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国联证券公司报告|公司点评位万元202120222023E2024E2025E202120222023E2024E2025E1,1455,5044.0433,4523,2969,2721218315,57119,14522,8535427379421,1591,383营业成本722112,04617,4589279101125149税金及附加591051291542,4143,1373,9744,8505,70营业费用8731,1061,3591,623其他167835911957管理费用407435498586634,36110,2929.92711,544财务费用-75232长期股权投资0999资产减值损失-11322,9093,3493,8264,7856,167公允价值变动收益000在建工程3167612,3823,3793,750998414141无形资产500703586469351其他372424其他非流动资产6851.0791.0411,3401,8522,4124,4115.90178639.68211,319营业外净收益1987378,77116,19417,79120,1781,42718992,45025648900所得税1933094205416671,6521,67021162,5823,0676871,1181,4801,9082,351其他12431,7042,1532,6313,1281114173,1503,8634,2695,2136,1956821,1011,4692,334长期带息负债1464157260314长期应付款0000其他331428428428428202120222023E2024E2025E477432585688742成长能力3,62842954,8535,902营业收入33.12%3139%2782%22.95%少数股东权益70220230244260EBIT12.05%53.55%40.39%28.96%23.45%244293293293293EBITDA16.72%5120%4283%28.43%24.19%资本公积8,0248,0248,0248,024归母净利润13.00%61.37%3343%28.97%2321%2,4093,3624,3905,7157,3495,14411,89912,93714,27615,92622.12%21.96%22.64%23.22%23.61%8,77116,19417,79120,17822,8637.41%9.17%9.50%9.97%10.29%ROE13.45%943%1156%13.50%14.90%现金流量表ROIC20.68%1880%19.52%18.91%18.87%202120222023E2024E2025E净利润6871,1181,4802,351资产负债41.36%26.52%2728%29.25%30.34%248354538681流动比率1.382332.01财务费用12320.561.801331.02087-723-723-837-875-910-466-134-201-215-22317.1416.5416.5416.5416.54其它7888658248628972.993033.033.033.035351,4032,3581.060.750.951.00资本支出-976-2,500-2.5002,500长期投资662-3,73302333755.01其他861313每股经营现金流1824.786.148.0410.16-216-4,795-2,487-2,4872,48717.3043.33478453.41债权融资-5409033610353800065.5940.6430.4623.6219.17其他4575282439-566-7038.823.52285-765,421-775EV/EBITDA372025.36172413.7611242412,029-591EVEBIT31.9922.1317.5914.45请务必阅读报告末页的重要声明
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