东方证券ORIENT SECURITIES安科瑞季报点评一Q1业绩符合预期，核心产品毛利率仍有上升空间附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金1151622233033931,0171,0191,4852,0182,6224195016288541,109营业成本5525491,0831,40891216营业税金及附加324存货249218319433563销售费用121137204282374其他232297316317318管理费用及研发费用187188252336411,02111841,4941,9192,400财务费用1长期股权投资00000资产、信用减值损失500固定资产1922225141.087公允价值变动收益2在建工程心29069投资净收益10无形资产43131其他3346796131其他31101091082953926649441,295营业外数入0资产总计1,4151,5772,1582,8633,694营业外支出100短期借款099283452应付票据及应付张款3054466067880其他12613716820324214114314287121,0921,482少数股东损益00长期借款000171368应付债券00000.790.791.271.722.26其他2052004364307121,0921,4822021A2022A2023E2024E2025E少数股东权益021521215215营业收入41.5%0.2%45.8%35.9%29.9%资本公积60133133营业利润46.1%3.3%61.3%35.0%31.7%留存收益708301,101,4281,869归属于母公司净利润40.0%0.3%60.0%35.0%31.7%其他6129791,1471,4461,7712,21245.7%46.1%46.4%46.3%46.3%1,4151,5772,1582,8633,69416.7%16.7%18.4%18.3%18.5%ROE18.9%16.0%21.1%22.9%24.4%现金流量表ROIC19.0%16.0%20.3%20.7%21.0%单位百万元2021A2022A2023E2024E2025E170171273368485资产负债率30.8%27.2%33.0%38.1%40.1%折旧摊销1326253768净负债率0.0%0.0%0.0%0.0%2.6%财务费用112.372.772.101.761.62投资损失(10)(10)速动比率1.792.261.651.361.24营运资金变动(46)(149(169其它16008.97.69.09.69.4112163244252385存货周转率2.643.02.8资本支出3439318)总资产固转率080.80.80.800000其他60(48)10每股收益0.790.791.271.722.26(325)(3080.520.761.141.171.7900000每股净资产4.565.346.738.2510.30654200其他13611443.443.327.020.015.2141136114市净率756.45.14.23.3000-0-0EV/EBTDA34.133.021.515.711.466608091EV/EBIT36.537.723.417.112.9资料来源：东方证正券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2