国联证券公司报告|公司点评财务预测捕要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金162550467811033631375050426210742489289014031728营业成本31413237431152546234101720税金及附加17242830存货6489821420营业费用6156718497其他5641078125713401425管理费用34837547957866836794389416349636039财务费用15-11183-11110114114114114资产减值损失1608152913031074843公允价值变动收益07000在建工程7094796304-44无形资产1471421189571其他616272522其他非流动资产255240222203184507215728441721902120183615491260营业外净收益12225869650959996512729851315928642031181317400所得税51222321658173023912914345846147264388其他98107356969482261015206736153135360742794414125437394747-129-193长期应付款00000其他1381321321321322021A2022A2023E2024E2025E1085183853-6131523798321936114218营业收入2429%329%34.44%23.18%19.56%少数股东权益4041465772EBIT170.70%633%185.58%6024%44.17%738738738738738EBITDA1783%161%58.10%23.63%2238%资本公积11381138113811381138归母净利润168.37%54.71%108.09%79.80%46.70%80279585796911332717271127792901308013.49%13.68%14.49%15.40%16.03%586965095999651272981.27%184%2.92%4.26%522%ROE1.64%2.54%5.17%8.93%1239%现金流量表ROIC241%2.10%11.77%13.31%21.36%2021A2022A2023E2024E2025E净利润6914728438853.70%58.34%53.67%57.79%221230284287289流动比率18121.31.41.4财务费用15-11183-11120.91.0-138-198-215223139-7372121应收账款周转率42433.7373.7其它100216201220229484.14.44.44.4470403-2825756930.61.01.0资本支出-145-203000020000.10.10.203其他-25-508-660.50.80.9-170-709663.43.63.8189-395-738-256-6400000177.8114.955230.720.9其他-338350-97-140-1983.13.12.92.8-14945-833-395-262EV/EBITDA2681341521189.1150-351-1121174425EV/EBIT116.663.239.723.715.6请务必阅读报告末页的重要声明