科华教据(002335)2023年三季报点评2022A2023E2024E2025E2022A2023E2024E2025E5648.509300.4512819.5416771.86264.77741.63978.151335.24营业成本3984.046696.619431.7712421.59折旧与摊销441.92506.29506.29506.29营业税金及册加24.4840.3055.5572.1289.7818.6025.6433.54销售货用507.44744.04999.921257.89-140.14-50.00-100.00-100.00225.44930.041217.861509.47经营营运黄本变动166.15-1038.48430.99.192.61财务货用89.7818.6025.6433.54其他772.35180.95229.21246.28-140.14-50.00-100.00-100.001594.83358.991208.311828.75-0.350.000.000.0046.5240.0050.0060.000.000.120.080.09459.710.120.080.09其他经营损益0.000.000.000.00.413.2040.1250.0860.09375.65920.971188.871577.34短期借款112.51513.95542.97366.39-58.33-38.08-44.83-42.58-791.210.000.000.00317.32882.891144.041534.76-14.530.000.000.00所得税52.55141.26165.89199.52支付股利41.54-169.83-337.87-438.19264.77741.63978.151335.24333.53421.64-25.64-33.5416.4116.0015.0014.00-1068.30-77.53-906.48-838.12248.36725.63963.151321.24122.28321.58351.911050.722022A2023E2024E2025E2022A2023E2024E2025E货币黄金608.46930.041281.952332.68成长能力2478.174276.325863.337323.9816.09%64.65%37.84%30.83%存货980.921678.312365.433120.53营业利润增长率-22.10%145.17%29.09%32.68%其他流动黄产370.96167.08230.30301.3040.97%180.10%31.89%36.51%35.7035.7035.7035.70田TDA增长率-9.04%50.35%19.02%23.03%14.6414.6414.6414.643330.262921.942513.632105.31毛利率29.47%28.00%26.43%25.94%无彩资产和开发支出1335.221201.591057.95904.3214.56%18.20%17.50%16.70%823.44819.09814.74810.404.69%7.97%7.63%7.96%9977.7612044.7114177.6716948.86ROE6.76%16.53%19.08%22.17%395.40909.35366.390.00ROA2.65%6.16%6.90%7.88%2963.004544.316480.148611.56ROIC7.43%14.34%17.54%23.72%长期借款1298.061298.061298.061298.0616.06%15.55%13.42%12.62%1405.83806.55906.371015.476062.307558.289050.9610925.090.580.840.981.08股本461.57461.57461.57461.571.973.415.528.771755.431755.431755.431755.432.603.012.792.741491.762047.552672.833555.88存货周转率5.404.994.664.533709.594264.554889.835772.88100.10%205.88221.88236.88250.883915.474486.435126.716023.7660.76%62.75%63.84%64.46%9977.7612044.7114177.6716948.86带息债务感负债27.93%29.21%18.39%11.88%流动比率1.061.241.351.442022A2023E2024E2025E速动比率0.820.941.031.10EBITDA907.351445.871720.802117.18股利支付率16.73%23.41%35.08%33.16%PE50.4217.2613.009.483.382.942.562.170.541.572.092.86PS2221.350.980.758.049.2410.5912.51EV/EBITDA14.538.977.025.04每股经营现金3.460.782.623.960.33%1.36%2.70%3.50%每股股利0.090.370.730.95请务必阅读正文后的重要声明部分