国联证券公司报告|公司点评位万元2019A2020A2021E2022E2023E2019A2020A2021E2022E2023E25533631460358417015127671467516315180902070848644977500651055333营业成本1111712689139481535317458264169179149113税金及附加32404855996858841841861营业费用543631659688728其他291361400442505管理费用7959411025111312439679997110291237913826财务费用●75长期股权投资9292资产减值损失-19-87-33-3615081621166817561657公允价值变动收益-7600在建工程283343246751290无形资产261249238227216其他184140140140其他非流动资产38935735234334329145666291312502454266225962493￥2382营业外净收益-3-90001142112658136251487116208288662913125026126所得税15345196464449295350576359312744136111154其他80611041150126614373611571160596500702873692714116068351143长期带息负债9831539151214691425长期应付款00000其他1721781781781782019A2020A2021E2022E2023E171716481603成长能力6866819086768971营业收入36.96511.18%10.88%14.47%少数股东权益16192432EBIT11.32%36.55%50.61%32.61%33.30%10351035103510351035EBITDA10.81%27.32%40.46528.95%26.88%资本公积15581558155815581558归母净利润21.59%51.44%47.44%37.82%36.94%194522712817356946004555488354356195723712.93%13.53%14.51%15.13%15.69%1142126581362514871162082.82%3.75%5.57%ROE5.98%8.44%11.19%13.54%15.89%现金流量表ROIC8.6513.07%17.99%2019A2020A2021E2022E2023E净利润2744136118431154资产负债60.12%61.42%60.11%58.34%55.35%181196226264271流动比率1.61.71.71.81.9财务费用75498579721.31.51.51.61.7-21213817-20营运资金变动334-824074173.43.53.84.14.3其它226-61-7113011.214.816.618.320.38786521340161215731.11.21.21.21.3资本支出-315-308-160-160-160长期投资-24-810000.30.40.60.81.1其他-13-4-11-11-110.80.61.31.61.5-352-393-1714.44.75.26.06.9债权融资764321-53-42-450000046.530.720.815.111.0其他-879-534-145-161-1842.82.62.32.01.8-115-213-198-203-229EV/EBITDA18.712.912.69.06.64076697112391173EV/EBIT28.018.016.411.48.0请务必阅读报告末页的重要声明