国联证券公司报告|公司点评201920202021202220232019A2020A2021E2022E2023E23334196193023042715225381502819301230412714889774847705384209920营业成本1897112473157671860221670206179214252税金及附加29892504223327893249营业费用333290346407其他1638329945185157管理费用●7918521004122114931565714657154621824521294财务费用14916912475221资产减值损失-235-323-193-253299523357955407427公允价值变动收益3030119517438710502无形资产521505404303◆202其他-1476250223208139其他非流动资产298529072885288328821205209426843311993510951982885947360营业外净收益-13-12-10-10-102559225608252902683928654054711942084267433013428343924821912980所得税◆143245315388464343014959585068154041167183923602913其他27031549217925773011少数般东损益7121119153189107749289962010339108063331146172022072724长期带息负债5281207891582290长期应付款00000其他133112191219121912192019A2020A2021E2022E2023E185924262110180115081263311715117301214012315营业收入12%-33%28%19%18%少数股东权益471281400553742EBIT84%24%21%股本45274527452745274527EBITDA-48%55%75%19%14%资本公积901910910910910归母净利润-81%244%50%28%23%留存收益7060817697241171014161129591389415561176992034016%17%18%19%20%256082729029839326542%8%10%10%11%ROE3%8%11%13%14%现金流量表ROIC3%9%15%15%17%20192020202120222023净利润404116718392360291345.7546.3845.2342.98544643112312331233流动比率1451.581.611.761.97财务费用14990169124751.141.281.111.221.38-130-748535-576-576营运资金变动-16903442-12496634.003.383.673.673.67其它2823343-16-16-187585.596.676.676.6721014936133225822964总资产周转率0.880.590.780.880.9518752081200015001500长期投资000000.070.250.380.490.60其他42785427-3984-2484-2481每股经营现金流0.461.090.290.570.652403-3367-1984-9842.763.013.353.794.33690-1273-879-1224000007515其他-172-1493-341-345-348市净率2.01.81.71.51.31337-803-1614-1224-1572EV/EBITDA19.007.857.676.245.24816-226637441133.8611.7811.509.007.15数鸳来源：公司公告，FiD,国联证春研究所预测，股价取2023年7月13日收盘价2请务必阅读报告末页的重要声明