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2023-06-01-西南证券-老百姓-业绩符合预期,门店加速扩张

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2023-06-01-西南证券-老百姓-业绩符合预期,门店加速扩张
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老百姓(603883)2022年报及2022年报及2023一季报点评2022A2023E2024E2025E2022A2023E2024E2025E20175.5224285.2729171.4734941.59976.241135.221360.301631.76营业成本13744.1616513.9919836.6023760.28折旧与摊销292.19208.58208.58208.58营业税金及册加54.9668.6381.4697.56232.4819.4329.1727.95销售货用3897.795075.626096.847302.79-6.890.000.000.001107.331214.261458.571747.08经营营运黄本变动447.5566.69391.41421.61财务货用232.4819.4329.1727.95其他372.73-4.07-7.023.18-6.890.000.000.002314.321425.851982.442293.0821.460.000.000.00-1905.430.000.000.005.776.386.866.52448.7837.376.866.52其他经营损益0.000.000.000.00-1456.6537.376.866.521206.731399.721675.692012.44短期借款.849.8799.23-666.980.000.881.842.141.83703.200.000.000.001207.621401.561677.822014.271674.210.000.000.00所得税231.37266.34317.52382.51支付股利-223.980.000.000.00976.241135.221360.301631.76-1446.19.1346.39-29.1727.95191.28203.22244.46297.27-142.62-1445.62-696.15-27.95784.96932.001115.841334.48716.7417.601293.152271.642022A2023E2024E2025E2022A2023E2024E2025E货币黄金2410.922428.533721.685993.32成长能力2967.253258.103983.694804.9528.54%20.37%20.12%19.78%存货3948.894476.995443.046546.97营业利润增长率26.17%15.99%19.72%20.10%其他流动黄产136.06124.63149.10178.0024.09%16.28%19.83%19.96%65.2165.2165.2165.21BTDA增长率24.34%5.99%17.55%17.54%334.82334.82334.82334.821259.271187.511115.761044.00毛利率31.88%32.00%32.00%32.00%无彩资产和开发支出6092.636024.595956.555888.5225.96%25.98%26.00%25.98%4182.284113.494044.703975.914.84%4.67%4.66%4.67%21397.3322013.8624814.5528831.69ROE13.75%13.85%14.23%14.58%766.21666.980.000.00ROA4.56%5.16%5.48%5.66%7739.048710.1910609.8912761.59ROIC23.26%17.65%20.97%25.15%长期借款1578.341578.341578.341578.348.58%6.70%6.56%6.44%4216.022862.243069.903303.5914299.6113817.7515258.1317643.521.051.121.251.30股本584.90584.90584.90584.9018.8422.8429.4237.992637.072637.072637.072637.0711.5610.9911.3211.183314.094246.095361.936696.42存货周转率4.113.914.003.966529.957425.138540.979875.46111.25%567.77770.991015.441312.727097.728196.129556.4211188.1766.83%62.77%61.49%61.19%21397.3322013.8624814.5528831.69带息债务感负债16.40%16.25%10.34%8.95%流动比率0.870.991.131.232022A2023E2024E2025E速动比率0.510.560.670.77EBITDA1731.411627.731913.442248.97股利支付率28.53%0.00%0.00%0.00%PE26.5722.3818.6915.633.192.812.442.111.341.591.912.28PS1.030.860.720.6011.1612.6914.6016.88EV/EBITDA10.159.947.435.31每股经营现金3.962.443.393.921.07%0.00%0.00%0.00%每股股利0.380.000.000.00请务必阅读正文后的重要声明部分