民生证券MINSHENG SECURITIES明阳智能(601615)/电力设备及新能源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30748390285150263507成长能力(%)营业成本24602311434062049819营业收入增长率12.9826.9331.9623.31营业税金及附九加146195258318EBT增长率1.5549.4336.5827.45销售费用1193140518542286净利润增长率9.4025.6732.9328.54管理费用82593712361524盈利能力(%)研发费用84497612881588毛利率19.9920.2021.1321.55EBIT3187476365058290净利润率11.2411.1211.2111.68财务费用-48176207134总资产收益率ROA5.015.115.426.02资产减值损失-183-64-78-89净资产收益率ROE12.2913.5815.5616.99投资收益704312206191偿债能力3865483564258258流动比率1251.231.40144营业外收支7速动比率0.850.801.011.07利润总额3858483064208253现金比率0.550.760.81所得税409531706908资产负债率(%)58.8662.1064.9964.50净利润3449429957147345经营效率归属于母公司净利润3455434257717419应收账款周转天数127.8970.0068.0065.00EBITDA42116134847410723存货周转天数119.05150.00140.00130.00总资产周转率0.470.510.540.55资产负债表（百万元）2022A2023E2024E2025E每股指标（元）11157217213725947238每股收益1.521.912.543.27应收账款及票据107747495960911327每股净资产12.3714.0716.33192284493411371295每股经营现金流-0356.125.596.348024127341550217655每股股利0.300.250.250.25其他流动资产4665546649586237估值分析流动资产合计35464483516846583753PE12长期股权投资488488488488PB1.41.31.10.9固定资产10715159971941120960EV/EBITDA8.774.602.240.93无形资产1585158215721562股息收益率(%)1711.401.401.40非流动资产合计33476365293793139468资产合计6894084880106396123221短期借款260106010601060现金流量表（百万元）2022A2023E2024E2025E应付账款及票据17229230372893534123净利润3449429957147345其他流动负债10869153171886123003折旧和摊销1024137219692433流动负债合计28357394134885558185营运资金变动-5371813545613933长期借款5257625762577257经营活动现金流138981270914400其他长期负债696170401404014040资本开支-8004-5044-3377-3974非流动负债合计12218132962029621296投资-2812000负债合计40575527096915279481投资活动现金流9950-4374-2218股本22722272227222726668000少数股东权益252209152782771189762741000股东权益合计28365321703724543740筹资活动现金流781710405047-636负债和股东权益合计6894084880106396123221现金净流量-257610564155389980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