民生证券INSHENG SECURITIES兖矿能源(600188)/能源开采公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入200.829166.893187.622191,123成长能力(%)营业成本118,609109,019114,623115,691营业收入增长率32.13-16.9012.421.87营业税金及附九加6,7905,6746,3796,498EBT增长率107.49-35.4932.953.93销售费用6,3385,8416,5676,689净利润增长率89.27-36.4742.434.91管理费用6,5895,5076,1926,307盈利能力(%)研发费用21171,8362,0642102毛利率40.9434.6838.9139.47EBIT60,35738,93451,76353,799净利润率15.3211.7114.8415.29财务费用5,05249184,7914,517总资产收益率ROA6.969.139.10资产减值损失-2408-1,880-1,977净资产收益率ROE324820.9925.9524.96投资收益21561,83620642102偿债能力54,09633,37947,10349.427流动此率1.071.051.30148营业外收支62190190190速动比率0.710.690.981.16利润总额54,15933,56947,29349,617现金比率0.540.510.790.97所得税14,7209,1311248513,099资产负债率(%)56.7053.2449.9847.18净利润39,43824,43834,80836,518经营效率归属于母公司净利润30.77419,5502784629.214应收账款周转天数11.9212.0012.0012.00EBITDA71,36050,38163,89266,623存货周转天数27.4427.0027.0027.00总资产周转率0.690.580.640.61资产负债表（百万元）2022A2023E2024E2025E每股指标（元）45.178321115287365,341每股收益6.203.945.615.89应收账款及票据6,6905,4326,1076,221每股净资产19.0918.7821.6323.5941293,8164,012每股经营现金流10.777.6710.1510.308,9176,8557,2077,274每股股利4.302.763.934.12其他流动资产23,78618,49817.26217,390估值分析流动资产合计88,69966,71287.460100,275PE长期股权投资223302416626,22928,332PB1.61.613固定资产8296184,95086,66588,360EV/EBITDA2.513.592.492.18无形资产59,73760,47460,37760,290股息收益率(%)14.379.2213.1313.77非流动资产合计207.097214,300217,467220,761资产合计295,796281,012304,927321,036短期借款1,3191,8191,7191.619现金流量表（百万元）2022A2023E2024E2025E应付账款及票据29,77227,31128,71428,982净利润39,43824,43834,80836,518其他流动负债52,0743412736,61337.022折旧和摊销1100311.4471212812823流动负债合计83,16563,25767,04667,624营运资金变动-2423-1722447-1.142长期借款38,22440,22439,22438,724经营活动现金流53,45038,06650,35951,099其他长期负债46,32146,13046,13045,130资本开支-17873-18069-13,654-14,350非流动负债合计84,54586,35585,35583,855投资4,5161,400200100负债合计167,710149,612152,401151,478投资活动现金流-12,632-14,361-11,455-14,250股本4,94949614,9614,9615812000少数股东权益33,35038,23845,19952,503-28,109-11,889-1,100-1,600股东权益合计128,085131,400152,527169.558筹资活动现金流-43,27136772负债和股东权益合计295,796281,012304,927321,036现金净流量20,76112,468资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告