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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E2923.6310.07508120566715625.0620.068767,253.769,238.1211,7758115.0365318,72349应收票据及应收账款1062372029281351653322.98837.79营业本3668604.770005913.057550379401.7212437197801183519728营业税金及附加43.1338359022111402205.04346021324813551853527271销售费用1029A11327.681582.96258120其他4308564.794804696.77499317319.144306062861动渍产合计6,928.0920,071.03295018331389.72研发费用968351306281539.601.957.924450400340034003财务费用20330)2049.96211633221462214622210821资产信用减值损失4021)(4245)4133在建工程10842223623316243.9625476公允价值变动收益2850449986528847.75849.60862576225126757465987其他583.25815957357871864其他(453.7033623)0.00000.03338.054059.954,071353,967413984.221,928.242419.122,990.493,69949产总计1036188242045235353.9324485210509511555000000000营业外支出9.0710889.63849应付票据及应付账款1236.592193371568533396.913393222418.012,992503,69994其他1079841414743800787279426017.49所得税294.03259713792644489565202346.153623.7753693110,678349410.701403512.038.742547.613,134730.000.000000000.00(13.15)应付债券0.000.000000.000.001417182,052383,15331其他810.557192476489742.06753481.7220131138381055719.2476489742.06753485328336731.016,1342011,418.4010184.18(377(2340)(55.13202120222023E2024E2025E724.168241682416824.1682416资本公积138650513,8650513865.051386505营业收入2736%27.69%2452%2822914875297.436.0510599364364%13.6%236223.71%其他(3434)2393%2477%23.14%5.0335517,47351195067522,050.8425189.75103618824,204.5233,4002435353.93毛利率4942%4979%4979%净利率1954%1793%17.43%17.03%ROE2813%9.47%ROIC135974%13182%7561%97.70%19636%202120222023E2024E2025E1403.511650092.052382560.76315331资产负债率5142%2781%2392%3412%28.75%246.1027274299623118432698净负债率-6173%财务费用(20330262.14)流动比率1563354.02276333582☑278341225营运资金变动(1205.16)26112936.10137832其它(24☑39023188355986.976439.00942456281243371357364567.783.632635343347资本支出753.6184583345532779130233总资产周转率0.72053047051054长期股资0.000.00其他1.00090(5530.18)1.72201311383(25444)5913☑(39025)1140832.9543455414471203.6126199212123.7030.6319.9710.78773550)(35☑其他(145.12☑0000.00市盈率84.1071974654(93538)107285013921200.09286.17市净率23.666.104720.000.000.000.000.0429131186722511,981594443.70EW/EBIT0.0044.113459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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