东方证券ORIENT SECURITIES广汽集团动态跟踪一埃安销量持续高增，广丰恢复增长附表：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24,03639,52472.,08983,61295,35675,110109,335130,991153,375177,604应收票据、张款及项触资9,7039.13812.44414,57116,872营业成本69,164101,689120,804140,606161,7467601,3102,6203,0683.552营业税金及附加1,8242,2422,8823,3743.907存货8,11112,36213,28815,46717,792营业费用4,3404,2287,2058,4369,768其他18,58229,45818,07420,69622,588管理费用及研发费用4,9235,8757,5978,89610,30161,19291,792118,516137,413156,161财务费用172(223(176(171)长期股权投资36,90537,78837,78837,78837,788资产、信用减值损失8323,6581,262787709固定资产17.50719,28419,47919,13118.610公允价值变动收益(319250250300在建工程1,73012341,3671,4331,377投资净收益11,81414,31716,49017,89019,236无形资产15,38316,12213,43510,7488,061其他1,4981,6331,1101,4101,510其他21,48023,80192689,2578,9997,1457,4569,31311,00312,39093,00598,22981,33778,35874,835营业外数入11684110110200资产总计154,197190,021199,852215,771230,996营业外支出255050502,2966,3094,0544,2204,8617,2377,4639,37311,06312,540应付票据及应付张款15,94617,85827,78532,33937,202所得税(187221)(251)其他30,56432,40924,56926,74126,7607,3917,9989,56111,28412,790流动负债合计48,80656,57656,40863,30068,823少数股东损益70134158179长期借款2,7024,8544,8544,8544,8547,3358,0689,42711,12612,611应付债券2,9950000.700.770.901.061.20其他6,3436,0076,4776,72712,79611,19610,86111,33111,58161,60267,77267,26874,63180,4032021A2022A2023E2024E2025E少数股东权益2,3359.0149,1479,30510.37110,48710,48310,483营业收入19.8%45.6%19.8%17.1%15.8%资本公积23,49340,94741,26741,26741,267营业利润26.7%4.3%24.9%18.1%12.6%留存收益55,67161,21070,63778,93588,208归属于母公司净利润22.9%10.0%16.8%18.0%13.3%其他7255911.0501,1501,15092,595122,248132,584141,140150,5937.9%7.0%7.8%8.3%8.9%154,197190,021199,852215,771230,9969.8%7.4%7.2%7.3%7.1%ROE8.4%7.9%8.0%8.7%9.2%现金流量表ROIC7.1%6.2%6.4%7.2%7.7%单位百万元2021A2022A2023E2024E2025E7,39111,28412,790资产负债率40.0%35.7%33.7%34.6%34.8%折旧摊销4,7525,9334,5394,6494,759净负债率0.0%0.0%0.0%0.0%0.0%财务费用172(181)223)(171)1.251.622.102.172.27投资损失(11814)(14317(16,490)(17,890速动比率1.081.401.841.901.98营运资金变动9,5651,921(1,139(2,006)其它2,7734,78316,55551223713.014.015.917.717.9(5,58915,864(2,7593,627)存货周转率929.878.7资本支出(1,499)(1,499(1,320)总资产固转率050.60.70>0.8(19131其他8,83477121,67617,33619,251每股收益0.700.770.901.061.201,649(3,834)20,16815,64418,062-0.54-0.511.510.26-0.352,216(1,750)1,124(16每股净资产8.6110.8011.7812.5813.4617,57031600其他(2,033)15.314.011.910.18.97324,277(3,468)市净率121.00.90.90.844-0-0-0EV/EBTDA797.27.06.15.615,13932,56511,52311,744EV/EBIT13.013.010.48.87.8资料来源：东方证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