五洲特纸(605007)HUAAN RESEARCH财务报表与盈利预测单位：百万元单位：百万元会计年度2022A2023E2024E2025E会计年度2022A2023E2024E2025E3228372944615654营业收入5962649576878633现金77791114862372营业成本5439581364827215应收账款100688712891149营业税金及附加2226383其他应收款17676155销售费用10131817预付账款28354043管理费用81105125129存货6599297911086财务费用123168235284其他流动资产740901796949资产减值损失83339385643794889公允价值变动收益000长期投资0000投资净收益9121407147814791445227313723877无形资产309317322329营业外收入202015其他非流动资产1624206025773115营业外支出资产总计656775848839105432423317368903259405546905646所得税3746116142短期借款2020260232653953205285620748应付账款725634840792少数股东损益0000其他流动负债514818584901205285620748非流动负债1104110411041104EBITDA54164311291364长期借款350350350350EPS(元)0.510.711.551.87其他非流动负债754754754754负债合计4364515957946751少数股东权益0000会计年度2022A2023E2024E2025E股本400401401401资本公积464464464464营业收入61.6%8.9%18.4%12.3%留存收益1339156021802927营业利润-50.3%38.1%131.1%21.2%归属母公司股东权2203242530453793归属于母公司净利-47.4%39.0%117.3%20.6%65677584883910543毛利率(%)8.8%10.5%15.7%16.4%现金流量表单位：百万元净利率(%)3.4%4.4%8.1%8.7%2022A2023E2024E2025EROE (%9.3%11.8%20.4%19.7%364267931127ROIC (%5.4%6.8%11.0%11.4%净利润205285620748折旧摊销204159159164资产负债率(%)66.4%68.0%65.5%64.0%财务费用121164225266净负债比率(%)198.0%212.7%190.2%178.0%投资损失-19-10-12流动比率0.990.920.951.00营运资金变动461-162-201-61速动比率0.770.680.770.80其他经营现金流653437824818-1508647-656-663总资产周转率1.070.920.940.89资本支出989657-669应收账款周转率7.376.847.037.02长期投资0000应付账款周转率9.648.558.808.84其他投资现金流5191012982354438422每股收益0.510.711.551.87短期借款973582663688每股经营现金流薄)0.091.061.982.81长期借款27000每股净资产5.516.067.609.47普通股增加0资本公积增加300P/E36.9621.009.668.01其他筹资现金流-265-229-225-266P/B3.422.471.971.58497134575886EV/EBITDA18.2713.657.846.35资料来源：公司公告，华安证券研究所敬请参阅末页重要声明及评级说明证券研究报告