国元证券GUOYUAN SECURITIES20212022023E20212022494.12507.4776473828.551057.581038.591049.931310.311602.381935.51现金81.19126.69310.47265.42398.72825.09798.31976.181193.771441.95180.71151.57212.20312.82营业税金及附加5.456.167.689.4011.356999.7011.2113.4591.58104.77127.10149.02180.0010.8915.8318.0748.5540.9849.7960.8973.55163.76144.97185.33225.27273.4331.68560868.1250.5834.0941.0311.381.0947614.681047.051078611102.591535.661505.83-2.54-1.51-1.37-1.5389.8298.1898.51163.51163.5155.9022.7033.7637.1440.85390.6746200467.39434.5439.6215.5518.3318.2332.7935.0728.1527.4233.0744.6791.98113.04156.37203.15227.91538.41491.00503.62899.02908.031.540.640.930.831541.171867.312365.212563.4210.270.184.644093.63418.82367.84515.97572.78618.8583.25113.50152.65199.99225.1613292140.65200.00200.00200.008.4716.1921.7728.5332.12141.9310418149.44220.5374.7897.31130.83171.46193.05143.96123.01185.39198.330.000.0043.1353.2473.5937257371.8374.7897.31130.83171.46193.05300.00300.00EBITDA17268187.3023.65234.15332.1543.1353.2472.5771.830.750.971.311.711.93461.95421.0894535990.740.000.000.00100.00100.00100.00100.00100.00202120222023E202E2025E51448459.57663.76805.9725.471.0924.80222920.791079.221165.001277.751419.851572.6722.8929.9212.191541.171586.081867.312365.212563.42-2.7330.1234.5031.0112.5920.5623.9725.5025.5025.502022022023E2024E7.209.2710.709.9757.12150.5679.93161.78179.216.938.3510.2412.0812.2874.7897.31130.83171.45193.05ROIC(%141314.6518.5115.7418.3469.3273.1679.6185.2411.381.0936747614.6829.9726.5531.5739.9733.65-15.55-18.33-18.23-32.79-35.0733.4033.9252.8950.47-29.56239-38.0752.641.181.31.451.7153.26-5070.780.981.121.051.26-1527268.14-473.33127.8770.0350.0025.0020.000.720.670.7938.4318.87-11.9675.0020.005.926.006.366.3513576.58106.17-373.337.707.117.0972.81-14.1635.7054.37100.287.730.000.750.971.311.711.93300.000.000.571.510.000.0010.7911.6512.7814.2015.734440.00-27.47-2633-23.64-33.4954.37P/E30.3823.3517.3613.2511.77-22.8054.08183.77133.30P/B2.111.951.781.601.449.939.167.165.16请务必阅读正文之后的免责条款部分213