民生证券MINSHENG SECURITIES山鹰国际(600567)/轻工公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入34,01440,79447,32653,120成长能力(%)营业成本31,55436,64341,17245,756营业收入增长率19.9316.0112.24营业税金及附九加213245284319EBT增长率-100.767072.19130.1929.14销售费用393490568637净利润增长率-248.87109.07613.8040.85管理费用1.91722242497盈利能力(%)研发费用8311.0611,2301,381毛利率7.2310.1813.0013.86EBIT-171,17226993,485净利润率-6.630.503.093.88财务费用8639751,1281,266总资产收益率ROA-4.300.342.313.08资产减值损失-1,421000净资产收益率ROE-16.611.499.6412.28投资收益44414753偿债能力2421,6232,278流动此率0.540.680.710.70营业外收支-98-20-20-20速动比率0.350.440.430.42利润总额2221,6032,258现金比率0.150.230.180.15所得税811396135资产负债率(%)73.1073.7272.6271.69净利润-23532091,5072122经营效率归属于母公司净利润2052,059应收账款周转天数46.8240.0040.0040.00EBITDA1,5482,8264,5745,546存货周转天数38.5250.0050.0050.00总资产周转率0.650.720.770.82资产负债表（百万元）2022A2023E2024E2025E每股指标（元）3,7386,31147524,205每股收益-0.500.050.330.46应收账款及票据4,3895,1865,821每股净资产3.043.083.393.75218550618686每股经营现金流0.050.380.861.093,3305,0205,6406,268每股股利0.110.010.100.15其他流动资产1,6292,2672,4652,645估值分析流动资产合计13.30418,61818,66019.624PE49长期股权投资2,32623262,3262326PB0.70.70.70.6固定资产25,56728.53731,31134,083EV/EBITDA233412.797.906.52无形资产2,5122,5092,5052,500股息收益率(%)4.910.654.676.58非流动资产合计39,21341,70244,48047,294资产合计52,51760,31963,14066.918短期借款15,81716,66718,16718,667现金流量表（百万元）2022A2023E2024E2025E应付账款及票据4,8856,1246,8817,647净利润-23532091,5072122其他流动负债3,9904,4001.3761.533折旧和摊销15651.6532061流动负债合计24,69127,19126,42327,846营运资金变动-1322-1.154-687-589长期借款10,5651271513,365经营活动现金流2031,6973,8674,879其他长期负债6,3336,7116,762资本开支-3,762-4,633-4,668-4,890非流动负债合计13,69917,27919.42620.127投资-25-1900负债合计38,39044,47045,85047,973投资活动现金流-3,559股本3,3063,3063,3063,306161,53100少数股东权益5412,076212121854,5074,3804591,201股东权益合计14,12715,84917,29018,945筹资活动现金流3,0784,998-810-590负债和股东权益合计52,51760,31963.14066,918现金净流量-2912,573.1.560资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告