德邦证券公司点评长电科技(600584.SH)财务报表分析和预测20222023E2024E2025E20222023E2024E2025E每股指标（元）营业总收入33.76232.10936.53140.7421.821.181.792.22营业成本28.01027,59330.50633,56113.8514.9916.5418.61毛利率%17.0%14.1%16.5%17.6%每股经营现金流3.383.443.333.90营业税金及附加9096110122每股股利0.200.200.200.20营业税金率%0.3%0.3%0.3%0.3%价值评估（倍）184193217285P/E12.6627.8818.4514.840.5%0.6%0.6%0.7%P/B1.662.201.991.77管理货用9008359501.059P/S1.661.751.531.382.7%2.6%2.6%2.6%EV/EBITDA6.5612.9310.999.29研发费用1,3131,3491.5711,752股息率%0.9%0.6%0.6%0.6%研发费用率%3.9%4.2%4.3%4.3%盘利能力指标(%)EBIT3.2372.2933,4534,27217.0%14.1%16.5%17.6%126557068净利润率9.6%6.6%8.7%9.7%0.4%0.2%0.2%0.2%净资产收益率13.1%7.9%10.8%11.9%资产减值损失-257-120-99-1008.2%5.1%7.1%8.0%1286110122授资回报率9.9%6.4%9.0%10.0%营业利润3,2462.2053,3554,181利增长(%)营业外收支4635312710.7%13.8%11.5%3,2912.2403.3864,208EBT增长率0.9%-29.1%50.6%23.7%EBITDA7.0294.9395,8886,967净利润增长率9.2%-34.9%51.1%24.3%所得税60134203252偿债能力指标1.8%6.0%6.0%6.0%资产负债率37.5%35.3%33.9%33.1%024流动比率1.31.31.31.4归属母公司所有者净利润3,2312.1043.1793.951速动比率1.01.01.01.10.20.20.10.120222023E2024E2025E2,4591,96370193539.932.032.032.03.6893,2033,572存货周转天数41.138.038.038.03.1522.8733,1763.4940.90.80.80.8其它流动资产4.8446,3741.71.51.51.5流动资产合计14.14314.02514.69116,648765745725705固定资产19.51721.28323.68026.517在建工程8079671,127128720222023E2024E2025E483418363308净利润3,23121043,1793.951非流动资产合计25.26427,19829,84832,839023资产总计39.40841.22344.53949.487非现金支出4.0152,7662.5352.795短期借款1,1741,7261.0311,30449-3854应付票据及应付寒款4.9734.6875,4336,161营运资金变动1,206253248000经营活动现金流6,0126,1275,9326,944其它流动负债4,8874,3394.4264,672-4.746-5,137-5,737流动负债合计11,03310,75210,89012,137-1.630-1.180-980长期借款2,7212,7462,7612,776其他89155109122其它长期负债1.0101.0461.4471,448授资活动现金流5,358-6.071-6,2086,595非流动负债合计3,7323,7924,2084.224163-355-427291负债总计14.76514.54415,09816,3610001,7801,7801,7801,780其他-1.212-297-61943624.64326,67729,43633,117-1.048-652-1.046-145059现金净流量-496-1.262234负债和所有者权益合计39,40841,22344.53949,487备注：表中计算估值指标的收盘价耳期为7月13日请务必阅读正文之后的信息披露和法律声明