财信证券CHASING SECURITIES公司研究报告2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E591.31619.93711.49812.78901.93营业收入591.31619.93711.49812.78901.93减：营业成本526.15599.88657.17737.89812.9029.014.8414.7714.2410.97营业税金及册加1.471.521.641.872.0873.321.3023.2546.9463.400.801.011.121.281.42增长率%157.58-98.221.685.21101.9535.07管理货用9.9511.9312.1013.0014.433.040.050.961.952.63研发货用14.6016.5516.3618.6919.840.330.000.070.140.193.274.2713.6710.357.14每股经营现金流1.150.442.473.924.42减值损失-0.33-1.74-0.76-0.87-0.96销售毛利率0.110.030.080.090.1044.3812.3221.8733.8741.87销售净利率0.120.000.030.060.07-0.200.300.000.000.000.200.000.060.110.130.000.000.000.000.00投入黄本回报率ROIC)0.210.000.050.090.1179.95-3.6331.3663.5185.854.77268.5015.047.455.510.000.000.000.000.00市净率PB)0.981.010.950.850.7479.77-3.2531.5463.6986.020.020.000.000.010.01减：所得税6.254.627.8815.9221.51主要财务指标2021A2022A2023E2024E2025E73.521.3623.6547.7764.520.200.060.410.821.1111.02%3.23%7.63%9.21%9.87%73.321.3023.2546.9463.402.37%2.78%3.78%3.03%2.55%2021A2022A2023E2024E2025D14.04%0.16%6.35%9.11%10.33%113.32116.7071.1581.2890.1918.07%4.54%12.81%15.42%16.61%0.004.904.904.904.90销售净利率12.43%0.22%3.32%5.88%7.15%13.7017.8516.2218.5320.570.540.480.600.680.75ROE20.46%0.38%6.31%11.39%13.46%存货53.4173.8663.8271.6678.95ROA10.52%0.14%2.84%5.71%7.68%6.4410.837.738.839.80ROIC21.42%-0.04%5.30%8.78%11.36%171.29185.02207.02241.02283.020.920.220.220.220.2248.34%61.16%54.47%49.29%42.31%0.330.440.380.320.2671.27%70.85%77.27%74.77%72.51%277.94439.13397.08349.67296.9256.93%63.20%59.41%50.08%36.48%无形资产和开发支出19.9022.9419.1215.2911.47流动比率0.700.570.500.570.6639.1629.0329.0329.0229.02速动比率0.450.350.270.300.35696.95901.40817.26821.43826.07股利支付率10.70%0.00%7.05%7.05%7.05%短期借款127.76195.07152.60131.4395.5789.30%100.00%92.95%92.95%92.95%交易性金融负债0.000.000.000.000.0099.89134.47128.60144.40159.08总黄产周转率0.850.690.870.991.0964.05153.35111.9071.3431.943.162.653.143.814.6445.2068.4552.0857.7362.90应收账款周转率74.6244.1365.7065.7065.70336.90551.34445.18404.90349.49存货周转率9.858.1210.3010.3010.30股本24.1124.1124.1L24.1124.112021A☐202242023E2024E2025E137.32137.32137.32137.32137.32EBIT83.041.0145.2074.0493.16留存收益196.94185.55207.15250.79309.72EBITDA106.8628.1291.14125.33149.80358.36346.98368.59412.22471.15NOPLAT76.93-0.2133.8255.4569.791.693.083.494.315.4373.321.3023.2546.9463.40股东权益合计360.05350.06372.08416.53476.58EPS3.040.050.961.952.63696.95901.40817.26821.43826.07BPS14.8614.3915.2917.1019.54现金流量表2021A202242023E2024E2025EPE4.77268.5015.047.455.51经营性现金净流司27.8310.6059.5894.43106.69PEG0.03-2.730.010.070.16投黄性现金净流司-105.21-162.92-5.91-8.91-10.91PB0.981.010.950.850.74筹黄性现金净流105.41128.25-99.22-75.40-86.87PS0.590.560.490.430.39现金流量净额28.01-24.02-45.5510.138.91PCF12.5632.975.873.703.28投资评级系统说明