民生证券INSHENG SECURITIES长江电力(600900)/公用事业及环保公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入52060863188676487230成长能力(%)营业成本22233349823529335620营业收入增长率-6.4465.800.520.54营业税金及附九加1072172617351745EBT增长率-14.7973.400.240.25销售费用165259260262净利润增长率-18.8967.160.800.92管理费用1360215821692181盈利能力(%)研发费用90129130131毛利率57.2959.4759.3259.17EBIT27141470634717647293净利润率41.5841.6841.8041.96财务费用4092101641094510678总资产收益率ROA6.515.895.905.86资产减值损失-268-100-100-100净资产收益率ROE11.4917.8716.9316.09投资收益4600500060006000偿债能力26936418064213942522流动此率0.290.200.320.47营业外收支-623-450-450-450速动比率0.280.200.320.46利润总额26313413564168942072现金比率0.180.070.190.34所得税4664537654205469资产负债率(%)40.1965.2663.3661.73净利润21649359803626936603经营效率归属于母公司净利润21309356203590636237应收账款周转天数30.8280.0080.0080.00EBITDA38257693466945969575存货周转天数7.448.008.008.00总资产周转率0.160.140.140.14资产负债表（百万元）2022A2023E2024E2025E每股指标（元）9302102972995354442每股收益0.871.461.471.48应收账款及票据4397189311902919131每股净资产7.588.158.679.2166105106107每股经营现金流2.802.692.69453767774781每股股利0.850.900.951.00其他流动资产1084126212661270估值分析流动资产合计15302313625112775731PE26.415.815.715.5长期股权投资67166731667916685166PB3.02.82.72.5固定资产211351466698445586424474EV/EBITDA173912.9112.4812.04无形资产22113221132211322113股息收益率(%)3.713.914.134.35非流动资产合计311966573113557800542488资产合计327268604474608927618218短期借款26752738417684179841现金流量表（百万元）2022A2023E2024E2025E应付账款及票据942116911801191净利润21649359803626936603其他流动负债24764806248092281235折旧和摊销11116222832228322283流动负债合计52458155634158942162266营运资金变动-20846441199210长期借款38618195407179407174407经营活动现金流30913686056572465754其他长期负债40438434384744844948资本开支-4834-277881-1422-1422非流动负债合计79056238845226855219355投资-1032-5990-5990-5990负债合计131514394479385797381621投资活动现金流-4093-268352-1412-1412股本2274224468244682446827172600少数股东权益102661062610988113547077230940-8990-4500股东权益合计195754209995223129236597筹资活动现金流-27584200741-44656-39852负债和股东权益合计327268604474608927618218现金净流量-6239951965624490资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告