德邦证券公司点评兴发集团(600141.SH)财务报表分析和预测20222023E2024E2025E20222023E2024E2025E每股指标（元）营业总收入30,31128,59231,23135,9155.264.384.694.99营业成本19,51620,21022,42426,46018.2623.2628.3133.4635.6%29.3%28.2%26.3%每股经营现金流6.197.217.137.58营业税金及附加256242265304每股股利1.001.001.001.00营业税金率%0.8%0.8%0.9%0.8%价值评估（倍）营业货用341317254365P/E5.516.816.355.981.1%1.1%0.8%1.0%P/B1.591.281.050.89482450463545P/S1.091.161.060.921.6%1.6%1.5%1.5%EV/EBITDA3.834.324.754.221,2329261,1201,264股息率%3.4%3.4%3.4%3.4%41%3.2%3.6%3.5%盈利能力指标(%)EBIT8,4826,4496,7046,97835.6%29.3%28.2%26.3%3142581427419.3%17.0%16.7%15.4%1.0%0.9%0.5%0.2%28.8%18.8%16.6%14.9%资产减值损失-2521-214.1%10.3%9.6%9.0%316335346409授资回报率22.3%14.5%13.1%12.0%营业利润8,2136,5556,9927,451营业外收支-34200营业收入增长率26.8%-5.7%9.2%15.0%7,8716,5556,9927,45134.7%-24.0%4.0%4.1%EBITDA10,1918,8377,9828,604净利润增长率36.7%-16.8%7.2%6.3%所得税1,0749039361,014偿债能力指标有效所得税率%13.6%13.8%13.4%13.6%资产负债率41.6%37.2%33.8%少数股东损益945785842895流动比率0.91.01.01.1归属母公司所有者净利润5,8524,8665,2155,543速动比率0.60.80.70.8现金比率0.40.60.50.620222023E2024E2025E经营效率指标货币资金4,7195,6755,3796,41611.212.711.912.39299971,0231,214存货周转天数47.145.949.847.6存货2,5212,5443,0573,4520.70.60.60.6其它流动资产1,1031,2981,2271,335固定资产周转率1.31.00.90.9流动资产合计9,27210,51410,68612,4181,9371,9371,9371,937固定资产23,34127,61434,33539,671在建工程2,4662,2511,8991,61520222023E2024E2025E无形资产2,4572,9083,3583,809净利润5,8524,8665,2155,543非流动资产合计32,34136,85143,66949,172少数股东损益945785842895资产总计41,61247,36554,35661,590非现金支出1,9382,4141,2571.6281,9371,162581066053-24-146应付票据及应付寒款4,5614,8065,6316,355-2,511-10064050370606779经营活动现全流6,8848,0177,9308,423其它流动负债4,0854,0374,3134,775资产2,3185,117-6,553-5,836流动负债合计10,65410,06610,59311,209-3330005,2845,2845,2845,284其他519335346409其它长期负债4,3394,3394,3394,3392,1324,782-6,207-5,426非流动负债合计9,6239,6239,6239,6238,737775-581-581负债总计20,27719,68920,21620,832500001,1121,1121,1121,112其他-11,867-1,505-1,437-1,37920,30025,85531,47737,200-3,080-2,280-2,018-1,9601,0361,8212,6633,558现金净流量1,694956-2961,037负债和所有者杖益合计41,61247,36554,35661,590备注：表中计算估值指标的收盘价日期为03月22日请务必阅读正文之后的信息被露和法律声明