道森股份(603800)HUAAN家ESEARCH财务报袁与盈利预测单位：百万元单位：百万元会计年度2022A2023E2024E2025E会计年度2022A2023E2024E2025E2947294735584803营业收入2190342641624976现金7136779451872营业成本172924572892345661216726401849营业税金及附加11171210其他应收款1523870销售费用78137166199预付账款1328669管理费用78137166219存货9644011559937财务费用000其他流动资产37573274资产减值损失000非流动资产750772834874公允价值变动收益00长期投资0000投资净收益1102125因定资产2312553393811966198831043无形资产735353营业外收入00其他非流动资产445443442440营业外支出000369737194392567720061988310432243175116121938所得税32567183短期借款275275275275168563812959应付账款437792654882少数股东损益61307443523其他流动负债1531684683780106256370437246246246246EBITDA2476208581008长期借款225225225225EPS(元)0.511.231.782.10其他非流动负债212121212489199718582183少数股东权益2125199611484会计年度2022A2023E2024E2025E股本208206206206成长能力资本公积507459459459营业收入86.4%56.5%21.5%19.6%留存收益2825399081345营业利润620.1%216.2%42.6%18.1%归属母公司股东权997120315732009归属于母公司净利399.0%140.8%44.2%18.1%3697371943925677毛利率(%)21.1%28.3%30.5%30.6%单位：百万元净利率(%)4.9%7.5%8.9%8.8%会计年度2022A2023E2024E2025EROE (%10.7%21.3%23.5%21.7%6337306932ROIC (%8.9%23.7%24.5%22.0%净利润168563812959折旧摊销623840资产负债率(%)67.3%53.7%42.3%38.5%财务费用600净负债比率(%)206.0%116.0%73.3%62.5%投资损失-7-10-21-25流动比率1.311.682.212.48营运资金变动-213-528速动比率0.761.351.131.91其他经营现金流44110741252902营运能力-23-38-5总资产周转率0.800.921.030.99资本支出-86-3330应收账款周转率3.903.003.604.00长期投资600应付账款周转率4.674.004.004.50其他投资现金流-61021252600每股收益0.511.231.782.10短期借款0000每股经营现金流薄)0.310.181.474.48长期借款185000每股净资产4.795.787.569.66普通股增加00估值比率资本公积增加900P/E52.3124.3416.8814.29其他筹资现金流000P/B5.575.193.973.11269-36268927EV/EBITDA21.769.866.814.88资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明2/3证券研究报告