财信证券CHASING SECURITIES公司研究报告2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E18,579.217,005.818,692.521,467.124.656.4营业收入18.5792217.005.818.692.5321.467.1324.656.46减：营业成本15,372.214.690.915,085.317.118.39.180.41.07-8.479.9214.8414.86营业税金及册加99.7281.6698.85113.52130.39归属母公司股东净利润788.71291.621.116.441.702.522,474.86528.50505.16542.08622.55715.04增长率%-64.48-63.03282.8452.5045.36管理货用642.22593.72560.78644.01739.690.530.200.761.151.68研发货用934.09747.93846.05971.641.115.990.160.060.230.350.51134.2656.28254.6382.6913.13每股经营现金流0.330.093.493.063.62减值损失-310.48-283.76-238.99-231.53-265.93销售毛利率0.170.140.190.200.22-29.166.78-9.02-9.02-9.020.040.020.060.080.1025.2417.560.000.000.000.050.020.060.080.11其他经营损益0.000.000.000.000.00投入黄本回报率ROIC)0.050.020.050.080.12730.25156.931,183.561800.552,613.6343.83118.5530.9620.3113.970.000.000.000.000.00市净率PB)2.111.801.731.631.51713.87156.631.175.321.792.312.605.390.010.000.010.010.02减：所得税-74.69-135.1558.7789.62130.27主要财务指标2021A2022A2023E2024E2025E788.56291.791.116.561,702.702,475.12-0.160.170.120.180.2617.26%13.61%19.30%20.26%22.21%788.71291.621,116.441,702.522,474.867.02%6.79%7.26%6.29%5.95%2021A2022A20232024E2025￡4.56%1.25%7.65%8.73%10.62%2,317.342.944.931,869.253,696.147,758.1910.96%8.61%20.71%21.05%22.15%20.8124.6824.6824.6824.68销售净利率4.24%1.72%5.97%7.93%10.04%3,826.453,898.554.139.304,753.715.459.9628.6537.8437.0742.5748.90ROE4.81%1.52%5.58%8.03%10.79%存货4,534.464,472.484,104.794.657.995,219.07ROA2.31%0.78%3.28%4.94%6.68%815.66170.95491.49564.45648.31ROIC5.46%1.76%5.23%7.95%12.47%29.4474.9874.3073.6172.93618.45621.25621.25621.25621.2552.00%48.51%41.16%38.45%38.07%144.0988.3376.5964.8653.1264.07%69.60%65.84%57.91%47.06%17,597.520,932.718.658.816,183.813,507.637.08%47.76%21.63%7.10%3.03%无形资产和开发支出900.25931.86776.55621.24465.93流动比率0.720.770.941.231.533,305.763,183.633,165.803,165.033,165.03速动比率0.360.420.490.711.0134,138.837,382.234,039.934,469.337,045.0股利支付率30.11%30.20%30.20%30.20%30.20%短期借款5,831.216,637.101,557.790.000.0069.89%69.80%69.80%69.80%69.80%交易性金融负债0.000.000.000.000.009,282.137,750.838,531.069,680.7910,846.9总黄产周转率0.540.450.550.620.67750.902.023.731,473.74940.77427.291.491.291.531.942.551,886.381722.502.449.882,631.802,827.17应收账款周转率5.645.995.525.525.5217.750.618.134.114.012.413.253.314.101.3存货周转率3.393.283.683.683.68股本1.372.131.476.731.476.731.476.731.476.73估值指标2021A☐202242023E2024E2025E6,836.038,947.128,947.128,947.128947.12EBIT848.13212.911,429.951,875.002,618.52留存收益8,174.388,818.329,597.6010,785.912,513.4EBITDA2,037.091,463.553,871.684,517.845,461.6916.382.519.242.120.021.421,209.822,937.2NOPLAT889.60384.711.360.071,782.872,489.22少数股东权益5.705.875.996.176.42788.71291.621,116.441,702.522,474.86股东权益合计16,388.219,248.020,027.421,215.922,943.6EPS0.530.200.761.151.6834,138.837,382.234,039.934,469.337,045.0BPS11.0913.0313.5614.3615.53现金流量表202142022A2023E2024E2025￡PE43.83118.5530.9620.3113.97经营性现金净流485.74138.695,152.624,521.695,343.2PEG-0.68-1.880.110.390.31投资性现金净流国-4,997.8-3,792.1-7.19-7.19-7.19PB2.111.801.731.631.51筹黄性现金净流2,774.834.065.13-6.221.-2,687.61274.0PS1.862.031.851.611.40现金流量净额-2,014.6503.58-1,075.61,826.894062.04PCF71.17249.256.717.656.47此报告仅供内部客户参考