中银证券现金流量表（人民币面万202120222023E2024E2025E202120222023E2024E2025E营业总收入193195522557634净利润(52)120130144营业收入1931955225576346055637176营业成本209214297319363营运资金变动215(177)营业税金及附加4410911其他52151081544224142424557资本支出(18)(48)(126(86)(88)00000授资变动136(5)4412113其他8(61245130资产减值损失2)0000银行借款(5)0306(321)85信用减值损失(1)00(4)00(14)000其他(32)(2)(13)公允价值变动收益00000293332)680045502192700000营业利润64)73)151164186营业外收入0011营业外支出0110202120222023E2024E2025E151164187所得税(13)303543营业收入增长率(%)30.41.1167.96.913.8净利润(52)120130144142(305.8)13.600000(7.5112309.8)7.910.6(57)1201301444.7(0.1)313.17.110.4(1422024026237.1332(1,283.79.30.19022)0.450.490.54112309.8)7.910.6息税前利润率%)(37.930.130.229.3资产负债表（人民币百万）营业利润率%)(33.3(37.628.929.429.3202120222023E2024E2025E毛利率%)(9.8)43.042.842.8207159563337577归母净利润率%)29.523.123.322.7118287290317ROE(%)(63)11.711.211.26522012196ROIC%)(5.9(5.68.313.311.4应收票据00000存货191323资产负债率0.1020.2预付寒款6121170.00.00.1(0.2)0.1)合同资产00000流动比率33184.23.13.6其他流动资产816309009119709911,00202020.40.400应寒款周转率3.011固定资产61360664869314013.425.227.4无形资产179179178178178其他长期资产1081261441301313.9292.81,1071070153313281,579管理费用率%)2132148.09.0621351081620.00.0短期借款00130171.92.02.41.90.4应付寒款93215其他流动负债546610977131每股收（最新摊薄）(0.2)(0.2)0.50.50.5793711310.00.00.21.60.2长期借款7536860128343.84.34.8其他长期负债4433每股股息0.00.00.00.00.1141164506171293267267267267267(72.965.631.329.026.200003.9423.73.32.99669061,0271,1571,286EV/EBITDA212.6(161.4)19.315.114.31.107153313281.579价格现金流（倍）(645.2)1,050.466.379.22023年7月13日长白山