公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E1709.071299571122.495476247415350.055263083552120.0290.63146121839931133营业成本1973329157447.0064690372614.136677449212495166263627151.75440472941196954销售费用63.69635164.1564796544其他410.06642.7963783637.47管理费用159.41142641283913095133561875.112590.752,282972611.93研发费用39059372.9937671394241934153915391539财务费用(31.63)(33.12)固定资产55.99123911940124827资产信用减值损失03003014434122601215610294公允价值变动收益0000000.00无形资产84808433672250.063289418131354095142其他470.75525.63390134416244114其他93.18(36.03)(10430679188188171928840.63377.74)(356.72)101512554.283,427.193,310.013,10562345257营业外收入0A20.000.000000.000.000000.00营业外支出20890500000.0000044.031753167.6030914(39852)10151其他130.69106.64140471272715009所得税(4233)3790(15.40)152317573150.874592333555)(314.46(21510)8728)0.000.000000000.00122589应付债券0.000.000.00(31128)20283)812380.39其他72.94545958076186020729454.5858.0758.172486820525256.74517.40(2135)27.40202120222023E2024E2025E36000400.0040000400.0040000资本公积2890.644072374.07237407237407237营业收入8311%-2617%5035%50.05%2760342557512476292556684339%-2906%-5943%其他28224同400170(407237)4.07237刀(407237日属于母公司净利润439%-3001%5995%-198.97%2305.613,221942,936.162,848892935.172554.283,427.193310.013,10562345257毛利率4758%4363%4450%净利率-972%ROE-1355%-897%-686%-2822.72%ROIC-11678%-10070%-54.96%-1652%202120222023E2024E2025E净利润(3355周(3144020283)8039资产负债率974%1129%827%14.99%54.64240528103153净负债率-5247개-43.75%-18.05%财务费用504(424(28.46)3163331☑10.6717318201172569投资损失1313速动比率98216301021营运资金变动(84.06)4287刀其它355.519687663324455.06506(60735)279232178227198资本支出145.0456517621总资产周转率012016038长期投资578(390000000.00其他(22849123384(6433)(10211)-072-051-020020278.72)(1,09275)78☑142每股经营现金流-024-047-15226.0418.611488198417785747.1973919931(4221)31633312其他(2305☑(15230(18.61)1984市盈率-5333-20436206491129.79(4594)365931.05市净率7235145615.77561汇率变动影响0.000.000000.00EV/EBITDA00035373-55.67-1361315048409510(177.08)57487刀000-22884-50.91-107.6521986资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明