东方证券ORIENT SECURITIES拾洽食品季报点评一利润短期承压，期待全年稳健增长附表：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1,7463,0753,3874,3875,1215,9856,8837,9509,10210,344应收票据及应收张款320456460559640营业成本4,0734,6835,5006,2397,062425563营业税金及附加5358存货1,4629851,9252,184营业费用604701754822896其他2,2681,7111,7121,7141,715管理费用及研发费用3114234935515,8536,2697,5338,89810,363财务费用(125136长期股权投资142163163163资产减值损失4固定资产1,3251,3591,4391,5521,686公允价值变动收益88在建工程7255784投资净收益3454434343无形资产274268256245233其他111111其他4724643113113111,0281,1211,2161,4831,7712,2202,2782,2252,3432,476营业外数入10810110资产总计8,0728,5479,75911,24112,840营业外支出100短期借款2882302022402241,1271,2211,3061,571,861应付票据及应付张款7716308911,0111,079所得税197242259312369其他8659491,0121,0669309781,0471,2611,492流动负债合计1,9241,8612,0422,2632,370少数股东损益12长期借款000009299761,0461,2601,490应付债券1,2661,30113011,3011,3011.831.932.482.94其他11497971,3521,4151,3981,3981,3983,2763,2763,4403,6613,7682021A2022A2023E2024E2025E少数股东权益23507507507507507营业收入13.2%15.0%15.5%14.5%13.7%资本公积1,4931,4641,4641,4641,464营业利润11.3%9.1%8.4%22.0%19.4%留存收益2,5703,1174,1635,4236,913归属于母公司净利润15.3%5.1%7.2%20.4%18.3%其他2251811811811814,7965,2716,3197,5809,07232.0%32.0%30.8%31.4%31.7%8,0728,5479,75911,24112,84015.5%14.2%13.2%13.8%14.49%ROE20.6%19.4%18.1%18.1%17.9%现金流量表ROIC13.9%13.5%13.9%14.4%14.7%单位百万元2021A2022A2023E2024E2025E净利润9309781.0471,261资产负债率40.6%38.3%35.3%32.6%29.3%折旧摊销128151109121138净负债率0.0%0.0%0.0%0.0%0.0%财务费用45363.043.373.693.934.37投资损失3(43)(43)速动比率2.282.842.752.973.18营运资金变动354425(188613)其它431273421.617.918.419.018.31,3451,5325521,1931,005存货周转率2.63.83.02.8资本支出219(185(239总资产固转率080.80.90.90.9000其他261)519525252每股收益1.831.932.062.482.94(596)313(157)(187(2202.653.021.092.351.9838407每股净资产9.4610.3912.4514.9417.88529000其他543)(79)23.222.120.617.114.5(223)市净率454.13.42.82.460-0-0EV/EBTDA16.614.813.611.39.65323121,000734EV/EBIT18.716.814.712.210.3资料来源：东方证正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。并请阅读本证券研究报告最后一页的免责申明。2