国联证券公司报告|公司点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E156710092819319936321609922864281933199036322应收账款+柔据211204440500567营业成本155382211327339308373492413136298338税金及附加4110319462634379542814848营业费用34395672其他107169205233264管理费用1661892342653014072763886419799财务费用8311295140132长期股权投资68282797411201267资产减值损失-44126-169-96-109318421464487490●公允价值变动收益100-10-12-13在建工程43496472821101122无形资产414102168134000222222其他非流动资产4069828306775472463083235917631820325129482625￥2304营业外净收益58127322105861210320126528455272380991837303968所得税415363122160769708111912621429161212221430其他7241351155817621997-21-17-2223022976407699175251392322304471388209-1797513-773长期应付款100-10-12-13其他1555715715715712021A2022A2023E2024E2025E1543780582013845375767997324营业收入54.3%42.0%23.3%13.5%13.5%146125117100EBIT164.1%25.1%5.1%82.9%29.0%302336336336336EBITDA124.8%32.4%0.5%82.7%23.7%资本公积20453396339633963396归母净利润92.1%27.691.7%40.3%13.9%留存收益-524-293-63384969182234403670411647023.3%3.0%3.63.8%5812732210586121031.0%0.9%0.8%1.3%1.6ROE1.5%1.3%1.1%1.8%2.1%现金流量表ROIC7.66.8%6.3%10.8%12.52021A2022A2023E2024E2025E净利润16121222143056366.1%51.3%64.2%60.5%5455450470467流动比率32.0%3.3%19.3%财务费用83112951401321.7%1.4%1.2%1.2%1.3%-78-152-153-153-153260-718-1138-3222.83.12.72.83.0其它4729存货周转率106.9222.881.581.581.5527-38597638716167.08117.19135.53135.53135.531044230007000.410.690.681.331.74其他-277-1255-22-2222每股经营现金流1.57-1.15-1.481.902.13-173826-225.4210.2210.9112.2313.97-3751092812238131693-1179-388-334-26086.852.052.627.020.6其他-350184995-140-1326.63.53.32.92.6322329236-261EV/EBITDA50.6534.0818.9513.4111.6632338043363.2243.7547.1127.0021.90请务必阅读报告末页的重要声明