う开源证券2021A202242023E2024E2025E2021A2022A2023E2024E2025E4220393135603713462829592842397848405658现金1190787139216771946营业成本2058199226763234376115781711000营业税金及附加172835其他应收款1031359198204248290预付寒款5432114165183290353413310234496387640125129180219256其他流动资产10301112148015021793261756328983728362939063923资产减值损失323-2668910121320151516固定资产279271471609718公允价值变动收益无形资产14514014013412811其他非流动资产246833103008315330660071187659718976198551460333700261327142315246731830228352107712031846营业外支出40应付票据及应付寒款15141526000457326532700842其他流动负债870123812631338所得税744910512618482050158813359023832784525957161810201815561304870少数股东损益-8-97其他非流动负债3832323239128745960673244614764390338024085EBITDA5874996608511018少数股东杖益6259EPS(元)0.950.701.121481.794094104104104105255495495495492021A2022A2023E2024E2025E留存收益16031808216826403207成长能力2614285332503792445717.9-3.939.921.716.971187659718976198551营业利润%)25.4-27.659.831.520.424.6-26.660.131.920.830.429.932.733.233.513.210.111.512.512.92021A2022A2023E2024E2025EROE(%)14.49.613.815.616.0-358-610185787297ROIC(%)9.77.18.29.810.3净利润383278452595716559462.762.249.947.817565353净负债比率%)34.358.850.433.627.4授资损失-12流动比率1.6营运资金变动-846-1059401610速动比率13112其他经营现金流481094554-60-20298-118总资产周转率0.50.40.70.7资本支出23825819718630.0-7778应付寒款周转率1.54.00.00.0其他授资现金流2831239709492623310.950.701.121481.79124725126643-0.87-1.490.451.920.72长期借款10312084622524346.096.677.648.9710.59普通股增加710002400P/E18.425.015.611.99.8其他筹资现金流-128-94-601-204-761P/B2.92.62.32.01.7305-408-173159-373EV/EBITDA13.117.412.99.68.0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拔露和法律声明