中银证券现金流量表（人民币百列202120222023E2024E2025E202120222023E2024E2025E19,70720,19219.13821,80923,741净利润68204.1334,6075,45219,70720,19219,1382180923.7411.8081,9622.100营业成本10,77713,00413,80115,18新16,082营运资金变动733)486215)460(1,464)营业税金及附加157170161184200其他(1231)(4,916(1,173)(512)销售费用1431581912182375,9814,1244,7076,6565,4701,330685804916997研发费用552577547623678授资变动979000489266192811.1453.3211.250650650214276200200200资产减值损失6)35)(30(30)银行借款0信用减值损失(8629002,317)2,314)(1284)(1,431)(1,69)8732,5731200600600其他22178)279)(38)28公允价值变动收益1900(1,982,4673,2313,469)(1,665)545050504657261,372,4550000营业利润7.3118.1244.8615.420营业外收入46营业外支出5310220202120222023E2024E2025E7,30380396426所得税1,1651,21973982397468.925(5.2)14.08.96,1386,8204,1334,6075,452154.6(40.2)11518.4110210637114959.6(38.411518.36,6104.0694,5365,368154.8(16.0(35.629.118.684647,3265,5656,7527,728息税折旧前利润增长(%)117.8(13.4)(24.0)21.314.5EPS(最新股本摊薄，元)1.511.021.131.34149.59.611518.3息税前利润率%)33.827.718.821.323.2责产负债表（人民币百万）营业利润率%)37.140232.634.032.3202120222023E2024E2025E45335.627.14.06411.91713,46815,83719,39130.632.722.6现金及等价物22523,3625,1987.654ROE(%)26.724.013.413.14.4应收寒款1,75215901,6002,03514.510.66.99.010.4应收票据0285135173162存货2,1994,1292,0053,9012,354资产负债率050.4030.3预付寒款193620888225净负债杖益比0.4030.0合同资产00000流动比率1.00.9其他流动资产7.,66732166,1584,4437,074管选能力29.76536.71736.67136.61336380051,3591424142414241,424应收账款周转率13.7212.024,58828,90331,54032,24732,305应付寒款周转率10.0807777无形资产808945906868其他长期资产3.0105.4452.8002.0741,8210.743,82848.63450,13955,7706.81388412,7671230611,15510,860研发费用率%)2.8292.93.9344.3603.0001,0001,000130.2)应付寒款2,2152,8032,5233,3372,869其他流动负债7,7355,6056,7836,8176992156,4237.0696,1876,4736330每股经营现金流最新摊薄)151.0121.71.4长期借款4,8094,3094,0004,000每股净资产（最新摊薄）566.97.693其他长期负债16142,7602,1872,4732,3300.505030.40.420,30719,83618,49217,62817,1904.0034,0034.0034,0034,003PE(最新摊薄)9213.612.210.3954120012631,3341,418P/B(最新摊薄)252.01.81.71.522,56827,59830,3833348837,162EV/EB1TDA10.49.612.39.68.04382848.63450,13952,45055,770价格现金流（倍）9.313.58310.12023年7月12日中国巨石