中青旅(600138)2023年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E6416.8410778.2612850.3514234.03471.72623.10938.261177.13营业成本5388.567792.719287.1210152.16折旧与摊销331.24464.13487.19508.49营业税金及册加51.7071.8995.35105.08216.62275.83249.41223.96销售货用658.031077.831285.031423.40-87.09-10.00-10.00-10.00489.44808.37771.02854.04-381.32550.80-183.09财务货用216.62275.83249.41223.96其他80.11-243.06-59.22-75.52-87.09.10.00-10.00-10.00-312.161660.801521.091640.98-5.9680.0095.00105.00.561.05-380.00-400.00-400.00-0.792.172.191.6946.30-31.52-29.45-22.66其他经营损益0.000.000.000.00-607.35.411.52.429.45-422.66546.72833.801259.601582.07短期借款293.09.1180.41371.64.463.375.538.238.318.65639.45100.00-200.00-200.00-541.19842.021267.911590.720.540.000.000.00所得税-69.47218.93329.66413.59支付股利0.000.00-63.38-92.62471.72623.10938.261177.13-196.11287.69-249.41-323.96-138.17200.55320.82385.01736.97-1368.10-884.43-1079.95-333.55422.55617.44792.13-180.18-118.82207.21138.372022A2023E2024E2025E2022A2023E2024E2025E货币黄金1196.651077.831285.031423.40成长能力应收和预付款项2557.192603.642804.583096.06-25.69%67.97%19.22%10.77%存货2123.712307.812570.392812.61营业利润增长率-821.94%252.51%51.07%25.60%其他流动黄产242.06245.45287.40355.421210.37%232.09%50.58%25.46%2762.422827.422902.422982.42BTDA增长率-99.81%138439.14%26.84%15.95%188.54187.24188.87188.225367.345458.825547.255614.38毛利率16.02%27.70%27.73%28.68%无形资产和开发支出1241.211097.93954.65811.3723.93%20.06%17.94%17.57%1885.641903.311920.971938.64-7.35%5.78%7.30%8.27%17564.7517709.4418461.5719222.51ROE-5.82%7.12%9.75%10.99%3709.512529.102157.461694.09ROA-2.69%3.52%5.08%6.12%1711.642704.933171.973577.16ROIC-3.31%9.29%12.56%14.75%长期借款1257.021357.021157.02957.020.02%14.60%15.53%16.26%2783.752369.622351.472286.089461.938960.678837.938514.350.370.610.710.76股本723.84723.84723.84723.841.402.312.642.841755.931755.931755.931755.932.814.815.755.843562.693985.234539.295238.80存货周转率2.403.393.763.736019.616465.007019.067718.57111.96%2083.212283.772604.582989.598102.838748.779623.6410708.1653.87%50.60%47.87%44.29%17564.7517709.4418461.5719222.51带息债务感负债57.76%48.93%43.14%36.99%流动比率0.941.051.181.332022A2023E2024E2025E速动比率0.610.660.740.84EBITDA1.141573.761996.202314.52股利支付率0.00%0.00%10.27%11.69%E-29.2523.0915.8012.321.621.511.391.26-0.460.580.851.09PS1.520.910.760.698.328.939.7010.66EV/EBITDA10768.347.115.144.02每股经营现金-0.432.292.102.270.00%0.00%0.65%0.95%每股股利0.000.000.090.13请务必阅读正文后的重要声明部分