国联证券公司报告|公司点评20212022023E2024E2025E202120222023E2024E2025E货币资金3187645676931465管业枚入1762306546185479894949172721112505营业成本11911662204723922887110322288352418税金及附加1814072105438672786948营业费用292525其他106207253300管理费用●2683863934575151848264234614195财务费用120116775126长期股权投资0000资产减值损失-11-45632213470335533503454公允价值变动收益000在建工程205375517558483000无形资产534334其他-6-32-32-41-50其他非流动资产56661556953550012869811281558186740454512448544784463营业外净收益-2-11-55-5589371557946867310100126687112315531861957835575121所得税52184202280335应付账款+票据10589961520177621437350392112741526其他8341196128215051803少数股东损益0-1-2-2-3285030273376340239467450392212761529长期带息负债4471122895670445长期应付款532613613613613财务比其他7694949420212022202352024E2025E1055182916021377115139044857497947805097营业收入11.18%18.66%少数股东权益2(40EBIT175.27%226.57%49.4633.66400400400400400EBITDA773.09%115.7636.27%27.52%16.54%资本公积1014102310231023归母净利润115.22%580.3583.2538.3219.85%留存收益57787715472476358819892298296738935002毛利率32.40%45.7648.1%47.31%71567946867310100净利率4.17%16.40%24.37%27.5827.86%ROE3.72%32.72%30.51%现金流量表ROIC4.95%30.77202120222023E2024E2025E净利润735039211274152666.25%62.6655.11%50.47%304383416457515流动比率0.60.91.01.21.4财务费用120116260.40.60.70.91.1-63-171-113-162营运资金变动2-427-406-128-4应收账款周转率2.23.62.52.52.5其它-1184115164存货周转率2.73.33.03.03.0498592102116552064总资产周转率0.30.40.50.50.5资本支出-40-756-400-450-500长期投资55-30000每股收益0.21.32.33.23.8其他-481-2-2-2每股经营现金流1.21.52.64.15.2-466-402-4525025.05.77.49.712.5债权融资44553-487-679-3470000100.614.88.15.84.9其他-9777-329-399-4433.73.22.51.91.5-53630-816-1077-790EV/EBITDA13.17.35.43.93.0-27355-197126773EV/EBIT29.310.87.35.03.8数来源：公司公告，iFD,国联证泰研究所预测，股价取2023年7月13日收盘价请务必阅读报告末页的重要声明