神州教码(000034)2023年一季报，点评2022A2023E2024E2025E2022A2023E2024E2025E115880.02117734.25125842.22135068.271036.021288.751524.251852.59营业成本111333.03112811.11120280.95128762.77折旧与摊销74.2349.7160.5476.09营业税金及附加138.27125.93137.46148.79431.68235.47251.68270.14销售货用1952.612001.482139.322296.16-139.49150.00150.00150.00312.15588.67755.05877.94经营营运黄本变动-1571.70-2272.00.1099.27-975.04财务货用431.68235.47251.68270.14其他1005.72-144.18-358.30189.75-139.49150.00150.00150.00836.47692.24528.901563.53.43.43-70.00-70.00-70.001608.65-500.00-500.00-500.009.66-32.25-24.42-21.35其他.1769.712294.05.493.49-291.20其他经营损益0.000.000.000.00-161.061794.05-993.49-791.201322.541719.342033.332471.12-1190.897871.912080.831057.971.13-1.00-1.00-1.002399.680.000.000.001323.671718.342032.332470.12255.820.000.000.00所得税287.65429.58508.08617.53支付股利-122.34409.69-553.76-637.551036.021288.751524.251852.59-1950.93.1112.45-251.68-270.1431.6239.3346.5256.54-608.666349.771275.38150.281004.411249.421477.731796.05130.467451.58810.80922.612022A2023E2024E2025E2022A2023E2024E2025E4321.8511773.4212584.2213506.83成长能力应收和预付款项15100.7114300.1815515.3116595.32-5.32%1.60%6.89%7.33%存货12494.9912743.2813963.9914759.36169.92%30.00%18.26%21.53%553.73113.21121.01129.88314.79%24.39%18.27%21.54%261.33261.33261.33261.33田TDA增长率114.58%9.63%17.01%20.11%4954.922558.622957.693157.54固定资产和在建工程410.31865.171309.211737.70毛利率3.92%4.18%4.42%4.67%无彩资产和开发支出1193.741191.691189.651187.61233%2.40%2.50%2.55%924.48921.94919.41916.88净刹率0.89%1.09%1.21%1.37%40216.0444728.8548821.8252252.44ROE12.60%14.59%15.55%16.82%8329.6516201.5618282.3919340.36ROA2.58%2.88%3.12%3.55%14236.3814301.5315281.1216368.27ROIC5.72%6.13%6.41%7.06%长期借款4100.414100.414100.414100.411.58%1.70%1.86%2.09%其他负债5329.611293.631355.691426.16负债合计31996.0635897.1439019.6141235.192.932.772.692.67股本668.46669.23669.23669.23598.21568.99504.48422.764071.224070.444070.444070.4412.5512.5012.9913.012878.673718.404642.375800.88存货周转率8.028.678.898.917602.058174.449098.4210256.92114.19%617.94657.27703.79760.338219.988831.719802.2111017.2579.56%80.25%79.92%78.92%40216.0444728.8548821.8252252.44带息债务总负债38.85%56.56%57.36%56.85%流动比率1.181.241.221.222022A2023E2024E2025E速动比率0.730.830.820.82EBITDA1828.452004.522345.552817.35股利支付率12.18%32.79%37.47%35.50%PE17.8614.3612.149.992362.191.971.751.501.872.212.68PS0.150.150.140.1311.3612.2113.6015.33EV/EBITDA5.958.937.666.21每股经营现金1.25-1.030.792.340.68%228%3.09%3.55%每股股利0.180.610.830.95请务必阅读正文后的重要声明部分