中银证券现金流量表（人民币雨万）202120222023E2024E2025E202120222023E2024E2025E营业总收入12,75310,80013,72816,79719,881净利润1,3781371,0241,3171,605营业收入12,75310,80013,7281679719,8811,8341,9102,1302,3232,199营业成本73798,48710,78%13,205营运资全变动386(7553,192284)3,379营业税金及附加331276351429398其他(827349167248134销售费用1,6441,7011,8262,0162,7721,64165133,6057,3171,4191,56012361,3441,392资本支出(1,107(733)2,050(1,730)(1,840)研发费用00000授资变动203)000363262343285223其他2,273(83780846527282828963(1,488(1970(1,646)(1,775)资产减值损失202015200信用减值损失2(4)336,6992453)(584)(387)(472)6333其他7,4112,398)(308)(302)214)公允价值变动收益420008644852122860)686)23330080633,3161,2704,85600000营业利润1.90653915802.0322,475营业外收入61营业外支出603535202120222023E2024E2025E1,90653315752,0272,470成长能力所得税52839770986455.127.122.418.4净利润1,3781371,0241,3171,605205.671.7)193.228.621.8少数股东损益38(58)202632246.6(85.5)414.628.721.91,3401951,00312911,573198273.2)245.121.718.03,79524353,94245294,802181535.8)61.914.96.0EPS(最新股本摊薄，元)0.170.881.141.39246.685.5414.628.721.915.44.913.213.113.1营业利润率%)14.911.512.112.4202120222023E2024E2025E42.138.333.617.04812,63317.30018,82425,060归母净利润率%)10.518777.9货币资金14,303999713.,31314.58319.439R0E%6.97.32683834455686.40.66.37.911.700000债能力存货1.7561.6572.6882.8343.926资产负债率0.50.405050.5预付寒款145182235295353(0.2)0.0(0.2)(0.3)合同资产01021流动比率1.41.6其他流动资产57641361954322,10323.55923,47522.88422,5250.40.4长期授资1,8662.1372,1372,1372,13753.53326,86182089,1679.65310,068应付寒款周转率4.94.4444.1无形资产1.1941.1431.12510851.05212,18212,0711104710,0109,26812.915.713.31011439,15136,19240,77641,70947,58511114.47.010,6347,77812,8912,07716,828研发费用率%)0.0000.00.0短期借款1971970002.81.7应付寒款2,8502,09842033,8045,998其他流动负债75875483827310,83012021.48.4148.47183048318831124145.73.26.473973860060060017.016.917.218.019.0其他长期负债7.6757,7337,7047,7187,7110.40.1050.30.419.0481624920.39320.39625,139股本1,1331,1351,1351,1351,13516.9116.522.617.614.4756801821848880PB(最新掉薄)1.21.219.34719.14219.56120.46521.566EV/EBITDA8.613.95.34.33.139,15136,19240,77641,70947,585价格现金流（倍）8213.83.56.33.12023年7月7日