国信证券证券研究报告GUOSEN SECURITIES财务预测与估值资产负债表（百万元）202120222023E2024E2025E202120222023E2024E2025E现金及现金等价物18782462150015002101869510537131971551217619应收款项35774501470055255793营业成本604577639%2012971存货净额2607245957858006758营业税金及附加557293106其他流动资产238266366433493销售费用41546556762065212074149341710518228管理费用25321533033636110521367139414141409研发费用566738189151004无形资产及其他289394388381375财务费用21(10)投资性房地产30701874329931022643投资收益11610资产减值及公允价值变长期股权投资222(63)(101)30)30(3015711200172200622657其他收入178106106106负债55123309223175014071342179321522545应付款项33294055313037114228营业外净收支(11)000其他流动负债91310641559183320771404133117932152254550106016883691037764所得税费用13144179215254长期借款及应付债券0080160224少数股东损益7567其他长期负债30725832438611981220161819422296307258404670现金流量表（百万元）202120222023E2024E2025E负债合计531662759240964884351198122016181942少数股东权益265231194153资产减值准备(26)30)30(30股东权益83709171105451216314070911209910611115711200172200522657公允价值变动损失000财务费用21(10)536202120222023延2024E2025E营运资本变动(934)(3971)(1131)407每股收益3.131.592102.522.98其它56(120)128132112每股红利0.400.320.420.500.60383105510192896每股净资产22.4412.2613.9916.0418.47资本开支(540)(445)(120)(120100ROIC18%17%17%20%其它投资现金流(13)(1415)2071416线17%(1535369毛利率30%26%27%27%权益性融资80400EBIT Margin13%14%负债净变化7533188304914%15%支付股利、利息(1707)2598)收入增长21%25%18%其它融资现金流(21)45)55(3628%33%20%(171)2730资产负债率38%40%4637%5180601股息率0.8%0.8%0.9%1.货币资金的期初余额22161878246215001500P/E15.7231.0123.4019.5016.49货币资金的期末余额18782462150015002101P/B2.194.013.513.06企业自由现金流(141)922815271516.5330.0424.6920.8017.39权益自由现金流4120644479资料来源：Wind、国信证券经济研究所预测请务必阅读正文之后的免责声明及其项顶下所有内容