民生证券INSHENG SECURITIES万华化学(600309)/基础化工公司财务报表数据预测汇总利润表佰万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入165,565186,600224,300262100成张能力(%)营业成本138,132153.776184725216,481营业收入增长率13.7612.7020.2016.85营业税金及附劭加9131,1201,573EBT增长率-34.5823.5021.3814.83销售费用1,1531,1761,2341442净利润增长率-34.1422.7422.6015.44管理费用1,96622432,621盈利能力(%)研发费用3.4203.7325,242毛利率16.5717.5917.6417.41EBIT20,60025,44030,87835456净利润率9.8010.6810.8910.76财务费用1,23521442,3482538总资产收益率ROA8.088.749.459.62资产减植损失-192-190-228-267净资产收益率ROE21.1321.7522.2721.68投资收益408373449524偿债能力营业利润19,83923,47928,75133,176流动此率0.540.540.560.59营业外收支-298-110-100-100速动比率0.320.330.340.35利润总额19,54123,36928,65133,076现金比率0.200.160.150.15所得税24993,0383,7254,300资产负债率(%)59.5057.6755.5053.57净利润17.04220,33124,92628,776经营效率归属于母公司净利润16,23419,92524,42828,200应收账款周转天数19.9720.0020.0020.00EBITDA29.95335,75543,01649,508存货周转天数48.0545.0045.0045.00总资产周转率0.850.870.920.952022A2023E2024E2025E每股指标（元）货币资金18,98917,13317,47319,108每股收益5.176.357.788.98应收款及票据10,1741222914,290每股净资产24.4729.1734.9341.44预付款项1.2771.8472165每股经营现金流115711.1512.8914.80存货18,18518,7692254726423每股股利1.602.022.482.86其他流动资产4,0218,89910,34011,785估植分析流动资产合计51,53256,51364,43573,770PE19151311长期股权投资6,2298,2299,22910,229PB4.03.42.8固定资产78,55890,181100,812111,340EV/EBITDA11.9510.158.507.45无形资产9,98010,93011,83312,248股息收益率(%)1.632.062.532.92流动资产合计149311171.477194.185219,301资产合计200,843227,990258,620293071短期借款44,01949.01951019现金流量表（百万元）2022A2023E2024E2025E应付款及票据24,20529,49135,42741,517净利润17,04220,33124926其他流动负债26,79230,54330,15633,0209,35410,3151213814,052流动负债合计95,017105,054114,602125,556营运资金变动8,8211960874916长期借款15,96815,96817,96819968经营活动现金流36,33735,0144048446,458其他长期负债8,52110,46910,96911469资本开支-32614-30,592-33915-38,238流动负债合计24,48926,43828,93831438投资-2,144-2000-1030-1,030负债合计119,506131,491143,540156,994投资活动观金流-34325-32219-34497-38.744股本3,1403,1403,1403,140850000少数股东权益4,4924,8995,3985,973债务募资-6,3103,3024,500股东权益合计81,33796,499115,080136,077筹资活动现金流-17,188-4650-5,648-6,079负债和股东权益合计200,843227,990258,620293,071现金净流量-15,202-18553391,635资料来源：公司公告、民生证券研究院预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告2