太阳纸业(002078)22年年报及23年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E39766.9342815.9946980.1650262.462817.133211.963663.734125.86营业成本33735.4035915.6339265.0441824.28折旧与摊销2109.252785.762893.702997.77营业税金及册加177.95192.97210.04225.35833.52868.35819.82719.61销售货用152.62171.26187.92206.08-54.55-20.00-20.00-20.001032.692140.802489.952764.44经营营运黄本变动-2546.771156.81-212.95280.29财务货用833.52868.35819.82719.61其他664.9885.6942.5848.65-54.55-20.00-20.00-20.003823.568088.577186.877591.6021.940.000.000.00.4210.02-1550.00-1550.00-1550.00-5.69-5.69-5.69-5.69-1910.92-5.695.69-5.69其他经营损益0.000.000.000.00-6120.95-1555.69-1555.69-1555.693032.603541.294021.704537.02短期借款471.69541.193812.98.3815.2135.348.567.507.881248.310.000.000.003067.943549.854029.204544.891255.630.000.000.00所得税250.80337.89365.47419.03支付股利-537.40-510.49-581.97-663.852817.133211.963663.734125.86-635.53-3586.04-819.82-719.619.9111.1612.621802.71-4637.72-5214.76-5198.682808.773202.053652.574113.23489.691895.16416.42837.242022A2023E2024E2025E2022A2023E2024E2025E货币黄金2386.444281.604698.025535.25成长能力应收和预付款项3163.933588.723849.284124.6624.28%7.67%9.73%6.99%存货5339.095692.226223.736630.47营业利润增长率-10.79%16.77%13.57%12.81%其他流动黄产1698.48283.78310.97332.40-5.04%14.02%14.07%12.61%255.96255.96255.96255.96田TDA增长率4.22%20.42%7.50%6.71%30.4330.4330.4330.4332146.9631121.5029988.1128750.64毛利率15.17%16.12%16.42%16.79%无彩资产和开发支出1806.171605.891405.611205.345.08%7.43%7.45%7.34%1186.511176.481166.461156.437.08%7.50%7.80%8.21%48013.9648036.5947928.5748021.58ROE12.16%12.62%12.84%12.89%8169.387628.193815.210.00ROA5.87%6.69%7.64%8.59%5468.496512.577037.977409.45ROIC9.68%10.12%11.59%12.82%长期借款6639.706639.706639.706639.7015.03%16.81%16.46%16.42%4562.701801.301899.101973.8324840.2722581.7619391.9816022.970.880.890.981.05股本2794.682794.682794.682794.681.401.501.701.893574.353574.353574.353574.3518.7417.0216.9416.9316598.3619289.9222360.5225809.90存货周转率7.596.486.576.4823084.0225355.2528425.8531875.24113.10%89.6799.58110.74123.3723173.6925454.8428536.6031998.6051.74%47.01%40.46%33.37%48013.9648036.5947928.5748021.58带息债务感负债59.62%63.18%53.91%41.44%流动比率0.720.911.261.932022A2023E2024E2025E速动比率0.420.540.741.16EBITDA5975.377195.407735.228254.40股利支付率19.13%15.94%15.93%16.14%E11.339.948.717.741.381.261.121.001.011.151.311.47PS0.800.740.680.638.269.0710.1711.41EV/EBITDA7.595.654.713.85每股经营现金1.372.892.572.721.69%1.60%1.83%2.09%每股股利0.190.180.210.24请务必阅读正文后的重要声明部分