中银证券损益表人民币百万)现金流量表（人民币百列202120222023E2024E2025E202120222023E2024E2025E营业总收入26,92624,85625,61927,69830,492净利润9817157579811,20026.92624.85625,61927,69830,4926027628489281,000营业成本24.1162224323.01824.75127.099营运资金变动(836819(1,738)634营业税金及附加147149143158176其他258)19983642232252212402684043092,6242542,898512509540609资本支出204(192)(367)(377)研发费用614603612655730授资变动21)(3(3)5786704119其他1825(48)(55)(53)2426433)资产减值损失(5)(5(5)银行借款1,301773541(1,059)信用减值损失99(144)(581)2,720140(182)222)8191315其他80261022753公允价值变动收益0000298091,73586(1,228)68)67)2266824824161.23700000营业利润1,1538659031.1741.450营业外收入45384038营业外支出1117141415202120222023E2024E2025E1,18788692512001,473所得税20617116821927315.0(7.710.1净利润9817157579811,200营业利润增长率(%1.125.04.530.023.513616511414718034.8)16.929.522.38455516448341,0205221.2)1.724.820.21,8451,74218442,1722,49619.8(5.65.917.814.90.670.440.510.660.817.716.929.522.3息税前利润率%)4.63.93.94.5494.34202120222023E2024E2025E毛利率(%)10.425,73828.292268793281733,458223.3现金及等价物5,3394.6425.1245.5406776R0E%6)95.86.4788.917,9062134319,11024,62723,522R01C%6)1146.79312.9458193478247551存货358377434462资产负债率0.60.70.60.7预付寒款744478530.3(0.3)(0.20.4)合同资产00000流动比率151414其他流动资产16951,70519172.0574,2825,0114,4613,297总资产周转率10083904034034034031.9固定资产19682,154205819101,7321.7无形资产4765145245305321,4481,9411,4761,0706290.80.90.930,020333043134036,73036,7552.017.25420.48819,21923,24122,486232.485661892402030.10.1应付寒款13,83615,94914,87418,27018,018其他流动负债3,3373.6823,7284.0464,3680.70.40.70.8130723851,07216421,443每股经营现金流最新薄)021032.3长期借款585855028550737.68.0859.1其他长期负债12491,8001.02213571.393每股股息0.10.10.10.21856122,87220,2922488223,929股本1,2621262126212621,262P/E(最新摊薄)10.716414.010.88.8少数股东杖益2,3048709841,1311,311P/B(最新摊薄)1.00.90.90.80.89,1549.56110.06510.71711,515EV/EBITDA6.13.93.72.330,020333043134036,73036,755价格现金流（倍）2243.435.53.12023年7月14日西部建设