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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金579.011405.731.636193741185396896,804.907,412888513.6911091.6314,4857156409821266258296356营业成本3.059.123.975245.170.04313323047488341210325营业税金及附加65.91711981.7310648存货3503127355430754818671155销售费用2316562.410992.79620339209其他3741.13348559395026398752437712391524078146918525876,009.166,617.909,2082411223.27研发费用2087.902247.782416.1828期4933.72492365.123936639366财务费用(2014019455)(2001☑380.03)固定资产3478439630367.04资产信用减值损失(30.52)(34.13)在建工程137.47324.73404734547351973公允价值变动收益1600300.003000030000无形资产28283274.602485823557投资净收益65.9427.1938944402其他4551214804.444350234523.62453544其他402.12)0.006,173.985,796505,993636177.9024915203.97553031553.132347.7810,9503312,183.1412,414.40152018617,401.16营业外收入14252217154717301831273179083523605682047950营业外支出69965140759741311040308358625641218.69561992359.11其他1197.652.763393454.67383600所得税2451562015634235912,000.972,729.793,769.435,0631751513527286194.17505791407.102,123.200.000000000.000.00应付债券0.000.000000.0027286505791407102,12320其他487.62554.65417.08486450A7121339509487.62554.65417.08486.45496.064,186515637410.000.000000000.00202120222023E2024E2025E415.71415.62416884168841688资本公积422.654525.934525934525934525932457%893%1485%2766202931393.437.1648426696746-6724%-1814%17114%18084%51.16%其他(1348(1465☑日属于母公司净利润-2884%16049%17820%7304817,720289,6522511783.7510,9503312,183.1412,414401520186毛利率6549%63826408%6425%净利率401%262%594%1269%ROE374%252%615%18.05%ROIC-472%-08%-39.05%95.40%202120222023E2024E2025E净利润27286194.17505791407.10212320资产负债率3329%3372%3651%32.40%173.57214.1120327212275655净负债率-655%-729%-12.91%-3237개4132%财务费用(1852420012)(66227流动比率167154176182218投资损失440☑367☑速动比率1561471641.72204营运资金变动17.00(342902688185576335其它812.75897.0230000300.003000012.79107011.77139617.9999144745561784.1225.6723.7624.1824312424资本支出351363558541757160.6323539总资产周转率04080长期投资3353928540000000.00其他14278☑(807.90(1159.63)0A7121339509741.08)(42351)(69828179245.64428债权融资9375342263571571752185219.74231528222502918217261169其他(807.400.00)(000市盈率182.69256723542494.62(6729)55988市净率6465.16424汇率变动影响0.000000.000.00182427.1220.54(1229)816.67230.462,1049918457140432003106.612121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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