太阳毓业(002078)2023年三季报点评2022A2023E2024E2025E2022A2023E2024E2025E39766.9340662.7944247.2347247.252817.133022.943535.624015.95营业成本33735.4034231.6437167.3439536.65折旧与摊销2109.252785.762893.702997.77营业税金及册加177.95183.26197.82211.83833.52856.01803.20730.05销售货用152.62162.65176.99193.71-54.55-20.00-20.00-20.001032.691911.152035.372173.37经营营运黄本变动-2546.771276.85-181.02258.64财务货用833.52856.01803.20730.05其他664.9869.7939.1846.69-54.55-20.00-20.00-20.003823.567991.357070.687511.8321.940.000.000.00.4210.02-1550.00-1550.00-1550.00-5.69-5.69-5.69-5.69-1910.92-5.69-5.69-5.69其他经营损益0.000.000.000.00-6120.95-1555.69-1555.69-1555.693032.603332.393880.824415.95短期借款471.69671.653805.62.1692.1235.348.567.507.881248.310.000.000.003067.943340.953888.324423.831255.630.000.000.00所得税250.80318.01352.70407.87支付股利-537.40510.49-547.72-640.642817.133022.943535.624015.95-635.53-3573.69-803.20-730.059.3310.7712.291802.71-4755.835156.54-3062.812808.773013.623524.854003.67489.691679.84358.442893.342022A2023E2024E2025E2022A2023E2024E2025E货币黄金2386.444066.284424.727318.06成长能力应收和预付款项3163.933410.713629.093881.6524.28%2.25%8.82%6.78%存货5339.095424.325890.036266.55营业利润增长率-10.79%9.89%16.46%13.79%其他流动黄产1698.48269.73293.13312.71-5.04%7.31%16.96%13.59%255.96255.96255.96255.96BTDA增长率4.22%16.71%8.65%7.47%30.4330.4330.4330.4332146.9631121.5029988.1128750.64毛利率15.17%15.82%16.00%16.32%无彩资产和开发支出1806.171605.891405.611205.345.08%7.21%6.82%6.56%1186.511176.481166.461156.437.08%7.43%7.99%8.50%48013.9647361.3047083.5449177.77ROE12.16%11.96%12.51%12.70%8169.387497.743692.122000.00ROA5.87%6.38%7.51%8.17%5468.496205.926660.157002.01ROIC9.68%9.65%11.32%12.70%长期借款6639.706639.706639.706639.7015.03%17.15%17.13%17.24%4562.701752.131837.851907.0324840.2722095.4818829.8117548.740.880.850.940.98股本2794.682794.682794.682794.681.401.431.601.783574.353574.353574.353574.3518.7416.6116.8716.9116598.3619101.4922078.6125441.64存货周转率7.596.336.546.4823084.0225166.8228143.9531506.98113.10%89.6799.00109.77122.0623173.6925265.8228253.7231629.0451.74%46.65%39.99%35.68%48013.9647361.3047083.5449177.77带息债务感负债59.62%63.98%54.87%49.23%流动比率0.720.901.241.752022A2023E2024E2025E速动比率0.420.530.731.13EBITDA5975.376974.167577.728143.77股利支付率19.13%16.94%15.54%16.00%E12.3311.499.828.651.501.381.231.101.011.081.261.43PS0.870.850.780.738.269.0110.0711.27EV/EBITDA8.066.245.194.27每股经营现金1.372.862.532.691.55%1.47%1.58%1.85%每股股利0.190.180.200.23请务必阅读正文后的重要声明部分