万马殿份(002276)2023年三季报点评2022A2023E2024E2025E2022A2023E2024E2025E14674.9616777.3318942.1722374.95413.12612.73846.661109.23营业成本12688.8914427.9916199.7918953.81折旧与摊销196.47274.97274.97274.97营业税金及册加40.0145.9250.35154.3948.83143.56151.23159.37销售货用631.25570.43625.09716.00-86.70-30.00-20.00-10.00329.52973.091041.821230.62经营营运黄本变动435.47-1435.341.64.403.09财务货用48.83143.56151.23159.37其他-317.46-171.8917.4121.83-86.70-30.00-20.00-10.00689.72605.971271.911152.3128.811.001.001.00-170.83-100.00-100.00-100.006.062.76-3.55-3.81-222.30.17.63-2.55-2.81其他经营损益0.000.000.000.00-393.13-117.63-102.55-102.81456.31644.59891.341167.96短期借款-234.99-5.590.000.00-8.860.780.410.36571.930.000.000.00447.45645.37891.751168.310.000.000.000.00所得税34.3332.6445.1059.08支付股利37.19-82.14-120.63-166.80413.12612.73846.661109.23513.25409.36-134.03-142.172399.5912.6817.26-213.50497.10-254.66-308.96410.72603.15833.981091.97103.64.1220.70914.70740.542022A2023E2024E2025E2022A2023E2024E2025E货币黄金3631.142410.443325.144065.68成长能力应收和预付款项4860.706607.407442.508764.8214.94%14.33%12.90%18.12%存货858.021296.701466.331711.30营业利润增长率56.56%41.26%38.28%31.03%其他流动黄产646.78167.33188.46221.9750.93%48.32%38.18%31.01%91.5091.5091.5091.50田TDA增长率28.20%51.53%23.93%21.61%0.0012.2912.2912.291810.141669.631529.121388.60毛利率13.53%14.00%14.48%15.29%无彩资产和开发支出400.36367.69335.02302.356.88%10.06%9.60%9.41%331.17329.38327.60325.82282%3.65%4.47%4.96%12629.8212952.3814717.9716884.32ROE8.46%11.35%13.82%15.69%25.5920.0020.0020.00ROA3.27%4.73%5.75%6.57%5090.705196.116141.097227.52ROIC11.76%15.29%17.20%20.80%长期借款1041.931041.931041.931041.934.78%6.34%6.96%7.16%1589.341294.691389.271526.767747.567552.728592.299816.211.221.311.371.42股本1035.491035.491035.491035.4910.2812.2216.7225.081558.271558.271558.271558.273.853.883.813.902456.422977.423690.764615.94存货周转率13.4713.2111.6711.904863.535371.356084.697009.8786.37%18.7228.3140.9958.254882.265399.656125.687068.1261.34%58.31%58.38%58.14%12629.8212952.3814717.9716884.32带息债务感负债18.99%19.64%17.46%15.46%流动比率1.651.791.811.832022A2023E2024E2025E速动比率1.511.571.601.62EBITDA701.611063.121317.541602.30股利支付率9.06%13.62%14.46%15.27%PE26.7518.2213.1710.062262.051.811.570.400.580.811.05PS0.750.650.580.494.705.195.886.77EV/EBITDA12.529.136.695.05每股经营现金0.67-0.591.231.110.34%0.75%1.10%1.52%每股股利0.040.080.120.16请务必阅读正文后的重要声明部分