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202120222023E2024E2025E202120222023E2024E2025E174.1572882282207271281022341476.402,09241321.07360.49295.6875052营业成本119.7221200424889922362346411907.111022147620.92102.96153.49200593428149405销售费用7.12998132914761046其他16652302.91303513193233516管理费用1201979.744577418553862952461,691274403.71研发费用153530.6744294185326331331331331财务费用(2396951022147620.92固定资产201.16203.65270363622446875资产信用减值损失(104)0000.00105.001785022995公允价值变动收益03216110.0411601350无形资产62346918713574163141590.000.00其他601.66655.736410640.9863882其他26800000.0087789925.031414.9979031928446231700.521416.511,877493,022312,947.65581870营业外收入0241001.001000.000.0050000.000.00营业外支出02402064.162186271207985192844631370132977.44其他276.91422.969434546871203505所得税91730184631701387.97341071,212.07539.902515.10631190.000000000.00应付债券0.000.0070.7241751632.23890.94其他287.63159.6220229188071928103005917378287.633285520229188.071928164733824.60141438727.972707.915164112.64202120222023E2024E2025E16734235462354623546资本公积2175734140378403784037840营业收入42743%1146%7557%41.72%462.79625.721.043231675.46256640-106529%1440213974%3342%其他(5430)7377210日属于母公司净利润-92059%1303%15626%5143%40.92%769181,052893110.801416511,877493,022312,947.655,818.70毛利率6359%5583%净利率2607%4084%4282%ROE920%2505%285%28.66%ROIC7056%7022%87.12%202120222023E2024E2025E净利润162.66417.516322389094资产负债率4570%4392%4680%2470%46.54%28.1535.18380645025314净负债率-5923%-2981%89.56%财务费用1022147620921501921603.13175投资损失0000000.00速动比率1211611442.50156营运资金变动166.71(32041)64783137641其它(201402395293510.5612032792283004.504006020122481122.972353.445234545775.43506资本支出154.10173942267920917总资产周转率035042长期投资0000000.00其他(42730(4181☑410.62)(46250030059177(13631)(240.91)每股经营现金流02605210.00383227.65209☑3276819.4113202485115.12138251.65其他53.15(1062☑0000000.00市盈率113.00490519.1412648978183238559.09(8422)市净率10397634993.61257汇率变动影响0.000.00000000EV/EBITDA132.1753.65128044857295.05895392093.251823361231382952472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