民生证券MINSHENG SECURITIES航发动力(600893)/军工公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入37.09743,23150,91958,494成长能力(%)营业成本33,08238,43145,12551,729营业收入增长率8.7816.5417.7814.88营业税金及附肋加122130153175EBT增长率10.5176.7532.9823.35销售费用455509523572净利润增长率6.7535.3129.2121.71管理费用1,3771,5001,7161,924盈利能力(%)研发费用711776889992毛利率10.8211.1011.3811.57EBIT1,1061,95626013,208净利润率3.423.974.354.61财务费用-1847101130总资产收益率ROA1411.822.142.38资产减植损失-336-345-389-436净资产收益率ROE3.304.315.356.20投资收益367406453491偿债能力营业利润1,5152,0262,6293,2081231.171.161.16营业外收支4250356速动比率0.630.570.560.55利润总额1,5572,0762,6823,264现金比率0.190.110.090.08所得税205270349424资产负债率(%)54.1154.5657.0458.77净利润1,3521,8062,3332,840经营效率归属于母公司净利润1,7152.2172,698应收账款周转天数16183150.00145.00140.00EBIT DA2,9333,9304,7545,548存货周转天数283.92273.92263.92258.92总资产周转率0.410.470.510.54资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金6,0555,3035,430每股收益0.480.640.831.01应收款及票据21,54924,17928,48331,604每股净资产14.4114.9215.5616.32预付款项3,3653,6514,2874914每股经营现金流-4220.671.081.49存货25,73428,52432,27036,291每股股利0.190.190.250.31其他流动资产358433555681估值分析流动资产合计60,3806284170,89778,921PE91675243长期股权投资247725582,6562757PB3.02.92.82.6固定资产19,79821,3492286224,368EV/EBITDA37.1128.6123.8720.51无形资产2,4202,5062,5902,675股息收益率(%)0.440.450.580.71流动资产合计29,58631,22232,81134,395资产合计89,96694,064103,708113,316短期借款2016211622162,316现金流量表（百万元）2022A2023E2024E2025E应付款及票据26,56930,00834,86439,541净利润1,352180623332,840其他流动负债20,64921,36324,03426,3921827197421532341流动负债合计49,23453.48661,11368,249营运资金变动-14597-2084-1741长期借款7808801,0801,380经营活动现金流.112411,7862,879其他长期负债-1,333-3042-3,038-3034资本开支-2818-3,300-3433-3,604非流动负债合计-553-2,162-1,654投资6,331180210243负债合计48,68051,32459,15666,595投资活动观金流3,722-4829-3,361股本2,6662,6662,6662,6660000少数股东权益2,88229723,0893,231675249300400股东权益合计41,28642,73944,55346,721筹资活动现金流884-408-480负债和股东权益合计89,96694,064103,708113,316现金净流量6,567-752127资料来源：公司公告、民生证券研究院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