东方证券ORIENT SECURITIES倍陵榨菜季报点评一收人恢复、毛利释放，拓品蓄势未来附表：财务报表预测与比率分析资产负债表利润表单位：百万元2021A2022A2023E2024E2025E单位：百万元2021A2022A2023E2024E2025E货币资金3,0863,4145,4526,3137,3222,5192,5482,9133,2813,6434营业成本1,2001,1941,3361,4731,618137营业税金及附加39存货401470468515566销售费用475365453585其他2,3992,85812101,2111213管理费用及研发费用8091961065,8946,7617,1388,0509,112财务费用(96(105长期股权投资00000资产、信用减值损失11固定资产1,2011,1471,3681,5741,765公允价值变动收益0000在建工程746626874投资净收益43704242无形资产5075479468其他13121212其他721392152152158741,0551,1131,2771,4341,8541,8412,1342,3362,522营业外数入000资产总计7,7498,6029,27210,38611,634营业外支出0000短期借款00008741,0561,1131,2771,434应付票据及应付张款154165134147162132157167192215其他31557232934335879461,0861,219470738462491520少数股东损益00000长期借款00000741,0861,219应付债券000000.841.011.071.221.37其他11210910910910911210910910910958285715996282021A2022A2023E2024E2025E少数股东权益00000888888888888888营业收入10.8%1.2%14.3%12.6%11.0%资本公积3,2033,2033,2033,2033,203营业利润4.5%20.8%5.5%14.8%12.3%留存收益3,0763,6654,6105,6966,915归属于母公司净利润4.5%21.1%5.2%14.8%12.3%其他00007,1677,7558,7019,78711,00652.4%53.1%54.1%55.1%55.6%7,7498,6029,27210,38611,63429.5%35.3%32.5%33.1%33.5%ROE14.0%12.0%11.5%11.7%11.7%现金流量表ROIC12.5%10.8%10.8%10.9%10.9%单位百万元2021A2022A2023E2024E2025E7428999461219资产负债率7.5%9.8%6.2%5.8%5.4%折旧摊销9510992111130净负债率0.0%0.0%0.0%0.0%0.0%财务费用(105(10212.559.1715.4516.4117.54投资损失(43(42(42)速动比率11.708.5314.4315.3616.45营运资金变动2354843127224)其它2,40275)8993604.4687.11.059.31,052.37451,0792,1271,0461182存货周转率2.72.83.03.0资本支出(18310)314318总资产固转率040.30.30.30.300000其他2,882155每股收益0.841.011.071.221.37536(156)(2760.841.222.401.181.3300000每股净资产8.078.749.8011.0312.403,2800000其他2688810229.424.323.120.117.93,012(312881023.02.82.52.22.010-0-0EV/EBTDA19.816.315.213.311.83392322,0378621,008EV/EBIT22.218.216.514.613.0资料来源：东方证券研究所有关分析师的申明，见本报告最后部分。其他重要信息被露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。2