华鑫证券公司盈利预测（百万元）2022A2023E2024E2025E利润表2022A2023E2024E2025E营业收入2,4283.2474.2205,324现金及现金等价物5416398031.040营业成本2.1292.7073.4844.363应收款428445462511营业税金及附加1021存货360373432480销售费用6797117其他流动资产8269301,0181.076管理费用697593112流动资产合计2.1542.3862.7163.107财务费用-18625研发费用295164金融类资产7888889681,018费用合计148197242288固定资产670652619582资产减值损失-10-300在建工程443公允价值变动16无形资产5550投资收益3000长期股权投资39393939营业利涧157347492其他非流动资产148148148148加：营业外收入1123非流动资产合计957909863819减：营业外支出532资产总计3.1113.2963.5793.926153344491668所得税费用376998132短期借款555585605615115276394536应付账款、票据362373432480少数股东损益000其他流功负债109109109109115276394536流动负债合计1.0401.0841,1631.226非流动负债：2022A2023E2024E2025E长期借款0000成长性其他非流动负债49494949营业收入增长率1.2%33.8%30.0%26.2%非流动负债合计49494949-23.4%138.8%42.9%36.1%负债合计1.0901.1341,2121.276毛利率12.3%16.6%17.4%18.1%股本400400400400四项费用/营收6.1%6.1%5.7%5.4%2.0222.1622.3672.6514.8%8.5%9.3%10.1%负债和所有者权益3.1113.2963.5793.926ROE5.7%12.7%16.6%20.2%现金流量表2022A2023E2024E2025E资产负债率35.0%34.4%33.9%32.5%净利润115276394536营运能力少数股东权益0000总资产周转率0.81.01.21.472474644应收账款周转率5.77.39.110.4公允价值变动16138存货周转率5.97.38.19.1营运资金变动-79-20-2751经营活动现金净流量124316423536EPS0.290.690.981.34投资活功现金净流量-429-37P/E74.931.421.916.1筹资活动现金净流量404-105-169-242P/S3.62.72.01.6现金流量净额98156218285P/B4.34.03.73.3资料来源：Wind、华鑫证券研究请阅读最后一页重要免责声明诚信、专业、稳健、高效