中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元20222023E2024E2025E20222023E2024E2025E47,38788,989138,700189,998166.848150.700173.075182.24986789094营业成本91,78496,280106,087109,804应收账款2,5982,3472,6952,83811.49410.54912,11512,757预付账款6.2096,8417,0818357555202,6782,8103,0963.204管理费用7,1146,4807,4427,837371335385406研发费用579523600632其他流动资产23.33023.12523,40923.525-608-1,412-2,537-2,957流动资产合计81,999123,558174,831226.741153153153153其他长期投资2220-752-621-621621长期股权投资13.67513.67513,67513,675公免价值变动收蓝-5.1653.4001.0001.000固定资产78.28068.56860,16952,91314.5645,0002,0002.0004,3794,4794,4794,379109109109109无形资产24,00026.76129,24731,48464,58245,58951,51156,657其他非流动资产12,90412,88286412,850营业外收入707170非流动资产合计133.261126,386120.457115.326营业外支出589589589215,260249,944295,288342,06764.06345,07150,99356.13820022633510,9747,7218.7359,61621622725025953.08937,35042,25846.522应付账款19,92720,90323,03223,83917.96712,64014.30115.74400035,12324,71027,95730,77813.95412.60414,47515,243NOPLAT52,58636.18040.15644.071其他应付款1,1181,1181,1181,1183.622.553.172,5122,5122,5122,512其他流动负债12,78712,73213,34113,58150,71650.19354,95520222023E2024E2025E长期借款4,1634,4274,6914,9550009.69.14.8隋5.3其他非流动负债22,46422,46422,46422,464-31.2%11.0隋26.62726.89127,15527,419-29.613.1%77,34377,08482,10984,305102,683124,986151,004179,84345.0%36.1%38.7%39.8%少数股东权益35.23447,87462,17577,91931.8隋24.8隋25.5%137,917172,860213,179257,762ROE25.513.1%11.9%215.260249,944295.288342.06728.9%25.2%单位：百万元35.9%30.8%27.8%24.620222023E2024E2025E21.317.1%14.0隋11.7%56.13939,26251,37352.5202.53.24.063,11048,74951,51754.4931.62.43.13.9938-131-286-108经营性应收影响4,649591-3722330.80.60.60.58159872,152816应收账款周转天数106其他影响-13.372-10.933-1,638-2914应付账款周转天数727677-34,014-2,653-2,6131010-32,131-5,959-5,810股权投资-1,2210003.622.552.883.17其他长期资产变化-6628.6673,2293.1975.794.055.305.42-31,051-3679911,391每股净资产10.5912.8915.5818.55借款增加-993160393373-31.736-2.326-2,613-2.869P/E4.66.65.85.3股东融资4.412000P/B1.61.31.10.9-2,7341,7993,211EV/EBITDA31.841.739.136.8来源：wind,中泰证泰研究所请务必阅读正文之后的重要声明部分