东饮并(605499)2022年报及2023一季报点评2022A2023E2024E2025E2022A2023E2024E2025E8505.3910360.7112524.9815063.221440.521821.972267.882809.07营业成本4905.465739.606829.308160.40折旧与摊销223.94220.39246.42273.68营业税金及册加92.64119.15150.30188.2941.0468.3615.53-0.17销售货用1449.281813.132241.972636.060.000.000.000.00255.52372.99475.95572.40经营营运黄本变动.118.92-1613.3188.18107.98财务货用41.0468.3615.53-0.17其他439.53-85.34-94.58-91.590.000.000.000.002026.11412.062523.433098.9870.0244.1649.1750.98-760.21-300.00-400.00-500.0012.7945.2846.3540.40-2575.561744.5495.5291.38其他经营损益0.000.000.000.00-3335.771444.54-304.48-408.621854.272336.932907.463597.61短期借款2558.10-2394.40-787.200.00-18.26-28.10-22.64-23.73-25.830.000.000.001836.012308.832884.823573.880.000.000.000.00所得税395.49492.96616.94764.81支付股利-600.02-1008.36-1275.38-1587.521440.521815.882267.882809.07-168.04-93.35.15.530.170.000.000.000.001764.22-3496.12-2078.10-1587.341440.521821.972267.882809.07439.44.1639.52140.851103.012022A2023E2024E2025E2022A2023E2024E2025E货币黄金2157.56518.04658.891761.90成长能力应收和预付款项167.89174.74221.42259.7121.89%21.81%20.89%20.27%存货394.22461.25546.83654.80营业利润增长率21.31%26.03%24.41%23.74%其他流动黄产4526.523053.413265.703514.6720.75%26.06%24.89%23.86%0.000.000.000.00BTDA增长率24.49%23.90%20.71%22.14%0.000.000.000.002761.582853.653019.693258.46毛利率42.33%44.60%45.47%45.83%无彩资产和开发支出357.35347.69338.04328.3920.53%21.76%21.82%21.30%1504.531501.731498.921496.1116.94%17.53%18.11%18.65%11869.658910.519549.4911274.04ROE28.44%30.82%32.94%34.65%3181.60787.200.000.00ROA12.14%20.38%23.75%24.92%1143.101295.431570.381879.50ROIC159.93%83.10%70.57%81.53%长期借款0.000.000.000.0024.92%25.34%25.30%25.70%2480.66935.651094.371288.256805.363018.282664.753167.750.871.001.361.45股本400.01400.01400.01400.014.114.444.965.562080.402080.402080.402080.40336.05361.36347.06348.312598.223411.834404.335625.89存货周转率13.3613.4213.5213.555064.295892.236884.748106.29119.23%0.000.000.000.005064.295892.236884.748106.2957.33%33.87%27.90%28.10%11869.658910.519549.4911274.04带息债务感负债46.75%26.08%0.00%0.00%流动比率1.081.441.832.022022A2023E2024E2025E速动比率1.021.281.621.80EBITDA2119.252625.683169.403871.12股利支付率41.65%55.34%56.24%56.51%E48.6938.5030.9324.9713.8511.9010.198.653.604.555.677.02PS8.256.775.604.6612.6614.7317.2120.27EV/EBITDA31.9425.4820.8116.76每股经营现金5.071.036.317.750.86%1.44%1.82%2.26%每股股利1.502.523.193.97请务必阅读正文后的重要声明部分