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附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E395,033433,563507,588567,430637,0053425025,13228,75934,33539,834119,313129,176145,088157,874178,287营业成本19,22514,68416,13117,61920,0574,89313,7729,86510,830营业税金及附加223175206246286其他应收款00000678预付寒款0000015,96113,80915,30116,58518,851存货00000研发费用00000其他流动资产270,827290,614352,634398,726449,90400000140,822183,694212,354254,540298,286981(372)2003003608,24887449,57410,70112,104678固定资产2,9672,8332,9132.9933.07340700无形资产1,4901,5461,5861,6261,6666,8174,3837.44310,29711,998其他非流动资产128,117170,570198,281239,220281,4433535353535535,855617,256719,941821,970935,29015.0251044812,62816,71619,776267,251359,407437,345502,606571,703营业外收入831417209174,4925,8397,5919,868营业外支出69637488102应付票据及应付寒款7,07421,80922,60923.40924,20915,02510,44812,62816,71619,776其他流动负债259,260333,106408,897471,607537,626所得税2,90914902,1373,1633,742157,803133,057150,751178,407212,22012,0558,89810,43213,48215,952139,022115,887133,348160,017192,021少数股东损益12019691,1361,4681,737其他非流动负债18,78217,17017,40318,39020,20010.8547,929929612.01514,215425,054492,463588,09%681,014783,924EBITDA15500109591323917427197764,1774,6475,0715,4215,821EPS(元)1.421.04122158187股本7,6217,6217,6217,6217,62131,28431,28631,28631,28631,2862021A2022A2023E2024E2025E39,23240,01940,94942,15043,572106,625120,146126774135,535145,545营业收入%)17.5-26.614.419.416.0535.855617.256719,941821,970935,290향业利润(%)10.2-30.520.932.418.3-26.917.229.218.343.941.643.948.749.631.731.632.335.035.72021A2022A2023E2024E2025EROE(%)10.67.0759.210.1-2732350022523806053168100ROIC(%)363.84.4净利润12055889810432134821595247551161171181179.379.881.782.983.81928207000净负债比率%)2.53.6-2418-1499-1599-1699-1799流动比率1.51.21.21.11.11302674455794558445589455速动比率1.51.21.2其他经营现金流52454-36619-36519-36419-3631921240-31401-31201-31001-308016.94.44.34.54.5资本支出-664-716-716-716-716应收寒款周转率825.6269.3243.3331.8405.616116-34348-34248-34148-34048应付寒款周转率397.2101.772.676.684.2其他授资现金流5788366237623862396231019-11168-7448-7248-70481.421.041221581.8749629-84809-84709-84609-84509-3.596.566.877.948.9496806696467064671646726413.9915.7616.6317.7819.10000010009998999899989998P/E10.514.312.29.48.0其他筹资现金流-17233-3320200200200P/B1.10.90.90.80.8247708062-20611-20073844EV/EBITDA40.863.161.652.746.2数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明
