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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E7.022.5760013095360512237.70214218274115.158954527898533103214016044.71营业成本54250.0758.7831262935.0267.7038773040.37346.072624413462998647016479245303459204634528436.706552848.1684768768310.03747销售费用7.672.008.070728567.039.670891083571其他14898.9515.99581132592314947.4714.91571管理费用13268918212021213622386323428659,54382研发费用1986.672299312529312.775903.0261914362215183415183415183415183456.66182.168.95976固定资产5189.75531827430133328439资产信用减值损失426.02)(46.73)(3051)665.96525.17525175251752517公允价值变动收益225225.7627.452524无形资产1644.451459.6212339410082678259507.1251271572.7153271其他7313349924.9675274823428其他139921)(4793☑42855)16,248.7318,7463615,1315214,5704513637.972,780.903367107,473.258,845.575594855553755556,830.1264977.027318179营业外收入19150531252073327002336201462251.400001400.00140000营业外支出74545958608223293.2421039.942231530235728829.062982,916543823.819,120.95其他10.713.1512.717.61137848712.93918所得税573.74754581221391.5213718059536,8653735,21980343953738,757.7642402.162342804.947246162327315.0032391981180017.0016001370221.634332473.623.062673.59435应付债券0.000000.00972581434.902,473.623,099.653,730.5其他2312.432712.042.712042578831031782232692344.822,731842,730.04259583403573039,09679413535945085.795249.904760.516.492048431.9410.62250202120222023E2024E2025E1362.731362.731362731362.73136273资本公积209252074.172.074172074.17207417营业收入970%1009%9.02%6816817960.1011654.9413.93492-12.97%7848%1836%其他93.57121278414996610159日属于母公司净利润-39.40%475%7239%2531%2036%15,5912516,278.7719,704.7123,8234328096.00559485555375.5556830.1264,977.0273181.79毛利率1970%20.69%2287%25.18%净利率144%194%303%382%ROE940%1241872%2135%ROIC-72.74%-29582%202120222023E2024E2025E净利润2.473623099.65373055资产负债率7213%7060%6533%6364%61.61%1136891257.071242621242.62124252净负债率-25.40%-2687%-40.61%4520%-70.73%财务费用120.73(117.608959.76104101121130140投资损失572.71)速动比率0820830971.12117营运资金变动469584227810(3383.00)342018其它3.4753司2614553.090.123609598839006.796794313.784,032382,194.645,6812011320.0910.6198911901154资本支出2113.11730.9413320总资产周转率139133145147141长期投资9124682120000000.00其他28900181516103178223269(4423.29)2890.01754.59)72835每股经营现金流2901594.08152954.4612533☑18647.4583097011151282(22810(152130)224360(2842430其他125144159.46000000000市盈率35.102379138011011474.92(2,22495)(2,88233)市净率330296254221192汇率变动影响0.000.00000000000EV/EBITDA125270(34389)3534.752,701669184.12155-002331资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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