民生证券INSHENG SECURITIES紫光股份(000938)/通信公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入74,05886,333102,077118,917成长能力(%)营业成本58,77268,42480,99694414营业收入增长率9.4916.5818.2416.50营业税金及附九加294294347404EBT增长率31.9630.5818.4015.81销售费用42515,7166,540净利润增长率0.4833.6420.3517.47管理费用9641,1221.3271.546盈利能力(%)研发费用5,2996,0437,0438,086毛利率20.6420.7420.6520.60EBIT4,9877,7108929净利润率2.913.343.40343财务费用6341669812总资产收益率ROA2.913.553.844.03资产减值损失-695-772-893-1,016净资产收益率ROE6.788.319.189.84投资收益21172024偿债能力4,1605,5966,7447.931流动此率1.521.701.79186营业外收支606672速动比率0.790.941.001.05利润总额4,2205,6616,8138,003现金比率0.470.510.55所得税478566681800资产负债率(%)48.9247.1246.1845.23净利润3,7425,0956,1327,203经营效率归属于母公司净利润2,1582.8844,077应收账款周转天数64.1459.0058.0057.00EBITDA6,0489,0989,945存货周转天数125.91120.00118.00116.00总资产周转率1.051.111.19124资产负债表（百万元）2022A2023E2024E2025E每股指标（元）10,66915,82219.25623.030每股收益0.751.011.21143应收账款及票据13,13813,90116,15918,502每股净资产11.1312.1413.2214.489721.0261,2151.416每股经营现金流1.411.911.882.1620,27521,77625,34729,045每股股利0.000.130.160.19其他流动资产5,6595,1485,0035,324估值分析流动资产合计50.71257.67366,98177,318PE38292420长期股权投资112129150173PB2.62.4222.0固定资产1.0421.0971,1121.650EV/EBITDA12929.527.806.75无形资产3,6973,9333,9333,933股息收益率(%)0.000.460.560.66非流动资产合计23,35123.48723.44123,851资产合计74,06381,15990,422101,168短期借款4,1754,8854,8854,885现金流量表（百万元）2022A2023E2024E2025E应付账款及票据13,24514,24716,42118,624净利润3,7425,0956,1327,203其他流动负债15,90214,72316,14518,047折旧和摊销10611,3091,3881.016流动负债合计33,32233,85537.45141,556营运资金变动-1598-2313-3592-3604长期借款2001,7521,752经营活动现金流4,01954745,3666,188其他长期负债2713263325512453资本开支-482-1025-851-846非流动负债合计2,9134,3854,3034,204投资438-200负债合计36,23538,24041,75445,760投资活动现金流38-1,011-846股本2,8602,86028602,86065000少数股东权益5,9878,19810,85913,985-10751,60000股东权益合计3782842,92048,66755,408筹资活动现金流-2,109690负债和股东权益合计74,06381,15990,422101,168现金净流量1,9935,1533,4343,774资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告