民生证券INSHENG SECURITIES山鹰国际(600567)/轻工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34,01440,79447,32653,120成长能力(%)营业成本31,55435,84041,17245,756营业收入增长率2.9719.9316.0112.24营业税金及附九加213245284319EBT增长率-100.7611850.4036.5729.14销售费用393490568637净利润增长率-248.87142.4447.1938.10管理费用1.91722242497盈利能力(%)研发费用8311,2301,381毛利率7.2312.1513.0013.86EBIT-171,97626993,485净利润率-6.632.352.983.66财务费用8639611,1851,389总资产收益率ROA-4.301.612.182.75资产减值损失-1,421000净资产收益率ROE-16.618.6210.91投资收益44414753偿债能力1,0591,5662,155流动此率0.540.670.710.73营业外收支-98-20-20-20速动比率0.350.430.460.48利润总额1,0391,5462,135现金比率0.150.130.130.16所得税816293128资产负债率(%)73.1073.3873.8073.81净利润-23539771,4532,007经营效率归属于母公司净利润9581,946应收账款周转天数46.8258.0058.0058.00EBITDA1,5483,6294,5735,546存货周转天数38.5250.0050.0050.00总资产周转率0.650.730.760.78资产负债表（百万元）2022A2023E2024E2025E每股指标（元）3,7383,3123,7885,133每股收益-0.490.210.310.42应收账款及票据4,3896,6497,7148,658每股净资产2943.303.543.87218538618686每股经营现金流0.040.050.760.993,3304,9095,6406,268每股股利0.110.070.100.13其他流动资产1,6292,2672,4652645估值分析流动资产合计13.30417,67620,22523,390PE1286长期股权投资2,32623262,3262,326PB0.80.70.70.6固定资产25,56728.53731,31134,083EV/EBITDA24.5011.509.708.39无形资产2,5122,5092,5052,500股息收益率(%)4.602.784.095.65非流动资产合计39,21341,70244,48047,294资产合计52,51759,37864,70570.684短期借款15,81715,91720.06722867现金流量表（百万元）2022A2023E2024E2025E应付账款及票据4,8855,9906,8817,647净利润-23539771,4532,007其他流动负债3,9904,3841,3761.533折旧和摊销15651.6532061流动负债合计24,69126,29028,32332,046营运资金变动-1322-3,362-1.007-899长期借款10,5651271513,365经营活动现金流2032433,514其他长期负债6,3336,7116,762资本开支-3,762-4,633-4,668-4,890非流动负债合计13,69917,27919.42620.127投资-25-1900负债合计38,39043.56947,75052,173投资活动现金流-3559股本3,3064,6164,6164,61616000少数股东权益5415606046644,5073,6303,1093,501股东权益合计14,12715,80816,95518,510筹资活动现金流3,0783,4531,578负债和股东权益合计52,51759,37864,70570,684现金净流量-2914761,345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