财信证券CHASING SECURITIES公司研究报告2021A202242023E2024E2025E主要指标202142022A2023E2024E2025E35.00115.88174.78325.48478.8635.00115.88174.78325.48478.86减：营业成本36.17107.18153.91278.59405.92增长率(%)212.60231.0850.8385.2247.12营业税金及册加0.140.320.781.452.14归属母公司股东净利润-9.270.5611.7025.831.494.865.8610.4213.89增长率(%)-187.832.70106.081,976.93120.683.655.655.949.7611.97每股益EPS-0.78-0.760.050.962.125.425.986.039.7612.930.000.000.000.000.000.470.990.84-0.03-0.54每股经营现金流0.19-1.441.664.976.15减值横失-2.58-3.27-2.26-3.71-4.50销售毛利率-0.030.080.120.140.150.330.090.270.270.27销售净利率-0.27-0.080.000.040.053.040.620.000.000.00-0.10-0.080.000.090.160.000.000.000.000.00投入黄本回报率ROIC)-0.21-0.140.030.328.10-11.20-11.500.7913.4329.66-28.66-29.45484.4923.3310.57加：其他非经营损益0.000.000.000.000.00市净率PB2.942.272.262.061.73-11.18-11.490.8113.4529.690.000.000.000.000.00减：所得税-1.65-2.220.251.753.862021A2022A2023E2024E2025E-9.539.270.5611.7025.830.000.000.000.000.00毛利率-3.35%7.51%11.94%14.41%15.23%-9.539.270.5611.7025.83三货/销售收入16.04%9.92%7.23%6.21%5.51%2021A2022A2023E2024E2025E-30.58%-9.06%0.94%4.12%6.09%49.78113.15104.20158.39228.17EBITDA/销售枚入-20.13%-3.37%8.34%8.15%8.80%5.991.221.221.221.22销售净利率-27.22%-8.00%0.32%3.60%5.39%应收和预付款项22.0823.12123.88230.69339.401.060.313.807.0710.40ROE-10.27%-7.71%0.47%8.84%16.32%存货28.5572.79145.24262.90383.06ROA-4.55%-2.89%0.11%1.46%2.31%7.096.4933.5562.4891.92ROIC-20.97%-14.49%2.56%31.64%809.99%0.312.222.252.292.338.257.927.927.927.9255.70%62.60%76.01%83.47%85.86%0.000.000.000.000.0025.90%15.49%7.34%0.39%-2.79%75.7482.5270.4058.1245.68带息债务/总负债18.86%20.05%3.15%0.85%0.00%无形资产和开发支出3.313.342.782.231.67流动比率1.321.261.141.111.117.218.197.947.687.68速动比率0.870.780.620.580.58209.36321.27503.18800.991,119.45股利支付率0.00%0.00%0.00%0.00%0.00%0.0021.320.000.000.00100.00%100.00%100.00%100.00%100.00%交易性金融负债0.000.000.000.000.00应付和预收款项71.79137.49325.95589.99859.66总贵产周转率0.170.360.350.410.4322.0019.0012.045.68-0.020.561.522.686.0311.2522.8423.3044.4572.88101.55应收账款周转率2.207.522.152.152.15116.62201.11382.45668.56961.191.271.471.061.061.06股本10.7112.1812.1812.1812.182021A202242023E2024E2025E93.63128.85128.85128.85128.85EBIT-10.70-10.501.6513.4229.15-11.60-20.86-20.30-8.5917.24EBITDA-7.04-3.9014.5726.5142.1592.74120.17120.73132.43158.26NOPLAT-11.67-7.861.2811.6825.360.000.000.000.000.00-9.53-9.270.5611.7025.8392.74120.17120.73132.43158.26EPS-0.78-0.760.050.962.12209.36321.27503.18800.99L,119.45BPS7.629.879.9110.8813.00现金流量表2021A2022A2023E2024E2025DPE-28.66-29.45484.4923.3310.57经营性现金净流国2.28-17.5620.1960.5374.94PEG0.15-10.904.570.010.09投黄性现金净流司-38.819.63-0.040.000.00PB2.942.272.262.061.7351.57-29.11-6.33-5.16PS7.802.361.560.840.57现金流量净额-27.5924.52-8.9654.2069.78PCF119.91-15.5513.524.513.64此报告仅供内部客户参考