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中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元20222023E2024E2025E20222023E2024E2025E53,53086,475111,815121,253149,141177,478234,27135,85044,09552,47369,265营业成本96.410118,571143.402应收账款3,0682,5811,6521,477税金及附加4,1025,0716,0347,965预付账款7509221,1151,466销售费用5,1386,7117,4549,8395,8237,1628,66211,391管理费用3,5324,6235,3247,028458564671研发费用4.3156.6447,5569,970其他流功资产3.0553.6934.3415,641-1,017-1,551-2,323-2.872102,076127,239154,718201,055000其他长期投资6666946000长期股权投资14,40714,40714,40714,40700019.34717,05815,08813,393-769001,4881,688其他收益530000无形资产4,4465,1085,7036,2399,5909,07210.03013.752其他非流动资产4,3794,3894,3964,40312800043.97342.45541,18940,1365400146,049169,694195,906241,1919,6649.07210,03013.7522997226335所得税-3700022,07327,14732,83243,1779,7019,07210,03013.752应付账款29,45036,21943,80457,607-5418202800009,7559,05410.01013.7245,6556,9568,27810,926NOPLAT8,6807,5217,707其他应付款6.0836.0836,0836,083EPS(按最新股本掉薄)0.790.911.011.38一年内到期的非流动负88688615,77319,21922,66529,27579,94996.605114,772148.28920222023E2024E2025E361,0001,0001,0001,00015.3%23.0%19.0%32.0%2,1162,1162,1162,11668.7%-13.0%2.5%41.2%3,1513.1513,1513,151119.5%16.1%10.637.1%负债合计83,10099,757117,924151,440归属母公司所有者权益62,85869,82877,85489,59420.5%20.5%19.2%911091291568.0%6.1%5.7%5.9%62,94969,93777,98389,751ROE15.5%12.9%12.8%15.3%146,049169,694195,906241,191ROIC17.9%13.7%12.2%14.5单位：百万元56.9%58.8%60.2%62.8%20222023E2024E2025E6.5%5.9%5.5%4.9%5,66617,25318,85225.9741.31.31.31.412,57010,67010,60513,5641.21.21.31.31,030-1,339-1,500-2,729-2-请务必阅读正文之后的重要声明部分
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