公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E1273301220.171.439521731962119751,031231032431373571765.252,27843294.61468494435673144营业成本285.74286823792345688570.6911.9219861427890707941121015616591480168013032943销售费用40425515096619785441其他26081502757.97管理费用79.408750975212357159491591.772300323004.52研发费用181.1020498219.77275383417710.9011521152115211522329(19.18)2500固定资产955594.23113141258014195资产信用减值损失7.00(1222)0.002143214321432143公允价值变动收益0500240.00无形资产04708204702329080310.007007.00其他19935198201995120451其他(3114)0.003082733767344.94358.73137,4618728372.972,070.021,950462347582,659053394.22营业外收入3260000300300.000000.00营业外支出07002002002011735128.6411365140171399595.1118738289.96373.07其他179.46492195129884330所得税(301)7.5010801492308.10605.84653.151020.171344798.1217988259.17358.140.000.000000000.0040472010371433应付债券0.000.000.001287994.081726934382其他425430.03450050005000167122223322445425430.0345.0050.0050.0062338483.8565084703.151070.171621835255535925024202120222023E2024E2025E76997727772777277727资本公积1007.651.002971002.97100297营业收入3510%3304%2852%23.07%829751173579A0%-3030%其他1057447310001000日属于母公司净利润1959%8355%4407%1,955902314.052,070.021,950462347582,65905毛利率7229%72227239%7412%74.95%净利率1249%911%1257%1409%15.09%ROE900%650%1033%12915.19%ROIC-3435%35083%-5821654%202120222023E2024E2025E净利润134.47172692488034382资产负债率3011%2480%2772%264%31.62%1620112712521402净负债率财务费用2443.11(25.00)28.0030.003043563.52295投资损失(10.00)(7.00速动比率3033523283.50292营运资金变动405845754553其它134.44161867.431037143362742136013545(119.29)196.97282.4380.79965286.931183310731资本支出40.4143.41150320.003000总资产调转率0530510640.71长期投资0.620000000.00其他(41730(3550)38.00530016712222332244518201(18.00)每股经营现金流175-1542553.6649350.1324.5328.0030001851187521.632485293017.9☑50.040.00其他(1049☑0000000.00市盈率67.0536.53253518355839)(114.94)428528.0030.00市净率441436377329279汇率变动影响0.000.000000.00EV/EBITDA14351476172111212193529244153328.7018101167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