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信达证券NDA SECURITIES单位：百万元单位：百万元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E6,8698.6679,22011,19913.1777.7746.9895.6096.5996.935货币资金1,5072,0723,1624,1875,934营业成本5,7375,1114,3245,0095,197000004137303537附加应收账款653456467550578销售费用3749404448预付账款2316141617管理货用364392315360384存货4,1475,3464,8045,5665,775研发费用15511310411912453977777388087411015728167,4057,5407,8518,1058,382减值损失合44-3900计2,1952,2852,2852,2852,285投资净收益1729244675906554.0283,8114,0174,1994,392其他1475333438计)无形资产6576527568038611,4721,74012691,6401,832其他526791793818844营业外收支-21882014,2741620617,07019,30421,5591,4701,75812771,6421,8324,0154,4054,3754,6374,75699195142170197短期借款2,8183,2803.3223.4211,3711,5631,1351,4721,63500000000应付账款3893053605305371,3711,5631,1351,4721,635其他809826735785798EBITDA1,9561.5141,1151,3721,4801,2651,7482,2482,7483,248EPS(当0.931.060.760.981.09长期借款1.5512.0512.5513.051213197197197197单位：百万元5,2816,1536,6237,3858,0042021A2022A2023E2024E2025E00001,4532461,5185301,156金流10.05310.44811.91913.555净利润1,3711,5631,1351,4721.635东权益14.27416,20617,07019.30421,559542577301320313财务货用104167697990单位：百投资损失-172655万元营运资金变445-1,438502-735-2112021A2022A2023E2024E2025E动营业总收入7,7746.5996,935其它54301-23-16-1626.7%-19.7%17.7%5.1%197225318210.1%归属母公司净1,3711,5631,1351,635562-542-513-526利润资本支出274.514.0%-27.4%29.6%11.1%长期投资409-278454726.2%26.9%22.9%24.1%25.1%-43906467590655毛利率(%)其他15.2%15.5%10.9%12.3%12.1%56618463509ROE%金流0.911.040.760.981.090000P/E6.127.395.705.13借款7,40911,0825055435990.930.830.800.700.62支付利息或412-895-810-7990P/B5,6096,5996.9356765291,0911,0251,747EV/EBITDA
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