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公司报告ㄧ季报点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金493304513956877710.964577324238218,079.091462.51616211.778.652484.73301612营业成本2972.782839663474.6543045453483613.501757148125822713营业税金及附加510751.9466388717存货1049.01923551137981520.68189280销售费用87578189103.411259314542其他70722635220055364484647922512629731371643,724583,849.954,105.735397.03研发费用3429352324718259169127.92166181661816618财务费用56.74509863195822固定资产3746.064633995.11401564011资产信用减值损失34897.5129452870在建工程1304.46818685392135352公允价值变动收益0000020.78104无形资产44320523.0550504487.0346902(1283)30.0025.0045.00其他64026660.936057761809其他3550125.020.007298507,270.357,227.079449358149878631189331561339,7411610,938.45113154112,65738营业外收入0040.1000755333819.051,10816152233130367营业外支出4265375.17493889.04613.061218541050.61177200939.2457726873351184.261556.47其他775.52946.12639041186.18103478所得税8933522311483151882,217882378232,965.743,7591284991525.03781401089441404.601225.991999591.198481025.618000091971405920470应付债券0000000.0078463433.05640.811,137.72其他428.96447.903792641871415290541.071411,654.942,447471577.741444311215.293,891424838.745,203435325.73317.71540.79637.177745395158202120222023E2024E2025E8063280632806328063280632资本公积2115.832115.922.115922115.922115922200%2500%25.00%2826.453019.443.458734039.024793785110%3530瑞3128%其他24620)(30360日属于母公司净利润3333%-4481%4798%3494%5849.747453958384.009,7411610,93845113154112,657381369.74毛利率3505%3300%3280%3340%3380%净利率1714%10221239%14.08%ROE1418%7.79%1045%1295%15.35%ROIC1584%825%1011%1350%15.92%202120222023E2024E2025E净利润843.91525.036408186473113772资产负债率4424%4015%4111%415.47492.75593676316467343净负债率2395%4253%2738%2669%16.50%财务费用5439691663195922流动比率167153139143157投资损失2391159(30.00)250045.00120114100103111营运资金变动(43380(122433956(32307其它170.0176.011359120548267913362753053.032941,058361,084.091439.1197162178922429475资本支出1260301713.1562864640.5565342总资产周转率0530A104054长期投资27.6239250000000.00其他2.7738932717☑(114928)(126050054141(1,52031)52084(65656)1311321781212195892811005621455(49986897.61828919(1781☑其他184.74(362120000000.00市盈率39571981150659490413.67(98440)市净率3102792310.000000.000.0018.9615408641672911737142.19177.7424.95223016601240资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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