附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E380341345653756299671448193928243935533432643140457263728637营业成本91100150215300128164242308营业税金及附加7101926其他应收款101327156163226354533预付寒款21315665125223295373存货47100145研发费用102173254393587其他流动资产408794794794794-5245-85-118-1601469212522252347249%-0000010019359359359355151010固定资产14319527136447827290无形资产1211713515818418334045其他非流动资产31387889089905272787899091246311271488208328223726179224668891812营业外收入0000589488营业外支出50000应付票据及应付寒款94611221488208428233727其他流动负债170205186264278所得税164221302409540648989898995812681782241431870000少数股东损益-04610其他非流动负债648989899581264177624063177242313756979901EBITDA103614102002271735700100105113123EPS(元)4.435.8482111.1214.68股本216216216216216341134123412341234122021A2022A2023E2024E2025E14062215314641195690503058467017881711439营业收入%)104.133.945.639.435.5527262597878990912463향业利润(%)124.132.140.035.532.0117.831.940.635.532.093.794.894.794.594.466.165.463.161.459.82021A2022A2023E2024E2025EROE(%)19.021.325.027.027.69431194159122652899ROIC(%)17.320.322.724.525.3净利润9581268178224143187161926354.65.09.97.2-118160净负债比率%)64.6-52.5-70.4-18-33-35-40-45流动比率21.318.412.32-60-88-14-114速动比率20.817.78.28.211.9其他经营现金流424933-648-944-108-1390.30.30.40.40.5资本支出2315611914818428.319.419.419.419.4-652-574000应付寒款周转率13.97.2727.27.2其他授资现金流27-2144045-487-5324884.435.8482111.1214.6800459130-1004.3610.471340000023.2527.0232.4340.7552.87960000-134000P/E127.696.768.850.838.5其他筹资现金流-450-375-991618-295P/B24.320.917.413.910.7-192-12497416702365EV/EBITDA114.584.058.742.631.8数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明