民生证券MINSHENG SECURITIES岳阳林纸(600963)/轻工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9,78111,19413,08114,396成长能力(%)营业成本8,2749,48211,06112131营业收入增长率24.7914.4416.8510.06营业税金及附九加62677886EBT增长率718813.4618.6913.57销售费用112123144158净利润增长率106.5116.6317.6012.27管理费用294336392432盈利能力(%)研发费用302347406446毛利率15.4115.3015.4415.73EBIT8941,0141,2031.367净利润率6296.416.456.58财务费用167170212253总资产收益率ROA3.703.974.16424资产减值损失-1-1净资产收益率ROE6.697.438.268.76投资收益34偿债能力7358581,0081,131流动此率2.021.972.102.11营业外收支速动比率0.560.560.660.73利润总额7318531,0031,126现金比率0.180.180.270.36所得税110128150169资产负债率(%)44.4046.2749.365131净利润621725853957经营效率归属于母公司净利润616718844948应收账款周转天数27.8628.0028.0028.00EBITDA1,3131,4431.663存货周转天数230.53220.00215.00215.00总资产周转率0.590.650.680.67资产负债表（百万元）2022A2023E2024E2025E每股指标（元）9181.06717802,751每股收益0.340.400.470.53应收账款及票据7478549981,099每股净资产5.105.365.666.00417474553607每股经营现金流0.420.240.270.495,2265,7156,5157,145每股股利0.140.160.190.21其他流动资产3,1503,5974,358估值分析流动资产合计10.45811,70813.85515,960PE21181513长期股权投资67676767PB1.41.3121.2固定资产3,6693,8173,9484024EV/EBITDA129811.8110.259.18无形资产1,1201,1201,1161,113股息收益率(%)1.952.272.673.00非流动资产合计6,1636,3766,4466,416资产合计16,62118,08420,30122,376短期借款1,96325632,9133,563现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1,9922,2342,6062,825净利润621725853957其他流动负债1.2231.0851.174折旧和摊销419429459489流动负债合计5,1785,9486,6037,562营运资金变动-465-889-1.052-831长期借款2,16123793,3793,879经营活动现金流760441478883其他长期负债393939资本开支-260-513-521-450非流动负债合计2,2023,4183,918投资-4000负债合计7,3808,36710,02211,480投资活动现金流-259.579.402股本1.8041.8041.8040000少数股东权益45526070-2067181,1511,150股东权益合计9,2419,71710,28010,896筹资活动现金流-627287636533负债和股东权益合计16,62118,08420,30122,376现金净流量-126149713970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