财信证券CHASING SECURITIES公司研究报告2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E44.3251.0690.00130.00169.0044.3251.0690.00130.00169.00减：营业成本34.1242.5272.45104.00134.36增长率%33.2815.2176.2644.4430.00营业税金及册加0.260.180.320.470.61归属母公司股东净利润5.774.509.4814.1118.960.270.400.711.021.3324.17-22.02110.5648.8234.39管理费用1.031.191.972.853.710.910.711.492.212.971.832.153.715.356.96每股股利DPS0.020.000.020.020.030.160.100.170.08-0.01每股经营现金流0.030.151.111.432.24减值损失0.00-0.18-0.34-0.48-0.63销售毛利率0.230.170.200.200.210.010.630.630.630.63销售净利率0.130.090.110.110.110.000.000.000.000.000.190.070.130.160.180.000.000.000.000.00投入黄本回报率ROIC)0.330.190.250.240.256.735.2311.0916.5122.1934.0643.6820.7413.9410.370.000.000.000.000.00市净率PB)6.563.022.642.221.836.745.2411.0916.5122.190.000.000.000.000.00减：所得税0.970.741.612.403.222021A2022A2023E2024E2025E5.774.509.4814.1118.960.000.000.000.000.0023.0116.7219.5020.0020.504.509.4814.1118.96三货/销售收入3.31%3.31%3.17%3.04%2.99%202142022A2023E2024E2025E15.5710.4512.5212.7613.1213.1140.5228.0429.4742.57EBITDA/销售枚入16.8011.72%16.4517.4416.860.000.000.000.000.00销售净利率13.038.82%10.5310.8511.22%17.1327.4340.4758.4676.000.833.553.835.537.19ROE19.256.92%12.7315.9617.69存货20.4617.3734.2749.1963.55ROA8.68%4.00%6.62%7.80%8.54%1.401.031.882.713.53ROIC32.7718.8325.2723.8125.240.000.000.000.000.000.000.000.000.000.0054.9042.2147.9951.1351.740.000.000.000.000.0036.5433.8341.5841.5037.4211.3219.9732.3133.6027.65带息债务感负债8.18%17.765.98%3.39%139%无形资产和开发支出1.872.251.881.501.13流动比率1.742.541.911.781.830.390.470.470.470.47速动比率0.961.901.171.041.0866.50112.59143.14180.93222.08股利支付率2.12%0.00%1.02%1.02%1.02%短期借款2.224.260.000.000.0097.88100.0098.9898.9898.98交易性金融负债0.000.000.000.000.0021.1623.0042.1260.4678.10总黄产周转率0.670.450.630.720.760.764.184.113.141.594.154.675.284.717.3012.3616.0822.4628.9235.20应收账款周转率2.942.192.622.622.6236.5147.5268.6992.52114.90存货周转率1.672.452.112.112.11股本5.566.386.386.386.38估值指标2021A2022A2023E2024E2025E8.2138.0738.0738.0738.07EBIT6.905.3411.2716.5822.1716.2220.6330.0143.9862.74EBITDA7.445.9814.8122.6728.5029.9965.0774.4588.42107.19NOPLAT5.904.589.6314.1718.950.000.000.000.000.005.774.509.4814.1118.96股东权益合计29.9965.0774.4588.42107.19EPS0.910.711.492.212.9766.50112.59143.14180.93222.08BPS4.7010.2011.6713.8616.81现金流量表20214202242023E2024E2025EPE34.0643.6820.7413.9410.37经营性现金净流量0.180.957.109.1014.31PEG1.41-1.980.190.290.30投资性现金净流量-2.19-6.91-14.98-6.480.52PB6.563.022.642.221.833.8734.98-4.60-1.19-1.73PS4.443.852.191.511.161.8429.04-12.4813.10PCF1,116.8206.4027.7121.6313.75