中国银河证券CHINA GALAXY SECURITIES公司点评公司财务预测表2023E2024E2025E20222023E2024E2025E390.64748.921083.56368.57681.13786.16907.01现金366.80582.72717.701028.35营业成本235.00257.89279.57301.118.1724.2512.3228.901.131.361.57其它应收款1.682.653.013.67412968.1178.6290.70预付寒款6.198.617.618.7377.62102.17117.92136.05存货5.0110.405.4811.12-1.40-11.74-5.83-14.35其他2.792.792.792.79资产减值损失0.000.000.000.001184.391264.681309331327.80公允价值变动枚益0.000.000.000.00长期授资10.0213.3617.8123.741.506.816295.44914.62979.531007.571012.72营业利润27.60283.7733238408.01无形资产105.43102.1898.1894.39营业外收入0.485.000.000.00其他154.32169.61185.78196.95营业外支出1.640.000.000.001575.031896.112058.2524113626.44288.77332.38408.0119213296.6420284249.94所得税5.2772.1976.45102.0080.0052.5025.006.67净利润21.16216.58255.93306.01应付寒款44.25113.7257.93117.42少数股东损益0.8621.6625.5930.60其他67.88130.41119.91125.85归属母公司净利润2031194.92230.34275.4197.8697.8697.8697.86EBITDA136.86429.80502.18570.640.000.000.000.00PS(元)0.111.051.241.48其他97.8697.8697.8697.86289.99394.49300.70347.8020222023E2024E2025E97.34119.00144.59175.19-11.96%84.80%15.42%15.37%1187.701382.621612.961888.36营业利润68.23%928.08%17.13%22.75%1575.031896112058.25241136859.87%18.17%19.57%毛利率3624%62.14%64.44%66.80%2023E2024E2025E净利率5.51%28.62%29.30%30.36%11387476.48382.75524.43ROE1.71%14.10%14.28%14.58%净利润21.16216.58255.93306.01ROIC1.37%12.19%13.26%13.56%112.13164.5818191182.4218.41%20.81%14.61%14.42%5.100.000.000.00净负债比率22.57%26.27%17.11%16.85%授资损失-1.506.81-6.295.44流动比率2.032.133.694.34营运资金变动-22.40107.14-48.8041.44速动比率1.962.063.614.24其它-0.63-5.000.000.000.230.360.380.38-141.75-233.06-22027-1954545.0928.0963.80-13323-207.44-197.29-173.09应付帐款周转率8.335.9913.57-9.99-32.43-2927-27.800.111.051.241.48其他1476.816.295.44每股经营现金0.612.562.052.82-7.83-27.50-27.50每股净资产6.387.428.6610.14短期借款0.00-27.50-27.50P/E224.7623.4219.8216.570.000.000.000.00P/B3.302.832.42其他-7.830.000.000.00EV/EB ITDA35.429.577.866.34-35.71215.92134.98P/S12386.705.815.03请务必阅读正文最后的中国银河证券股份有很公司免责声明。2