中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元会计年度20222023E2024E2025E会计年度20222023E2024E2025E货币资金7,1319,25810.44412,20831,58039,01147,31056,5954860738726.02132,68839,57547.046应收账款7.0069.36311.35413.583税金及附加106131158189预付账款162203246292销售费用353436529633存货6,1667,7469.37811,148管理费用8161.0081,2221.462009401,1611,4081.685其他流动资产1,7602.0392.3502.698财务费用200301389614流动资产合计22.27328.66833.84440.015-76-20-25-30其他长期授资31384655-468-150-150-150长期股权授资1401501501506710,67410,78011.01911,371投资收益303040在建工程1,8131,9131.9131,813其他收益319250250250无形资产303335365391营业利润2.8473.3874.1185.056其他非流动资产5,2975.5215.7045.851管业外收入6非流功资产合计18,25818,73819,19719,6321840.53147.40653.04159.6472.8413.3844,1155.0537,7948.0008.0008.000所得税474406493657应付票据2,0082.5233.0553,6312.3672,9783,6224.396应付账款5.9867,5209.10510.823000002.3672,9783,6224.39626323947NOPLAT3,2423,9644,931其他应付款54545454131.742.122.57一年内到期的非流动负11,1901.1901.1901.1901,0081,1271.2601,40818,06820,44722.70225,154会计年度20222023E2024E2025E长期借款3,1984,3654.4654,565成长能力0000-0.7%23.5%21.3%19.6其他非流动负债2,8592.8592.8592,85919.4%21.2%22.2%25.8%6,0577,2257.3257,425归母公司净利润增长率27.1%25.8%21.6%21.4%24.12527.67130.02732.578获利能力归属季公司所有者权益16.35919.68822.96827.02317.6%16.2%16.3%16.9%少数股东权蓝4747467.5%7.6%7.7%7.8%所有者权蓝合计16,40619,73523.01527.069ROE14.4%15.1%15.7%16.2%40,53147.40653.04159,647ROIC11.7%12.0%13.2%14.8%单位：百万元59.5%58.4%56.6%54.6会计年度20222023E2024E2025E债务权益比91.7%83.2%71.8%61.4%4,6303.6604.1214,964流动比率1.21.41.51.64,4805,1035,8976,9730.91.01.11.1286-1.580-1.632-1.770营运能力经管性应收影响1,119-2.259-1.897-2.139总资产周转率0.80.80.90.9经营性应付影响-6512,0492,1162,295应收账款周转天数767979其他影响-604348-363-395747676-3,759-2,263-2,304-2,344存货周转天数87777879资本支出-3,166-2,063-2,156-2,240-10001.381.742.122.57其他长期资产变化-596-190-148-1042.712.142.412.90504730-631-8569.5711.5113.4315.80借款增加6141,373100100642973-1.108-1,226P/E191513100000P/B3222其他影响532330377270EV/EBI TDA160144124104-2请务必阅读正文之后的重要声明部分