民生证券INSHENG SECURITIES天赐材料(002709)/电力设备及新能原公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入22317239163172738953成长能力(%)营业成本13843180372367429201营业收入增长率101227.1732.6622.78营业税金及附九加158167222273EBT增长率128.10-36.6840.032139销售费用1099695117净利润增长率158.77-39.4141.1722.59管理费用547574736857盈利能力(%)研发费用89476510151247毛利率37.9724.5825.3825.04EBIT6765428459997282净利润率25.6114.4815.40财务费用2110910249总资产收益率ROA22.3811.2712.7112.81资产减值损失-40-30-39-48净资产收益率ROE45.5523.4025.7424.98投资收益1406-7偿债能力6872414158527178流动此率1.781.651.791.95营业外收支01515速动比率1391.281.421.58利润总额6872415658677193现金比率0.550.600.780.99所得税10276238801079资产负债率(%)49.7250.6549.4447.46净利润5844353349876114经营效率归属于母公司净利润5714346248885992应收账款周转天数75.7975.0070.0065.00EBITDA7277495069178414存货周转天数62.5960.0060.0060.00总资产周转率1.130.850.920.91资产负债表（百万元）2022A2023E2024E2025E每股指标（元）466464271072416522每股收益2971.802.543.11应收账款及票据4634486560246868每股净资产6.527.699.861246343361473584每股经营现金流2163.103.324.272374293538534752每股股利0.600.360.510.63其他流动资产3165313436683999估值分析流动资产合计15179177222474232725PE12201412长期股权投资190190190190PB5.54.73.72.9固定资产4381654977728697EV/EBITDA9.9014.5510.418.56无形资产824823821819股息收益率(%)1.661.011.421.74非流动资产合计10352129981372414044资产合计25531307203846646769短期借款798848878898现金流量表（百万元）2022A2023E2024E2025E应付账款及票据47216474849710480净利润5844353349876114其他流动负债3010341744235395折旧和摊销5126669181132流动负债合计8528107381379716773营运资金变动-21331496205654长期借款776137617761976经营活动现金流4164597763998220其他长期负债3389344634463446资本开支-3637-2930-1625-1432非流动负债合计4165482252225422投资-1474-5负债合计12693155611901922196投资活动现金流-5107-3309-1635股本1927192519251925108-5100少数股东权益2923624625844286456430220股东权益合计12838151591944724574筹资活动现金流3451-904-468-978负债和股东权益合计25531307203846646769现金净流量2519176442965798资料来源：公司公告、民生证券研究亮预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告