厦门象屿(600057)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E538148.06617394.95695141.45778229.273778.004360.445206.456038.78营业成本526673.45605308.92681297.82762681.35折旧与摊销741.84736.83742.59747.84营业税金及附加691.36793.17893.05999.791202.851072.291004.27943.52销售货用2339.932684.503022.553383.83-676.63531.59-577.89-595.371478.551696.271909.882138.16经营营运黄本变动-3899.11-12987.823653.984615.15财务货用1202.851072.291004.27943.52其他5076.051490.891154.451156.95-676.63531.59-577.89-595.376222.99-5858.963875.893676.57-187.54-387.71-401.43-325.56422.65-100.00-100.00-100.00.458.94-87.24-154.36233.52其他1781.82431.79-666.03-880.570.000.000.000.002204.46531.79-766.03-980.574813.255896.437035.988118.913713.625658.561622.813373.72218.40126.35138.27161.01338.200.000.000.005031.656022.787174.258279.92630.6468.940.000.00所得税1253.651662.341967.802241.14支付股利-1099.31-1341.86-1657.10-1956.403778.004360.445206.456038.78其他-7326.82699.16-743.17-1620.681141.091104.051361.911603.47-3743.685084.80-777.46-203.362636.903256.393844.544435.315013.17-1305.952332.402492.632022A2023E2024E2025E2022A2023E2024E2025E19827.8018521.8520854.2423346.88成长能力应收和预付款项42681.1046547.4752479.9959700.13销售收入增长率16.35%14.73%12.59%11.95%存货28520.2332441.9436154.4540845.4522.58%22.50%19.33%15.39%6194.274929.325509.326145.7038.89%15.42%19.40%15.99%1540.301540.301540.301540.30田TDA增长率9.76%14.02%13.98%11.70%952.16962.16952.16952.1610303.059769.129229.448684.50毛利率213%1.96%1.99%2.00%无形资产和开发支出2020.771934.021847.281760.530.93%0.88%0.85%0.83%3016.723247.363295.273534.74净利率0.70%0.71%0.75%0.78%115056.41119883.54131862.45146510.37ROE10.38%10.74%11.83%12.63%11959.3517617.9119240.7322614.45ROA3.28%3.64%3.95%4.12%40479.6344269.0149878.1056744.04ROIC10.57%9.44%9.16%9.42%长期借款3195.503195.503195.503195.501.26%1.25%1.26%1.26%其他负债23030.3014206.5915543.7316137.9378664.7879289.0087858.0598691.925.105.265.525.592254.092263.762263.762263.7653.1962.4074.1287.976089.016148.286148.286148.2829.6628.2829.4228.816782.838697.3610884.7913363.70存货周转率20.5319.7519.6819.6717091.5720190.4322238.3724448.96110.34%少数股东权益19300.0620404.1121766.0223369.4936391.6340594.5444004.4047818.4568.37%66.14%66.63%67.36%115056.41119883.54131862.45146510.37带息债务总负债23.08%30.91%30.43%31.01%流动比率1.371.441.441.432022A2023E2024E2025E速动比率0.970.980.990.98EBITDA6757.947705.558782.839810.2641.69%41.21%43.10%44.11%PE8.616.975.915.12PB1.331.121.020.93每股收益1.161.441.701.96PS0.040.040.030.037.558.929.8210.80EV/EBITDA2413.142.762.56每股经营现金2.75-2.591.711.624.84%5.91%7.30%8.62%0.490.590.730.86请务必阅读正文后的重要声明部分