中银证券现金流量表（人民币雨万）202020212022E2023E2024E202020212022E2023E2024E营业总收入3,79510,25930,14641,20451,742净利润2099081,3612,1012,727营业收入3,79510,25930,14641,20451,742144186282345374营业成本3,3338.6852672736,54045,909营运资金变动2582,371(5206156(6,025)营业税金及附加920602103其他963,65714385109销售费用3や45822,687(2,816)1092787571,242资本支出314(1,904)(1,320(820)920)研发费用14636079610711,242授资变动30302424)55117其他(139164(82)9914312525782)资产减值损失(11)(8)33银行借款220)1,12884717366366信用减值损失564067)640(126(315)(409)2)2)2)(2)(2)其他(10129(114)(152)公允价值变动收益0303029882853065,8053101020434442,2122,10800000营业利润253101615442,3883,098营业外收入营业外支出21202020212022E2023E2024E23310131,54623883,098成长能力所得税24104186287372170.4193.936.725.6净利润2099081,3612,1012,727营业利润增长率%156.7301.152.054.629.7少数股东损益4)00143.7327.649.454.429.721391113612,1012,727134.6346.176.145.730.53571,9582,7863.55980.3218372.142.327.7EPS(最新股本摊薄，元)0.472.023.024.666.05143.7327.649.454.429.756935.65.96.2营业利润率%)9.96.0202020212022E2023E2024E12215.34.0349.25228,32727.48245,8435.68953货币资金140725856.029824110,348R0E%4.816.820.424.25.37321,8436,531605911,188R0IC%66.618.713.68391,6666232,25158416685.7560.6预付寒款7018960748188净负债杖益比(0.3)0.6合同资产0000流动比率2.81.11.2其他流动资产1,15929587,7386,66911,2752,1015,44969650.61.0长期授资28323232324.712072,8154.03050575,926应付寒款周转率6.07.4无形资产3233913953994025432.211203414771,1530.86.13514.70134.82034.44753,3562.92.72.41.43583983.82.4短期借款85027,3167,99013,195(0.6(0.2)0.20.30.3应付寒款66625007,1525,0289.000其他流动负债762539711.17010.39316,6500.52.03.04.76.02098702.51425823,7401.6(0.46.096432,3002,3613,5229.912.014.818.723.9其他长期负债2012282142212180.1020.30.70.91,6459,26828,15225,99342,584股本443448451451451147234.423.014.911.54444PB(最新摊薄)705.84.73.72.9448454298,450 10,767 EV/EBITDA59.544819.012.811.66,1351470134,8203444753,356价格/现金流（倍）44.3(163.511.711.12023年3月6日容百科技