民生证券INSHENG SECURITIES中直股份(600038)/军工公司财务报表数据预测汇总利润表佰万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入19473220642585630058成张能力(%)营业成本17468198772329427051营业收入增长率-10.6313.3117.1816.25营业税金及附肋加23293338EBT增长率-62.8517.4143.9828.83销售费用174153174197净利润增长率-57.614.0132.9930.20管理费用9128869861100盈利能力(%)研发费用513672725842毛利率10.309.919.9110.00EBIT381447644829净利润率1991.772.072.32财务费用2111718总资产收益率ROA1401.321.581.86资产减值损失-15-3-3净资产收益率ROE3.974.015.126.31投资收益-61偿债能力营业利润3724346308201451.411.381.36营业外收支11000速动比率0.500.420.430.43利润总额383434630820现金比率0.130.090.100.12所得税-44395123资产负债率(%)63.6966.2168.2069.69净利润387391536697经营效率归属于母公司净利润387403535697应收账款周转天数111.03100.2695.2487.62EBIT DA6617549531166存货周转天数264.47264.47243.32228.72总资产周转率0.700.720.760.80资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金2117165722733086每股收益0.660.680.911.18应收款及票据6128631170387552每股净资产16.5417.0317.7418.73预付款项1096162119002207每股经营现金流-2.86-0.111.391.76存货12657144001552516948每股股利0.200.200.200.20其他流动资产2236316936934274估值分析流动资产合计24234271583043034066PE64614635长期股权投资29323538PB2.5242.422固定资产1762178317961805EV/EBITDA36.1632.3425.1420.05无形资产510488466444股息收益率(%)0.470.470.470.47流动资产合计3460341433713315资产合计27694305723380137381短期借款88388310831283现金流量表（百万元）2022A2023E2024E2025E应付款及票据13488146251647318394净利润387391536697其他流动负债2300374944955356280307310337流动负债合计16670192572205125033营运资金变动-2430-829-93-72长期借款7894110126经营活动现金流-16868211038其他长期负债890890890890资本开支-136-252-265-278非流动负债合计96898410001016投资0-8-3-3负债合计17638202412305126049投资活动观金流-260-267-280股本5895895895890000少数股东权益304292292293债务募资70216216216股东权益合计10056103311075011331筹资活动现金流4371346355负债和股东权益合计27694305723380137381现金净流量616813资料来源：公司公告、民生证券研究院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