华鑫证券公司盈利预测（百万元）资产负债表2022A2023E2024E2025E2022A2023E2024E2025E1.1862.0143.1994,905现金及现金等价物511562662888营业成本8721.3071.9702.963应收款828896134营业税金及附加1261812854321.3291,3861,4831,581销售费用244342541819其他流动资产193222288294管理费用118181285432流动资产合计2.1142.2582.5292.898财务费用-15-14-17-23非流动资产：研发费用25203249金融类资产00费用合计3725308411.277固定资产641693684654资产减值损失432在建工程158632510公允价值变动000无形资产25224022721522555-17221121247其他非流动资产226226226226加：营业外收入6非流动资产合计1.2811.2261.167减：营业外支出1012资产总计3.3953.4843.6964.007-16625125251流动负债：所得税费用200-2-3短期借款29394649-18626127254应付账款、票据330367432465少数股东损益10-1-2其他流动负债204204204204-18726127255流动负债合计673737823879非流动负债：2022A2023E2024E2025E长期借款0000成长性其他非流动负债166166166166营业收入增长率-2.1%69.8%58.8%53.3%非流动负债合计166166166166归净利润增长率12.4%393.0%100.5%负债合计8409039891.046毛利率26.4%35.1%38.4%39.6%股本658658658658四项费用/营收31.4%26.3%26.3%26.0%股东权益2.5552.5802.7072.961-15.7%1.3%4.0%5.2%负债和所有者权蓝3.3953.4843.6964.007ROE-7.3%1.0%4.7%8.6%现金流量表2022A2023E2024E2025E资产负债率24.7%25.9%26.8%26.1%-18626127254营运能力10-1-2总资产周转率0.30.60.91.2折旧摊销52555857应收账款周转车14.522.833.236.5公允价值变动00存货周转率0.71.11.52.1营运资金变动-329-39-92-89经营活动现金净流量-4624292220EPS-0.280.040.190.39投资活动现金净流量52434646P/E-89.2646.1131.065.4筹资活动现金净流量4617P/S14.18.35.23.4现金流量净额52145269P/B6.66.56.25.7资补来源：Wind、华盒证券研究请阅读最后一页重要免责声明诚信、专业、稳健、高效