华鑫证券公司盈利预测（百万元）资产负债表2022A2023E2024E2025E利润表2022A2023E2024E2025E2,0372.5083.0563.690现金及现金等价物4046189121,283营业成本1.3331.6301.9602,336应收款261344419505营业税金及附加16182126220280337401销售费用311381464561其他流动资产50637692管理费用83101流动资产合计9351.3041.7432.281财务费用0-17-25-36非流动资产：研发费用4388107129金融类资产00费用合计412535647776固定资产350384381365资产减值损失-300在建工程963815公允价值变动0000无形资产7672686505550450000295381477597其他非流动资产75757575加：营业外收入1非流动资产合计597570540511减：营业外支出0161514资产总计1.5311.8742.2832.793295374472594流动负债：所得税费用6582104131短期借款0000230292369463应付账款、票据153203244291少数股东损益15192430其他流动负债165165165165215272344433流动负债合计344400448503非流动负债：2022A2023E2024E2025E长期借款111成长性其他非流动负债42424242营业收入增长率29.1%23.1%21.8%20.7%非流动负债合计43434343归净利润增长率16.2%26.5%26.4%25.6%负债合计387443491546毛利率34.6%35.0%35.9%36.7%股本400400400400四项费用/营收20.2%21.3%21.2%21.08%股东权益1.1441.4311.79211.3%11.6%12.1%12.5%负债和所有者权益1.5311.8742.2832.793ROE18.8%19.0%19.2%19.3%现金流量表2022A2023E2024E2025E资产负债率25.3%23.6%21.5%19.6%230292369463营运能力15192430总资产周转率1.31.31.31.3折旧摊销40272929应收账款周转车7.87.37.37.3公允价值变动0000存货周转率6.15.95.95.9营运资金变动-34-99-97-112经营活动现金净流量252238325410EPS0.540.680.861.08投资活动现金净流量-71232625P/E37.529.723.518.7筹资活动现金净流量33-7-9P/S4.03.22.62.2现金流量净额214256343427P/B7.25.84.73.7资补来源：Wind、华盒证券研究请阅读最后一页重要免责声明诚信、专业、稳健、高效