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2023-05-19-西南证券-兰剑智能-Q1亏损额大幅收窄,积极布局新产能

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2023-05-19-西南证券-兰剑智能-Q1亏损额大幅收窄,积极布局新产能
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兰剑智能(688557)2023年一季报点评2022A2023E2024E2025E2022A2023E2024E2025E915.451229.161564.971982.6790.52140.95178.71232.18营业成本664.04852.851088.771382.54折旧与摊销14.3617.1217.1217.12营业税金及附加6.858.6010.9511.90-0.603.054.735.34销售货用53.4471.2987.64105.08-9.3420.0020.0020.0039.92151.19187.80231.97经营营运黄本变动47.38205.26-106.23-164.77财务货用-0.603.054.735.34其他-140.28-20.12-20.50-15.3520.0020.0020.00-92.73.44.2593.8294.535.568.008.008.00-56.74.45.00-30.00-20.000.460.000.000.00232.1911.868.008.00其他经营损益0.000.000.000.00175.45-33.14-22.00-12.0096.73130.17173.08233.840.0062.22-5.320.320.7030.0030.0030.000.000.000.000.0096.43160.17203.08263.840.850.000.000.00所得税5.9119.2224.3731.66支付股利24.71-18.10-28.1990.52140.95178.71232.18-0.85-3.05-4.73-5.340.000.000.000.00-24.7141.07-38.24-40.7690.52140.95178.71232.1858.00-36.3333.5841.772022A2023E2024E2025E2022A2023E2024E2025E159.25122.92156.50198.27成长能力应收和预付款项400.08553.74704.62893.66销售收入增长率51.59%34.27%27.32%26.69%存货247.90320.94412.86523.6010.84%35.98%32.96%35.11%247.64187.08188.61190.5212.45%55.71%26.78%29.92%0.000.000.000.00BTDA增长率10.33%37.32%29.65%31.49%0.000.000.000.00固定资产和在建工程270.13299.85314.57319.2927.46%30.62%30.43%30.27%无彩资产和开发支出14.0812.3210.568.8010.13%18.35%17.90%17.27%179.62179.54179.47179.39净刹率9.89%11.47%11.42%11.71%1518.711676.401967.192313.53ROE9.10%12.61%14.09%15.85%0.0062.2256.9057.22ROA5.96%8.41%9.08%10.04%321.39442.17579.35718.44ROIC17.81%16.96%17.53%19.79%长期借款0.000.000.000.0011.96%12.23%12.46%12.93%其他负债202.3954.2362.6573.13负债合计523.78558.63698.90848.790.620.770.860.93股本72.6772.6772.6772.674.584.886.618.95601.52601.52601.52601.522.852.792.732.71320.74443.59594.10790.55存货周转率2.742.952.942.94994.931117.771268.291464.7376.82%0.000.000.000.00994.931117.771268.291464.7334.49%33.32%35.53%36.69%1518.711676.401967.192313.530.00%11.14%8.14%6.74%流动比率2.112.222.172.192022A2023E2024E2025E速动比率1.611.621.551.55EBITDA109.49150.35194.92256.30股利支付率27.29%12.84%15.77%15.39%PE26.5717.0713.4610.362422.151.901.641.251.942.463.20PS2631.961.541.2113.6915.3817.4520.16EV/EBITDA17.2213.209.987.43每股经营现金-1.28-0.611.291.301.03%0.75%1.17%1.49%每股股利0.340.250.390.49请务必阅读正文后的重要声明部分