中泰证券ZHONGTAI SECURITIES公司点评单位：百万元单位：百万元2022以2023E2024E2025E2022A2023E2024E2025延6,0012445326.08127,58474,11581,51186,93691,945144828792营业成本58,78363.76067,73571,571应收账款7,6667,5887,4567,638479520543585预付账款2629561,0161,074销售费用8.0718.1518,8679,3786,5537,2627,3157,730管理费用1,8211,9562,0862,207579研发费用2,2892,4452,6952,804其他流功资产16.0031697817,64918.270-182-148-301-37036,62957,31959,60562,387-151-100-50-20其他长期投资209209209209-275-120-100-长期股权投资1,5181,5181,5181,518232625国定资产5,3184,3603,5842,955投资收益513500500500525535545555其他收益403200301251无形资产1,4601,3961,3471,2883,3675,3345,9896,448其他非流动资产9,7179,7429,7609,777营业外收入532200200200非流动资产合计18.74617,76016.96316,302营业外支出7520202056,37675,07976.56878,6893,8245,5146.1696,6281,46211,1486,6093,192所得税7551,1861,3261,42511,32215.22215,86315.7064,3284,8435,203应付账款9,71811,47712.19212,8831,6342,0782,3732,49700001,4352,2502,4702,7061,1451,4671,5651,655NOPLAT2,9234,2124,6074,912其他应付款5,1525,1525,1525,1521.031.621.781.95一年内到期的非流动负债1451451451457,4217,9738,4268,86036,3655258349,95147,5932022A2023E2024E2025E2020200009.7%10.0%6.7%2,7122,7122,7122,71222.5%47.3%2,7322,7322,7322,73247.5%56.9%9.7%9.552,68350,324归属母公司所有者权益11,5181292514,67316,65620.7%21.8%22.1%22.2%少数股东权益4.7616.8389,21111,7084.1%5.3%5.65.7%16,27919,76323,88428,365ROE8.8%10.3%9.5%55,37675,07976,56878,689ROIC39.645.4%45.2%42.5%43.4%70.673.7%2022丛2023E2024E2025E26.7%71.0%39.7%21.4%4,0329.4496.4055,0671.01.11.21.34,1445,3425,5215,6630.81.01.01.11,884-709-53-414经营性应收影响1,534-433166-165总资产周转平1.31.11.11.2经营性应付影响-5275,6591,356534应收账款周转天数40343130其他影响-3,003-410-585-551应付账款周转天数6063-2,598-108182205存货周转天数46393938资本支出-150-164-153股权投资-820001.031.621.781.95其他长期资产变化-1,455423463582.966.934.703.72-1,7799,111-4,960-3.769每股净资产8.459.4810.7712.22-1,4359,685-4.539-3,417股利及利息支付-1.774-1,979-2,541P/E241413股东融资0000P/B22其他影响1,4301,4052,1202.056EV/EBITDA177133127123请务必阅读正文之后的重要声明部分