国联证券公司报告|公司点评2022022023E2024E2025E202120222023E2024E2025E275239438管业收入19523222425659717593应收账款+柔据278880112142营业成本173129323596488861193565税金及附加161870117159200营业费用4857其他118155983105管理费用●11014519328933852541973013692337财务费用-50051014○资产减值损失-1-2-23425435401400400公允价值变动收益-2000在建工程1>149333433433投资净收益55无形资产80202168101其他-310其他非流动资产140181177172A172891034227561066662968108411501121营业外净收益-105511871381814252034588810341875110617000所得税1612841512131158114920325473334600848其他99158209287611412112242463586156480273459637长期带息负债3513321000●00其他10111111202120222023E2024E2025E14625332238308411533647营业收入34.11%65.03%32.11%40.29%27.16%少数股东权益4889150291503EBIT175.49%14.84%326.83%79.23%40.92%股本299306308306306EBITDA107.50%29.04%339.90%65.69%41.59%资本公积68118118118118归母净利润135.04%2536%241.54%68.11%38.68%留存收益5348291271188595010714031987281111.34%9.00%15.53%18.14%19.41%1381814252034583.72%2.83%7.84%10.03%11.17%ROE7.08%8.08%21.80%27.09%27.58%现金流量表ROIC15.32%12.52%31.14%43.68%53.07%2022022023E2024E2025E净利润7391334600848资产负债20.02%22.18%22.67%21.16%18.70%302383384842.31.72.02.83.8财务费用-3-11.91.31.52.33.344240营运资金变动443561976.837.554.954.954.9其它212402924.844.330.730.730.7531085699461336总资产周转率1.62.32.32.42.2-356-382-400450长期投资341110000.20.30.91.52.1其他308166660.20.41.93.14.4-82-255344-3944442.93.25.57.5-15-10-120700088.170.320.612.28.8其他-1068-11-16-206.25.74.53.32.4-2119-26-2631EV/EBITDA46.046.38.75.13.33127199526861EV/EBIT62.470.613.77.44.7数鸳来源：公司公告，FiD,国联证春研究所预测，股价取2023年6月21日收盘价2请务必阅读报告末页的重要声明