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公司报告丨公司点评天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金3514.612831026211205367.748228197,895.40984179223655932,253.502126831565.02225996519524376407营业成本5727.406815597.476.0615.65522226087672296435184853369941654营业税金及附加21016300760410321存货37992238879548341212560.5710.04819销售费用73.0490732057629028其他1238.76231502942130897434.1750680532.791118281.6062223,7547422786.05研发费用54110767.02773231.610322257.7453021635.74635746357463574财务费用(2220)2838374固定资产3151833216.993.11861298926281930资产信用减值损失356.655550(55.00)(40.00)在建工程1325023633120.6662833392公允价值变动收益57.71525550.00300020.00无形资产405.1634983272511952011789投资净收益85.421032685.008900其他2323262531.002.472302413.60236712其他(19859294290.006542.956,619.836,296635973.96962921327391,752.303684.295353.5416,556.99203414730.0513828740.01营业外收入114280010.001100121079385385.19600003234.6150000营业外支出4153854054254471440.991378221529134559.01172121959921351551758.253691.035361.17其他930271478.412256372725.48324089所得税73.211786140.6629528428893,15.103,2418343955010,519095462101233.693395.754932281261.621.1000010000095297016.1833964932应付债券0000000000.00876981223.993,36179其他53434527855278552785527851091521994.191,223.742,176951527856.0233512,896046999.95114.09123.79138181684121230202120222023E2024E2025E800.10800.96802838028380283资本公积7931848.015678015.67801557916%2529%986%11115%421%2916.793966.185391438383.4312.72926-272%3201%4531%其他27.09(75377刀15001000日属于母公司净利润133%3957%3084%10993%4525%11803.0412.089.0014318.12173553421750.06203414730,0513828740.01毛利率2557%2931%29.90%净利率1140%1269%1512%1503%15.14%ROE753%1129%195瑞22.67%ROIC1102%1159%1681%3422%23.06%202120222023E2024E2025E净利润1.601423361.79489296资产负债率2711%2951%4225%2432%425.0048083456364695049119净负债率-808%-714%-2530%财务费用7082120.1528379688374流动比率317294312226417投资损失(85.00)89001971752021.06233营运资金变动(1100022115159323其它(37409661863964155225546.00720812762,448.941,293.54(3,41295)7,040.442032512432.57资本支出9972016500205.0020500总资产周转率051058057110长期投资96.74105530000000.00其他2312532297.4367403(39100(390.001091521994.19(1,21859)839.03(176.00)(175.00)101305161425a77债权融资(33421)616083104.02(3467.44每股净资产143117.66214126832634.41(7503963153其他357☑(305700000000.00市盈率142251019277.9037.1125552,74549(4,004.99)市净率108610447265790.000.000000.000.006225232287919791858.85745.25)3380.1819.71726652232292152资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明
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