浙商证券亿韩锂能300014)，点评报告表附录：三大报表预测值资产负债表利润表(百万元)20222023E2024E2025E(百万元)20222023E2024E2025E36,85765,05979,527115,42736,30465,89294,102121,058现金8,9792679128,76555,056营业成本30,33853,89876,17498,6483,3603,3603,3603,360营业税金及附加112250325417应收账项11,37618,14522,81728,5215139051,2701,634其它应收款9361,8521,140管理货用1,4472,3063,1053,995预付账款2,0982,2953,9784.0922,1534,9876,295存货8,58812,97117,49821,961财务货用147803618354其他1,1121,2571,296324588840108046,78149,55351,99153,593公允价值变动损益(13)(13)(13)(13)0000投资净收益1,2421,2001,3801,449长期投资11,50511,50511,50511,505其他经营收益1,0151,0721,1261,18210,85717,83021,72023,7513,5125,7769,27411252无形资产1,3651,6291,9872335营业外收支25)(30)23)在建工程13,2987,8995,1993,4985,7529,24411230其他9,75710,69011,58012,403所得税(174)73(223)(229)83,638114,612131,518169,0213,6725,6789,4681145932,18557,83265,04791,049163252420508短期借款1,2948981,1311,10835095,4269.04810,950应付款项25,28648,63255,83579,454EBITDA5,4447,74211,49413,54800EPS(最新摊薄)001.722.654.425.35其他5,6058,3028,08110,48717,71817,94117,984主要财务比率长期借款13,83713,83713,83713,83720222023E2024E2025E其他4,4563,8814,1044,147成长能力50,47875,55082,988109,033营业收入114.8%81.5%42.8%28.6%少数殿东权益2,7472,9993,4193,927营业利润13.6%64.5%60.5%213%30,41336,06345,11156,061归属母公司净利润20.8%54.6%66.7%21.0%83,638114,612131,518169,021毛利率16.4%18.2%19.1%18.5%现金流量表净利率10.1%8.6%10.1%9.5%20222023E2024E2025EROE13.1%15.0%20.7%20.2%2,86020,3943,90027,641ROIC9.1%12.1%16.1%16.1%净利润3,6725,6789,46811,4591,1861,0911,5031,77960.4%65.9%63.1%64.5%财务货用147803618354净负债比率353%23.3%21.6%16.6%投资损失(1,242)(1,200)(1,380)(1449流动比率1.213营运资金变动7,295(1,790)19,662速动比率0.90.91.0其它(4,822)(4,518)(4,163)(19,917)(1,740)(1,684)(1,122)总资产周转率0.60.70.80.8(12,471)2,500)(2,500)2,000)应收账款周转率5.05.05.0长期投资(3,362)000应付账款周转率2.82.5其他(4,084)76081687818,121(841)(243)(228)1.722.654.425.35短期借款95(39623323)1.409.971.9113.51长期借款8,35700014.9017.6322.0527.40其他9,670(445)(476)106417,813197326,292P/E37.414.512.0P/B3.62.92.3EV/EBITDA34.615.810.57.0http://www.stocke.com.cn2/3请务必阅读正文之后的免责条款部分