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国联证券公司报告|公司点评202120222023E2024E2025E202120222023E2024E2025E货币资金4161,7302,3403,3984,7262,8064,4016,6539,46412,21610011,3492,3433,3334,302营业成本3,0024,5926.6468,650275071税金及附加047831181526761,3502,543营业费用239299399521611其他1,195276353410管理费用●2432844195396353,3154,3376,4359,16512129财务费用02310-14长期股权投资01资产减值损失-244868-879851,023881736587公允价值变动收益1100在建工程11913110987252525无形资产230225188150◆113其他420其他非流动资产3005034424157991,1391,5872,0841,8831,6551,204营业外净收益A334.9516,22013,3324137951,1352.080000所得税1131251752301,34818182,8834,173●5,4313726821,4091,851其他2884757001,0071,306少数股东损益11318241,6682,3583,5835,1806,7373736561,3911,827长期带息负债16161173长期应付款105105105)105其他59128128128128202120222023E2024E2025E180249245240236成长能力1,8483,8285,420营业收入15.83%5684%51.19%42.25%29.08%少数股东权益121EBIT15.75%4628%39.28%3125%582582582582582EBITDA15.77%7624%5497%32.97%26.59%资本公积503503503503归母净利润23.13%7590%5188%39.51%3134%留存收益1,9762,4613,0973,9863,1035,1696,35931.31%31.79%30.98%29.78%29.19%4.95162208,09010,58913.27%15.50%15.18%15.15%ROE1219%2384%27.43%29.29%现金流量表ROIC23.05%3684%4726%60.27%75.03%202120222023E2024E2025E佳债能力净利润3726821.0101,4091,85137.32%41.92%47.32%51.19%52.31%82103227230218流动比率1.991.841801.77180财务费用2-23141.531.40135138352-604-589营运资金变动3454762.853292.872.87287其它3123735845702.853.133.403.403404508591,0151,5351,958总资产周转率0.570.710820.92资本支出195-98000长期投资329755000.641.121.70237其他30212121每股经营现金流1.461.732.613.34626215.226.047.138.6410.63债权融资17400061.6535.0523.0816.5412.59其他130355-6477.515.504.54369-112-234425498651EV/EBITDA26.9015.598.4715912536111,0581,328EV/EBIT322041.5918.7112.959.372请务必阅读报告末页的重要声明