国联证券公司报告|公司点评位万元2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金11751164102913011849管业收入996510680958311460124271688288营业成本813694098133976510615511497529633686税金及附加12512011613915126931675218126192847营业费用13131106127138其他15469229274管理费用21214218221823645343408403749085767财务费用●13810475长期股权投资0001资产减值损失-80-42-5034883456307428322679公允价值变动收益00006221239159617531643投资净收益-24无形资产2302241871492>434242其他推流动资产223165165165766941112712284564508450224600营业外净收益-114-890988492103671093762933121980718000所得税256152201241263261408547657714836610732878957其他203710821467少数股东损益011310516702014241826288376107318779561783239818881355747322其他1071161161162021A2022A2023E2024E2025E1893251620071473866成长能力49994186402138913494营业收入72%-10.3%少数股东权益0011EBIT22.0%302%15.2%15.1%6.0%17721772177217721772EBITDA18.1%-268%80.8%199%178%资本公积19231571157115711571归母净利润35.3%-27.1%19.9%9.0%留存收益4049631694257135274099430650385916687318.4%11.9%15.1%148%14.6%909884929059980710367净利率84%5.7%7.6%7.7%7.7%ROE20.4%142%14.5%148%13.9%现金流量表ROIC16.7%11.1%11.6%13.3%2021A2022A2023E2024E2025E净利润836610732878957资产负债54.9%493%44.4%39.7%33.7%296261106213231700流动比率2.042.002.032.19财务费用19713810475450.410.710.640.670835831018-438-228营运资金变动-739926-238-19618229.093129.96140.52140.52140.52其它672-8384774091993.025.623.733.733.736802115163120512573总资产周转率1.101261.061.17120资本支出-7245921000-1200-1400长期投资120000.470.340.410490.54其他2142929290.381.190.921.16145390-608-971-1371每股净资产2.312.432843.343.88-12690股权融资1224000012216.713.911.610.6其他441-1700-104-452.52.01710821712794-608-653EV/EBITDA9810.05.74.5795212135272548EV/EBIT12.112.911.69.582请务必阅读报告末页的重要声明