财信证券CHASING SECURITIES公司研究报告2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1,979.702,223.242,432.212,631.872,850.50营业收入1.979.702.223.242.432.212.631.872.850.50减：营业成本1.675.182.040.782.213.792,342.682.532.3329.9212.309.408.218.31营业税金及册加34.4066.3152.2556.5461.24归属母公司股东净利润155.3123.1869.76132.68161.762.913.933.573.864.18增长率%15.37-85.07200.9290.1921.92管理货用19.8518.8924.1526.1328.302.210.330.991.882.30研发货用10.1911.8512.8913.9515.111.010.000.280.540.6649.1642.8751.8939.2824.91每股经营现金流2.653.683.915.685.87-1.72-31.310.030.040.04销售毛利率0.150.080.090.110.110.190.00-1.26-1.26-1.26销售净利率0.080.010.030.050.063.560.460.000.000.000.270.040.120.200.210.260.490.250.250.25投入黄本回报率ROIC)0.130.040.060.100.13197.9123.2583.64159.40194.416.6444.4514.777.776.370.000.000.000.000.00市净率PB)1.801.951.781.531.31198.2824.1084.00159.76194.770.070.000.020.040.04减：所得税42.900.9214.1726.9632.86主要财务指标2021A2022A2023E2024E2025E155.3823.1869.83132.80161.910.070.000.060.120.1515.38%8.21%8.98%10.99%11.16%155.3123.1869.76132.68161.763.63%2.95%3.27%2.63%2.01%2021A202242023E2024E2025D12.50%3.01%5.59%7.56%7.71%159.86280.76243.22263.19285.0517.04%7.29%14.57%16.13%15.52%8.146.046.046.046.04销售净利率7.85%1.04%2.87%5.05%5.68%87.0146.5792.2399.80108.098.527.0210.3211.1712.09ROE27.14%4.39%12.06%19.71%20.51%存货335.53378.36401.69425.07459.49ROA7.39%0.96%3.09%6.34%8.33%52.7444.6974.3180.4187.10ROIC12.75%3.90%6.46%10.22%12.92%0.005.595.595.595.592.000.200.200.200.2072.75%78.08%74.38%67.80%59.35%1.711.641.421.210.9978.16%72.28%71.48%67.42%62.25%1306.141,460.941,267.681,067.30859.8070.44%67.75%61.83%52.15%36.64%无形资产和开发支出74.1990.0275.1560.2745.40流动比率0.670.610.660.750.8967.1392.4782.3372.1972.19速动比率0.240.250.260.300.352,102.962,414.302,260.192,092.461,942.03股利支付率45.78%0.00%28.65%28.65%28.65%短期借款555.91693.17653.05537.60386.4854.22%100.00%71.35%71.35%71.35%交易性金融负债2.973.463.463.463.46289.39313.68394.78417.77451.59总黄产周转率0.940.921.081.261.47521.85584.03386.34202.1935.851.611.872.342.973.94159.84290.76243.52257.60275.24应收账款周转率32.6583.5938.3038.3038.301,529.961,885.101,681.151,418.621,152.62存货周转率4.995.395.515.515.51股本70.3970.3970.3970.3970.39202142022A2023E2024E2025E184.56186.87186.87186.87186.87EBIT247.4466.97135.89199.04219.69留存收益317.36271.37321.15415.82531.24EBITDA337.37162.06354.38424.65442.28572.31528.63578.40673.07788.49NOPLAT190.8164.08112.67165.16182.32少数股东权益0.690.580.640.770.92155.3123.1869.76132.68161.76股东权益合计573.01529.20579.05673.84789.41EPS2.210.330.991.882.302,102.962,414.302,260.192,092.461,942.03BPS8.137.518.229.5611.20现金流量表2021A2022A2023E2024E2025EPE6.6444.4514.777.776.37经营性现金净流186.40259.20275.11399.82413.53PEG0.43-0.520.070.090.29投资性现金净流国-130.98-262.97-2.96-2.96-2.96PB1.801.951.781.531.31第资性现金净流-73.88104.05-309.69-376.89-388.70PS0.520.460.420.390.36现金流量净额-19.35107.00-37.5419.9721.86PCF5.533.983.752.582.49此报告仅供内部客户参考