民生证券INSHENG SECURITIES陕西煤业(601225)/能源开采公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入166,848164,426169,093172,961成长能力(%)营业成本91,78492,03895,51097,761营业收入增长率9.55-1.452.842.29营业税金及附九加11,49411,32711,64911,915EBT增长率44.44-5.481.192.16销售费用835904930951净利润增长率63.98-34.3620.78726管理费用7,1147,3997.6097,783盈利能力(%)研发费用579493507519毛利率44.9944.0243.5243.48EBIT55,29652,26852,89354,036净利润率21.0514.0216.4717.27财务费用-608-860-1,604-2367总资产收益率ROA16329.9410.5710.08资产减值损失-752-587-557-548净资产收益率ROE34.2121.8423.2922.51投资收益14,564-3,2892,5362,594偿债能力64,58246,07555,49859,473流动此率1.622.142.743.38营业外收支-518-725-725-725速动比率1.411.942.533.17利润总额64.06345,35054,77358,748现金比率0.931.532.132.76所得税10,9748,1639,85910,575资产负债率(%)35.9333.2329.4026.61净利润53,08937,1874491448,173经营效率归属于母公司净利润35,12323,05627,84729,867应收账款周转天数5.685.685.685.68EBITDA65,99262,63163,48464,846存货周转天数10.6510.6510.6510.65总资产周转率0.800.740.680.62资产负债表（百万元）2022A2023E2024E2025E每股指标（元）47.38777,126108,469144,304每股收益3.622.383.08应收账款及票据26852,5432,6162,675每股净资产10.5910.8912.3313.685,9195,9356,1596,304每股经营现金流5.795.835.865.972,6782,6322,7312,796每股股利2.181.431.73185其他流动资产23,33019.93019,15020,368估值分析流动资产合计81,999108,167139,125176,448PE76长期股权投资13.67510,3871292315,518PB1.61.5141.2固定资产78,29171,34666,86059,232EV/EBITDA1.741.831.811.77无形资产24,00023,63423,52223,064股息收益率(%)12978.5110.2811.03非流动资产合计133.261123,861124,292119,779资产合计215,260232.028263.417296,226短期借款200200200200现金流量表（百万元）2022A2023E2024E2025E应付账款及票据20,14320,19920,96121,455净利润53,08937,1874491448,173其他流动负债30,37230,10529,69530,597折旧和摊销10.69610,36310,59110,810流动负债合计50,71650.50450,85552,252营运资金变动09381,150743长期借款4,1634,1634,1634,163经营活动现金流56,13956,50756,80857.834其他长期负债22464224252242022416资本开支-10,166-5221-9,621-4,822非流动负债合计26,62726,58826,58426,579投资-24,150000负债合计77,34377,09277.43978,831投资活动现金流-34,014-5360-9,618股本9,6959,6959,6959,6954412000少数股东权益35,23449,36566,43284,738-3,720-1014-1.5770股东权益合计137.917154,936185,978217,396筹资活动现金流-31,05121,408-15,847-17,178负债和股东权益合计215,260232,028263,417296,226现金净流量-892529,73931,34335,835资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告