2022A2023E2024E2025E2022A2023E2024E2025E9.4715.6820.4126.630.662.012.803.77营业成本6.4810.9413.9517.90折旧与摊销0.650.790.981.09营业税金及附加0.030.040.060.080.110.040.050.07销售货用0.390.560.720.97-0.02-0.02-0.02-0.021.031.481.962.60经营营运黄本变动-1.353.34-2.933.87财务货用0.110.040.050.07其他0.430.480.330.49-0.02-0.02-0.02-0.020.48-0.041.211.540.270.210.240.22-2.86.1.72-1.15-0.26-0.12-0.14-0.162.15-0.080.040.20其他经营损益0.000.000.000.001.15-2.95-1.68-0.950.882.723.785.10短期借款-0.160.080.220.750.000.000.000.00长期猎款0.000.000.000.000.892.723.785.10-1.150.000.000.00所得税0.230.710.981.33支付股利0.000.000.000.000.662.012.803.77-0.410.13-0.17-0.07-0.15-0.30-0.44-0.63-1.710.200.050.680.812.313.244.40-0.07-2.79-0.421.262022A2023E2024E2025E2022A2023E2024E2025E货币黄金7.144.363.945.20成长能力应收和预付款项3.575.957.7410.08-25.56%65.57%30.14%30.47%存货4.546.338.2310.82-59.00%207.97%39.01%34.88%其他流动黄产4.333.073.093.12-66.82%206.85%38.94%34.84%1.341.341.341.34BTDA增长率-40.91%116.24%35.43%30.11%0.000.000.000.002494.946.076.5131.54%30.21%31.65%32.77%无彩资产和开发支出3.483.202.912.6316.17%13.26%13.40%13.66%6.476.536.486.256.93%12.84%13.71%14.17%33.3535.7239.8145.97ROE261%7.40%9.33%11.17%0.120.190.411.17ROA1.97%5.64%7.03%8.21%2954.035.206.80ROIC8.91%16.46%16.56%18.10%长期借款0.020.020.020.02田TDA/销售枚入17.33%22.63%23.55%23.48%5.114.274.174.208.519.8012.180.280.450.540.62股本5.015.015.015.014.394.253.714.2313.4413.4413.4413.442.873.042.762.766.428.7311.9716.38存货周转率1.672.011.921.8824.2726.6129.8534.2592.38%0.900.600.16-0.4725.1727.2130.0133.7824.55%23.82%24.62%26.51%33.3535.7239.8145.97带息债务感负债1.65%2.48%4.42%9.72%流动比率4.494.213.843.482022A2023E2024E2025E速动比率3.452.862.462.19EBITDA1.643.554.816.25股利支付率0.00%0.00%0.00%0.00%E77.4427.0819.3314.222492.302.091.850.160.460.650.88PS6.613.993.072.355.025.435.986.74EV/EBITDA28.9114.1610.568.06每股经营现金0.10-0.010.240.310.00%0.00%0.00%0.00%每股股利0.000.000.000.00请务必阅读正文后的重要声明部分