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中国银河证券研究院CHINA GALAXY SECURITIES公司点评报告/电力设备新能源行业表：财务报表和主要财务比率2022A2023E2024E2025E2022A2023E2024E2025E营业收入7008.937756.789765.0112341.996,831.357,594.139,978.7211,691.85营业成本5440.355651.597044.488885.00货币资金2,257.803.358.613.513.045,002.93营业税金及附加23.3832.2740.6251.34交易性金融资产110.01110.01110.01110.01营业费用146.88176.59222.31280.98应收票据及账款2,363.752283.033,566.813,826.81管理费用111.97168.36211.95267.89其他应收款50.3140.0473.7170.06财务费用20.88300.63413.80415.30存货1,320.821.269.491.959.232,113.07资产减值损失42.63-42.63-42.63-42.63其他流动资产13.9113.9113.9113.91投资收益14.170.000.000.002,356.452120.041,883.621,653.33公允价值变动损益-35.770.000.000.00长期服权投资27.3127.3127.3127.31其他经营损益-352.580.000.000.00固定资产1,723.091.600.751.412.291.223.84营业利润933.921469.971874.482484.12无形资产323.83286.27248.70211.14其他非经营损益3.131469.971874.482484.12其他非流动资产92.7092.7092.7092.70利润总额937.051469.511874.022483.659,187.819,714.1611,862.3413,345.18所得税112.29217.55278.23369.672,440.172079.953,098.063,083.87净利润824.761251.961595.792113.98短期借款101.870.000.000.00少数股东损益0.040.060.080.11应付票据及账款1,670.521.412.162.430.272,416.08归属母公司净利润824.711251.891595.712113.87合同负债509.59509.59509.59509.59EBITDA1097.071749.192136.872721.881,253.661,253.661,253.661,253.66EPS(元)1.1991.8202.3203.074长期借款1,060.901.060.901.060.901.060.90其他192.75192.75192.75192.75负债合计3,693.833,333.604,351.714,337.53少数股东权益0.000.060.140.25归属母公司服东权益5.493.986,380.497.510.489,007.409,187.819,714.1611,862.3413,345.182022A2023E2024E2025E2022A2023E2024E2025E经营活动现金流648.631,566.21601.482069.677,0099.76512.342税后经营利润863.931.249.481.593.312,111.50营业利润9341.4701,8742.484折旧与摊销146.63279.05279.05272.92归属母公司净利润8251.2521,5962,114资产减值损失72.06-42.63-42.63-42.63毛利率22.38%27.14%27.86%28.01%利息费用37.820.63-16.20-34.70净利率11.77%16.14%16.34%17.13%存货的减少193.2551.33-689.74-153.83ROE15.01%19.62%21.25%23.47%经营性应收项目减少265.96286.70-1.540.42-69.40ROA10.34%15.13%15.66%18.35%经营性应付项目增加-950.76-258.351.018.11-14.19ROIC25.64%28.74%39.07%41.32%其他12.240.000.000.00P/E38.2325.1919.7614.92-435.602.482.482.48P/B5.744.944.203.50279.95-467.88-449.52-582.26EV/EBITDA27.7116.6913.6010.14488.721,100.81154.431,489.89PS4.504.073.232.55请务必阅读正文最后的中国银河证券股份有限公司免责声明。2
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