国联证券公司报告|公司点评位万元202120222023E2024E2025E202120222023E2024E2025E1201211221272092573676048601,131120242336429营业成本19538610142547税金及附加133137225327507营业费用354272103136其他1766161管理费用62771321942434005477731,370财务费用●000长期股权投资00000资产减值损失0100115115109104公允价值变动收益000在建工程0002无形资产161614111221其他非流动资产132232136208372145145138137138营业外净收益02545692912●1,1721362092913790000所得税1425354681322334880122184256334其他38149280000047%172244334122256334长期带息负债0110长期应付款00财务比其他26202120222023E2024E2025E466成长能力5193177250343营业收入25.22%4281%64.47%42.52%3144%少数股东权益0000EBIT51.83%5889%5421%3886%30.42%138138138138EBITDA44.41%41.55%37.28%29.40%资本公积114114114114归母净利润58.91%52.17%51.37%38.79%3043%2503484836709144956007359221,16667.79%6754%67.62%67.77%6588%5456929121,1721,50831.13%33.17%30.53%29.73%29.51%ROE16.18%20.30%25.09%27.76%28.62%现金流量表ROIC24.27%3039%35.41%37.39%37.12%202120222023E2024E2025E净利润122184256334资产负债9.28%13.36%19.44%21.36%22.72%99流动比率8.606.094.504.244.10财务费用000015.534.423.052.712.32274-102-181-64-114-144-185-1622.191.541822.03281其它29911061870.620.870870.850.762731841860.470.530.660.730.75资本支出-14-103长期投资0000.580.881331.85其他2312-160200.230.380.61134-1272-11-143.584.348.43债权融资010000000075.57328123.6418.12其他2549-68122210.088236.565.19-1524-49-68EV/EBITDA548933.79274720.0815.3700083EVEBIT60.9038.3728.6420.6915.72请务必阅读报告末页的重要声明