弹来动力(000338)2023年中报预告点评2022A2023E2024E2025E2022A2023E2024E2025E1751.582126.252387.732753.0256.8390.70105.71122.76营业成本1440.111730.961933.602217.45折旧与摊销111.4867.6569.9572.26营业税金及册加4.815.846.557.56-9.098.308.039.06销售货用106.61124.39140.88162.43-8.75-7.42-7.68-7.9580.92170.10195.79234.01经营营运黄本变动56.841.3814.5026.67财务货用-9.098.308.039.06其他-117.12-5.18-13.9710.93-8.75-7.42-7.68-7.9523.49155.44176.54233.712434.424.424.42-59.69-60.00-70.00-80.0010.115.696.877.0225.7648.6911.2911.44其他经营损益0.000.000.000.00-85.45-11.31-58.71-68.5658.34104.20121.85141.91短期借款23.873.9170.00.120.002512.512.512.5198.760.000.000.0060.85106.71124.36144.42-9.040.000.000.00所得税4.0316.0118.6521.66支付股利-24.29-8.29-13.23-15.4256.8390.70105.71122.7640.77-130.92-8.03-9.067.7812.4114.4716.8048.52-135.3048.74-144.4849.0578.2991.24105.9658.658.83166.5720.672022A2023E2024E2025E2022A2023E2024E2025E货币黄金708.42717.24883.81904.48成长能力应收和预付款项337.32368.78423.04491.18-13.95%21.39%12.30%15.30%存货333.74406.52471.80533.29营业利润增长率-58.00%78.61%16.94%16.46%其他流动黄产305.36162.29167.66175.16-50.85%59.62%16.54%16.13%53.4153.4153.4153.41BTDA增长率-33.13%12.08%10.93%11.70%6.226.226.226.22458.72485.11519.21560.99毛利率17.78%18.59%19.02%19.45%无彩资产和开发支出471.18437.45403.71369.9810.19%14.24%14.44%14.73%262.29261.98261.67261.36324%4.27%4.43%4.46%2936.662899.003190.533356.07ROE5.46%8.15%8.77%9.35%46.0950.00120.000.00ROA1.94%3.13%3.31%3.66%753.84854.57962.171110.33ROIC10.79%19.35%21.19%24.04%长期借款227.82227.82227.82227.829.18%8.47%8.37%8.11%867.80653.56675.01705.061895.551785.951985.002043.210.610.730.780.84股本87.2787.2787.2787.274.935.455.886.55113.50113.50113.50113.507.768.538.758.65530.96600.96678.98769.51存货周转率4.204.464.314.36731.84791.37869.38959.9296.69%309.26321.68336.14352.941041.111113.051205.531312.8664.55%61.61%62.22%60.88%2936.662899.003190.533356.07带息债务感负债17.65%18.95%20.57%14.11%流动比率1.411.521.511.562022A2023E2024E2025E速动比率1.131.151.151.17EBITDA160.73180.15199.83223.22股利支付率49.53%10.59%14.50%14.55%PE22.1713.8911.9210.261.491.371.251.130.560.901.051.21PS0.620.510.460.398.399.079.9611.00EV/EBITDA2671.731.080.33每股经营现金-0.271.782.022.682.23%0.76%1.22%1.42%每股股利0.280.090.150.18请务必阅读正文后的重要声明部分