附：财务预测摘要2021A202242023E2024E2025E2021A2022A2023E2024E2025E23692571314333164109400546275703699584273485086267681029营业成本21222146245228683371400277558467767营业税金及附加43384857其他应收款2124377701142146619032334预付寒款477776111114161161200245295存货6366528209021122研发费用13289114140169其他流动资产91810321032103210323-11-6-1717981776199322652558-8-9-1422121921921721710固定资产97111241289150617521312313无形资产20119619217110277其他非流动资产405237360417041674347513655816667781104817792184102781013601299157255504849001513000营业外支出267应付票据及应付寒款65594168412688351087146818192225其他流动负债372300267315304所得税1972643574425419910810810810863882311111377168400000少数股东损益-0-1其他非流动负债991081081081086418231112137816851126918146814071680EBITDA90311711558193523560-12EPS(元)1.893.163.87股本436364364364366936916916916912021A2022A2023E2024E2025E1914230124462496263730423428366941754989营业收入%)12.315.523.322.620.5负债和股东杖益41674347513655816667향业利润(%)-5.634.236.124.722.80.428.435.123.922.347.053.657.059.060.015.917.819.519.720.02021A2022A2023E2024E2025EROE(%)21.024.030.333.033.8741816114012321836ROIC(%)38.145.554.153.759.5净利润6388231111137710010112214827.021.128.625.225.26-17净负债比率%)-8.7-12.2-10.9-9.4-19.1-10流动比率2.33.22.62.6-130-10-20685速动比率1.62.21.61.81.8其他经营现金流-173244-48-366-210-298-3744211.011.4资本支出1801133183954418.813.813.813.813.8-206-11602应付寒款周转率3.13.73.43.53.5其他授资现金流19202020-440-448-875-865-8551471.892.553.163.8700151149-3001.701.872.622.8342200006.987.878.429.58114500000700P/E46.736.426.921.717.8其他筹资现金流-447-446-1026-1014-554P/B9.88.78.27.26.0-65160-33-7561EV/EBITDA31.924.318.314.711.9数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明