HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度20222023E2024E2025E会计牛度2022A2023E2024E2025E4695357444824011营业收入80867581965111097现金172017078391265营业成本6936638279749068应收账款8916411282437营业税金及附加48385473其他应收款2732销售费用7773101133预付账款161160215236管理费用249243309355存货108650013511168财务费用-13202746其他流动资产814538764875资产减值损失48285204626569757739公允价值变动收益000长期投资686696705715投资净收益167223507450851205799511505785967无形资产353287245195营业外收入5355其他非流动资产6587739041030营业外支出00资产总计9899983911457117505125077909732612259035533029所得税3866126156短期借款79299212921592474442664817应付账款8204741121139少数股东损益8781119147其他流动负债1001112411411298387361544670非流动负债1108283EBITDA772108112531541长期借款50302020EPS(元)0.210.200.290.36其他非流动负债606163负债合计2723268136363112少数股东权益18891969208922362022A2023E2024E2025E股本1845184818481848成长能力资本公积888888888888营业收入9.3%-6.2%27.3%15.0%留存收益2556245329973667营业利润8.3%-1.2%55.4%23.2%归属母公司股东权5288518857326402归属于母公司净利179.1%-6.8%50.9%23.1%989998391145711750毛利率(%)14.2%15.8%17.4%18.3%现金流量表单位：百万元净利率(%)4.8%4.8%5.6%6.0%20222023E2024E2025EROE (%7.3%7.0%9.5%10.5%7871892161445ROIC (%5.5%6.1%7.6%8.4%净利润474442664817折旧摊销292504422512资产负债率(%)27.5%27.2%31.7%26.5%财务费用14净负债比率(%)37.9%37.5%46.5%36.0%投资损失-29-22流动比率1.801.381.261.32营运资金变动30871-111567速动比率1.291.090.800.83其他经营现金流4503791799777606-1593-1141-1277总资产周转率0.840.770.910.96资本支出-257-1574-1122-1272应收账款周转率9.749.8610.0012.86长期投资11-20-22-21应付账款周转率10.059.8610.0014.40其他投资现金流361316-17-311257258每股收益0.210.200.290.36短期借款111200300300每股经营现金流薄)0.431.020.010.78长期借款-20-100每股净资产2.872.813.103.46普通股增加60估值比率资本公积增加9000P/E19.3817.0111.289.16其他筹资现金流-102494-33-42P/B1.421.181.070.96168-12-868426EV/EBITDA8.655.095.314.24资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告