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国联证券公司报告|公司点评位万元202120222023E2024E2025E202120222023E2024E2025E1,3292,5141,6392,0002237管业收入3,2064,26554566,8698,7088351,66720982,660营业成本2,3623,0814,8206.085906096税金及附加458521,1041,3851,748营业费用A3g6582114其他505344487613778管理费用4254565188783,4705,2074,95761727,519财务费用长期股权投资789-141,7942,7432,3481,9461,537公允价值变动收益00在建工程31924320216212167243737无形资产324441294221其他173其他非流动资产6581,1189549543407419471,2223,1014,7174,04433652,843营业外净收益8R86,5719,9249,001953710,3623497429551,2301,5821,290000所得税2687112145325869561,2073236748681,1181,438其他1562233003754711325301,3042,1001,06213311,6793106498381,0791,388长期带息负债1,119763439长期应付款0000其他67722722722722202120222023E2024E2025E6252,2101,8401,4851,1601,9294,3102,90328162,839营业收入23.75%33.05%2792%25.90%26.77%少数股东权益201231270320EBIT6.17%50.60%58.57%22.18%26.33%883896896EBITDA148%43.37%4784%13.83%9.08%资本公积2,1682,15621562,156归母净利润2724%10929%29.15%28.82%28.60%1,7342,8154,1514,6425,6156,0986,72126.32%27.77%29.57%29.83%30.12%6,5719,9249,0019,53710,36210.07%15.80%15.91%16.27%16.51%ROE6.79%1198%1428%16.73%1927%现金流量表ROIC14.54%13.50%1487%18.73%23.52%202120222023E2024E2025E净利润3236748681,1181,43829.35%4343%3225%29.52%2740%503673680522流动比率2.662484.674.644.48财务费用86878439221693.183.152.99302-242-281-273-594-585-762应收账款周转率3.913133.32332其它2622302112493323.083.573483.483.484696321,2221,2201,1880.490.430.610.72084资本支出-1269000长期投资-269000.350.721201.55其他31310.520.701.361331,5811,62031315.095.916417.06债权融资8001,975-1,60356324值比221130066.1931.6324.4919.0114.78其他-238481-5344.503883.573242.905632,082-890-982EV/EBITDA20.4014.6512.1210.379.36-6501,180-875361237EV/EBIT378819.9815.9312.40请务必阅读报告末页的重要声明
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