申港证券SHENGANG SECURITIES瑞可达(688800.SH)季报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E9021625221228721287245631393989497068111851608207128034611070129416802127营业税金及附加6911应收账款64489111571464274052其他应收款3234管理费用2940778395预付款项5667研发费用46881501952472565487078890-10其他流动资产31-1474.50-7.52-6.016.772705265165044910.000.000.000.000.00长期股权投资12121212125.045.02-0.012.511.25151.5519722292.74335.34352.09127282330458612无形资产5252474238营业外收入0.100.000.050.030.0400000.020.140.080.110.10其他非流动资产61616161612728233045815372983365544935462所得税13293447523104614551915237811425329641155008021132940300003545918071041130811425341154900000EBITDA202357347478631一年内到期的非流幼1444EPS(元)1.232.312.613.63166373737000002021A2022A2023E2024E2025E000005391092149219522415营业入增长47.73%80.23%36.10%26.59%0344营业利润增长51.68%122.69%16.83%39.02%33.63%实收资本（减股本）108113113113113归属于母公司净利润增长17.01%38.99%17.01%38.99%33.69%资本公积5141182118211821182未分配利润34554775410411424毛利平(%)24.49%27.09%27.37%27.90%28.42%归属母公司股东权益1887215925373042净利平(%)12.62%15.58%13.38%14.32%15.12%15372983365544935462总资产净利润(%)7.41%8.47%8.09%9.15%10.06%ROE(%)11.42%13.39%13.69%16.20%18.06%2021A2022A2023E2024E2025E3910811929941735%37%41%43%44%净利润1142532964115502.422.352.162.082.0975.4684.070.0017.4518.281.932.001.781.711.720-1034应付怅款减少00-247-286-3080.720.720.670.710.73预收怅款增加000003365-2164-1-2应付账款周转单3.203.443.163.113.100000长期股权投资减少000001.232.312.613.634.85-5503每股净现金流（最新掉薄）2.455.211.983.4129169810932每股净资产（最新掉薄）9.2316.6819.0822.4226.8800000长期借款增加00000PE62.0533.0429.2121.0215.722750008.284.584.003.402.8432300038.5121.4521.7815.28285590224386447敬请参阅最后一页免责声明2/4证券研究报告