%5.4%7.5%现金流量表42.5%43.4%64.7%65.1%会计年度20222023E2024E2025E77.9%73.9%104.5%79.4%559-2.801114621.21.21.21.22.9252.9824.6490.90.90.80.92,239-1.225-10.5982,906营运能力4,296-1,662-3477-2,7950.90.91.09.9091,1076.3015,56272767374其他影响1,57332429410010398102-9.760-1,276-1.54770678490-10,122-1,209-1.175-1,2193350000.570.601.291.69697-67307-3280.301.49-1.506.1514,881-1,2369.663-5,77610.7711.1712.2613.754349-73610.300估值比率-749-877-1.654-2.092P/E2911.506000P/B2211-2253771.0171,324EV/EBITDA392386208175-2-请务必阅读正文之后的重要声明部分