德邦证券公司，点评联创电子(002036.SZ)财务报表分析和预测主要财务指标20222023E2024E2025E20222023E2024E2025E每股指标（元）营业总收入10.93511.24012.10014.2000.090.050.390.68营业成本9,6099.94810,51812,1553.543.553.944.63毛利率%12.1%11.5%13.1%14.4%每股经营现金流0.711.78-0.341.7137515464每股股利0.010.320.000.00营业税金率%0.3%0.4%0.4%0.4%价值评估（倍）404253P/E137.44212.6828.1116.260.4%0.4%0.4%0.4%P/B3.503.112.802.38管理货用367365393462P/S1.081.050.970.833.4%3.3%3.3%3.3%EV/EBITDA19.5612.3511.258.30研发费用485377405476股息率%0.1%2.9%0.0%0.0%研发费用率%4.4%3.4%3.4%3.4%盈利能力标(%)EBIT2837549381.26412.1%11.5%13.1%14.4%261215194218净利润率0.6%0.4%2.9%4.3%2.4%1.9%1.6%1.5%2.4%1.5%10.0%14.7%资产减值损失-10-30-10300.6%0.4%2.7%4.3%4授资回报率2.5%6.8%8.2%10.4%营业利润68368637利增长(%)营业外收支0003.6%2.8%7.7%17.4%6849368637EBT增长率5.2%166.7%24.4%34.8%EBITDA8471,1371.3551,715净利润增长率17.5%-40.2%656.5%72.9%所得税321832偿债能力指标有效所得税率%5.0%5.0%5.0%5.0%资产负债率69.4%69.8%68.4%67.3%-289-70-121流动比率1.11.01.11.1归属母公司所有者净利润9355420726速动比率0.80.80.80.8现金比率0.40.50.30.4资产负债表（百万元）20222023E2024E2025E货币资金2.6733,7082,5103,51593.680.080.080.03.2611,9723,4772,987存货周转天数56.256.056.056.01.6762.1860.70.70.80.8其它流动资产5644825586303.12.82.93.2流动资产合计7,8877.8388.101952952952952固定资产3.5733.9564.2404.445在建工程720504353248现金流量表（百万元）20222023E2024E2025E9521,0021.0521,102净利润935420726非流动资产合计7.1387.3537.5337,679-28-70-121资产总计15.02415,19115,63416.996非现金支出754664633697短期借款3,4623.4623,4623,462174227224216应付票据及应付寒款2,2472.4502,5173,223营运资金变动2269663110000经营活动现金流7671.903-3671,828其它流动负债1,6191,5931.6211,662-1.217-604-604605流动负债合计7,3287,5067.5998,348授资-347-9-10长期借款1,3121,3121,3121,312其他40465058其它长期负债1.7821,7821,7821,782授资活动现金流-541-563-556非流动负债合计3,0943.0943,0943.0941,17901负债总计10.42210,60010.69311,44258848001,0731,0661,0661,066其他331-278-268-2683,7983,7964,2164,9501.436-326-267-267804795725604现金净流量6771.035-1.1981.005负债和所有者权益合计15.02415,19115,63416,996备注：表中计算估值指标的收盘价耳期为7月14日213请务必阅读正文之后的信息披露和法律声明