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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要资产负债表百万元202120222023E2024E2025E202120222023E2024E2025E7.731.00132730615655.61173217332,835.4830,5653735,000.7143,75089154943516284211356723275371525.11054营业成本2005.5118.99980208758225.918903352849171.032391718253187.70207.725972335176810047315373.939944699.70647647销售费用4663.975.115164917.606.037.62784891其他3134.942912.04331076343127376497管理费用955.021.143971008.02122940159822333413751562905298626研发费用3893013937595391366.995771461.101.461101461.10146110(1663232.26)283.10)固定资产218744,643.623.959113274.60259008资产信用减值损失703.16)199283423.54423544235442354公允价值变动收益12539(46.02)198☑2.08197无形资产584.1355718511554659242028(19420151.613034213538其他4542.794397.934.40180444331452955其他665360000.000.0010,551.0711,4833710,757.0910,068463472.192,280.093,752.174761.096,290.4344,0558746,2528945.036.9662390.91营业外收入12.0417.92132713271327325.652579470696706.9670696营业外支出14.57108417201561145511802.7411.704399,2229019847.6017319542287.183,748.244758.766,289.15其他4418815664814.68027.19148605740所得税59.1125332353919560207.11165472024084.003411552261853512854583.15155250453.83600.006000033.14应付债券0.000.003378412,324363528.934579.41其他734.0270000650.001020701061391842473341,187851300.001200.00198955320,034.5215,9178928,9960425284.00552.743815736917357.0632801202120222023E2024E2025E2994553033.16332626332626332626资本公积293951395021396033386033386033营业收入2407%-691%1451%2500%30.00%17.884.7019.42635221483525561.6530.04959-18.43%-3433%6456%2689%32.12%其他(5729☑585.04)(4699(457280日属于母公司净利润-1344%5182%2977%241703426,2183729,119.0732,8353237,106.9144.05587462528961,6313662390.91毛利率3891%4036%41.05%净利率1029%7.60%1008%1047%10.76%ROE1430%900%1227%1419%16.64%ROIC3952%1241W2026%4035%202120222023E2024E2025E净利润3411552261853528934579.41612166资产负债率4514%4332%3534%40.53%392.73589.73730147301473014净负债率-2053%-3799%财务费用40330(2322司(28310192184235220投资损失19426151.61)速动比率153193营运资金变动4.11108288113)2.79803其它1436801733862301922342.132161,053.596,703.282,663562599.005594336221018资本支出2760.631778.13340250.005000总资产周转率082长期投资217230.000000.00其他5.4034025953☑7.602636510071102070106139150.71每股经营现金流0.520322020801239221011.7645224526867.107778649.701106459.95(1240其他120530123147000000市盈率2105306020.151553116249386(343.79)(594.6(1,08359)市净率301275247220193汇率变动影响0.000.00000000EV/EBITDA830416112369936655109.845,243.182382551606.1287445813.1810.037.64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
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