东方证券ORIENT SECURITIES明志科技动态跟踪一新一轮股权激励发布，大股东拟全额认购定增彰显信心附表：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1681361521612117146138461,0761,382应收票据、张款及项触资2222022344456营业成本4694435396848682917228营业税金及附加43457存货1621321销售费用202635其他588552553557563管理费用及研发费用1031411531701,1641,1251,2041,3441,579财务费用02长期股权投资0000资产、信用减值损失4946固定资产181208430426公允价值变动收益112000在建工程661投资净收益7无形资产192220其他20111其他7683134220非流动资产合计241554590营业外收入011资产总计1,4051,4631,6801,8982,169营业外支出185186150141应付票据及应付张款151130162212278所得税18其他13312816027流动负债合计320374453526588少数股东损益000000123131191275应付债券0000每股收益（元）1.000.301.061.542.22其他1118191191881819负债合计3315456072021A2022A2023E2024E2025E少数股东权益00000实收资本（或股本）12124124124营业收入16.5%-14.2%38.1%27.2%28.4%资本公积656677677营业利润2.2%-75.7%337.9%45.8%44.3%留存收益289276407552761归属于母公司净利润4.8%-70.0%253.5%45.8%44.4%其他640001,0741,0701,2081,353156234.4%27.6%36.3%36.5%37.2%1,4051,4631,6801,8982,16917.3%6.0%15.5%17.7%19.9%ROE16.1%3.5%11.5%14.9%18.9%现金流量表ROIC14.9%3.3%10.2%13.2%17.0%单位百万元2021A2022A2023E2024E2025E净利润123131275资产负债率23.6%26.8%28.1%28.7%28.0%折旧摊销2222405972净负债率0.0%1.8%3.1%2.2%0.0%财务费用103323.633.012.662.552.69投资损失3.122.432.182.052.13营运资金变动23)其它154.93.43.8经活动现金流143136179245存货周转率292.32.52.82.9资本支出22(170)(130(1000.40.50.60.70000其他(5927每股收益1.000.301.061.542.22(614)(163)(122每股经营现金流1.160.021.101.441.98(180每股净资产8.668.639.7510.9212.60493111100估值比率其他24.581.623.115.811.04617144(104市净率282.82.52.21.91300-0EV/EBTDA15.043.312.88.86.350 EV/EBIT17.371.016.211.17.8资料来源：东方证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。井请阅读本证券研究报告最后一页的免麦申明。2