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公司报告ㄧ年报点评报告天风证券TF SECURITIES财务预测摘要202120222023E2024E2025E202120222023E2024E2025E货币资金82877.05120.92446123227.79158224.4g4395572051184958575,830.78616138.9387.03384123.44347117.012.1014669536403041.97474.677.78527.173.08563.767.12603230822416135236247.624259227770营业税金及附加49612764.017459776634存货719278477321.7579014388096.679622386销售费用896.051.057831151.66123228131854其他5078034146.124.927.094905.77505928管理费用4157153828405470395545255.93342247,15838333,444.08333,66825研发费用10835.03115980113244.1114.7873315822453167.9212215.70161097821090.48财务费用(8263970354)(2589)474.72)固定资产9493.5415.937.00186635521670.922084474资产信用减值损失30422)在建工程1414.697014139329220441346公允价值变动收益(70.11)795921033)120.03)无形资产407.014403147265456.0944700投资净收益979.15302644630500.00600.00其他4967245953335.14394533937497958其他0.0019,450.4035,2478040,783.2148,7772953,3494422397.60218723528,163.0630,314.76323212037422728382,44553459,83012营业外收入838012123133.78112941226552136.6589924939490189106507.10营业外支出163.65305870.128812629471986.7310.4454281476.951263025522317.7521963.0028,228.7230,3395832380.91其他17.092.71292222721863082523319所得税2293011879112876813.09215330020141216.10148.998.90217233.43205,545522580428320.024.7420,083.8925349.9127,2474329.080.713814353484516.7490069499814.99108214871391应付债券0000000000000.0020.009.7520,073.0725341.0227,2325629,066.80其他1978212194.071.706691959.661953471011011281371465,792555,678588455.08,06182890345147.121.09154854.16213,6073435931364903760339757202120222023E2024E2025E19965.07198595919859591985959资本公积28297.4328.31202849120284912028.3120180%164%1250%7.00%715545681.7435110050220120889801350%2876%7.6%其他111110⑤79.73)(859091480%032%2624%6.74%129333.51148538.1637422728382,44553459,830.12毛利率831%726%845%850%850%净利率455%392%440%4424.41%ROE1579%1710%1617%15.10%ROIC2876%2184%2208%2238%202120222023E2024E2025E净利润20.024.742534102272325629.06680资产负债率5518%5449%6031%2515.673220242.12624269481290142净负债率-21.65%-787%-1150%财务费用49243148189(4747☑流动比率1751671531.62158投资损失302044630)(500.00124115118119120营运资金变动(173399☑(1235140107.43(16225610284015其它401082296133(70.70)(1955☑(10612☑5065545075.005008,724.5915385.6328,798.7712,737837506867715资本支出6628.5718125.788.9584710240.49783956总资产周转率179186175157长期投资2000239047.774980.705.97418其他(15.728610(424810月(2092273101101131467.09980)(1530750)04407713513605.992949.6139790166300.5713.513216007.4684(39430(614525)其他670.190000.000.00市盈率11949468258478.15市净率2011861621250.000.000000.000.006014536745316390.98(14,01033)51494.632303326.92577资料来源：公司公告，天风证券研究所请务必阅读正文之后的信息披露和免责申明2
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