公司报告ㄧ年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金1619.151478.031743552102311898.981527.142578383396.011251.111391.12123635205824218677营业成本7294934.121217.0515954422.9620.1857.67572811113营业税金及附加1282163421652852存货24051262.6534453446.5659048销售费用116701882224451其他4687178582679832039187.45189052238229136373563,198843303.10457380531108研发费用2103721783214.0928104363372408320932209322093220932财务费用1960(19.79)(24.07)固定资产267.75281042526023716资产信用减值损失957☑211.97⑤000(60.00)(60.00)在建工程825169791697916979公允价值变动收益0130.00无形资产38929621426448564904644223054(15.42)10.0030.0030.00其他1294.011189.441,189691185.15118515其他92.64411940.002273.452471.002465902445.644522752.9038471573.12789.275,783557.039507,758.73营业外收入0313600200300300.00营业外支出1070330200205248093217663274519255.4438458573.2278937其他321.70245.006047174549108878所得税1416487267.1084650994.14889591,677.651752.064141541283518952450722270.00111(136)095195应付债券0.000.000000.000.004130435094523.08720.32其他93110.0010.00100002700302303404693110.0010.0010.001,01028899591782.0637508.1389710231197202120222023E2024E2025E1543.79154934154934154934154934资本公积1524891525841525841525841525841630%-1952745%31.71%1522.421518561830902296.442937521979%8830%62721%37.71%其他3529(30.00300030.00日属于母公司净利润2428%-896%72307%4905%37.71%4.599304885.055351855994.875,783555,784.847,039507,75673毛利率5422%4939m5200%53.02%净利率2175%279%1803%2029%2121%ROE905%0.93%720%12.04%ROIC1698%1108%1574%20.43%202120222023E2024E2025E净利润414.1541283509472032资产负债率1801%2043%1555%2397%22.72%70.6987.089471991110326净负债率-35.05%-30.42%3258%财务费用145320(1889)2407流动比率3332823712.73303投资损失14.43(10.00)300030.003093332.46269营运资金变动(22689(3043☑其它225.781421811161157160178221448725682349.21462.54607641资本支出203.841032688.008300总资产周转率03502703400046长期投资45.77315100000000.00其他(14600(136000270030230343353(29922(95.00)009017023030债权融资(13660117.01(8525)2407285629429631535.7257.69其他3789(13440000000(000市盈率32523150439291865(176.12)1833市净率2942922752512250.000000.0019.97181822.15160111933363(138.02)7.94257.59358.7626.9618571341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