国联证券公司报告|公司点评202120222023E2024E2025E202120222023E2024E2025E10238105607257994266.54120.56596.07249.7988.应收账款+柔据822908107813961538营业成本3831.73685.94589.35755.6265.4128405257税金及附加18.814.924.031.134.316981773215627052944营业费用105.0114.5167.9217.5239.6其他243109245311341管理费用259.0238.1363.7471.2519.23827362840785188财务费用96.778.9146.3195.0261.7425432461489518-6.81-14.4-14.7-19.1-21.038004003418446704865公允价值变动收益0.00.00.00.00.021743161640040024528.829.927.929.0无形资产426489408326>245其他4494.5-18.1-23.5-25.9其他非流动资产216211143746.97.0301.7563.7650.050825566581259596102营业外净收益0.23.81.61.61.6919498901114117817.210.8303.3565.3651.614952285302847976430所得税-3.4-4.224.350.965.21687114619272417263110.615.0279.0514.4586.4其他206644465587641-1.0-2.00.00.00.033894075970211.617.0279.0514.4586.4长期带息负债1167741626345其他7268681239809694556413202120222023E2024E2025E462848846115835810114少数股东权益0)77营业收入23.43%-3.17%35.81%29.5410.19股本10751289128912891289EBIT401.11%69.0920.13资本公积22071992199219921992EBITDA16.49%6.85%39.2811.099991023488(498(1621归母净利润46.0%1545.0584.3614.00428143102790166689099194989011141178117.99%20.6021.57净利率0.25%0.36%4.99%7.10%7.34ROE0.27%0.39%7.41%18.4935.35现金流量表ROIC1.89%10.22202120222023E2024E2025E净利润111527951458628.90%58.04%59.3754.06355401584680686流动比率1.881.370.920.871.07财务费用97791461952620.330.390.400.400.54-245-383-239营运资金变动-478-370-98-333-149238.26211.03251.00251.0251.0其它1981203565232134.244.524.564.564.566316910311359总资产周转率1.110.930.680.821.15-783-769-800-800长期投资90000.010.010.180.330.37其他-2932782-2每股经营现金流-0.040.110.560.650.86500每股净资产2.712.722.381.761.05债权融资5076281631148920321400545373231211其他500-46-960-19721.51.51.72.33.81210532-332-64-483EV/EBITDA16.9315.019.618.048.1668203-25016574EV/EBIT74.8182.0022.1115.2214.30数鸳来源：公司公告，FiD,国联证春研究所预测，股价取2023年5月23日收盘价2请务必阅读报告末页的重要声明