国联证券公司报告|年报，点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金500896348109121751746633935503066413475298886201272042273143035143212554166488776552460824129915251795税金及附加63382295711241323存货29844092462954216395营业费用381176338397468其他56896720722479668851管理费用32762715422649615839142682147521489273547111047416长期股权授资1954198920112034-1-211-248-2922699130959298652948429767公允价值变动收益576-20900在建工程463961218897108331196972878272272272无形资产193381937316145129179689166-99-16其他非流动资产11121108041076510723106982102256135344143640396924667684659916418046-96-106-106-106783089072289173933459900222200624553428403757846614000所得税21858361485710094902719370888299、97911423184125713028其他2430220853286322926032493217815521625434987346613371937559422841246168723552774长期带息负债543013692107697867499294011651165●11651165其他5167450845084508◆45082021A2022A2023E2024E2025E11537193651644113540◆106654652454025501615109952948营业收入46.70%48.24%27.49%17.41%17.69%少数股东权益25633819397441904444EBIT-81.26%316.45%3.53%21.62%11.77%44734473447344734473EBITDA-50.87%94.21%56.89%10.38%8.10%资本公积55684370437043704370归母净利润-109.57%743.23%35.39%39.63%17.76%留存收益19178240342619529213327663178336696390124224646054毛利率10.56%14.10%13.59%13.83%13.62%7830890722891739334599002净利率-0.58%2.83%2.87%3.41%3.42%ROE3.79%4.81%6.19%6.67%现金流量表ROIC-1.18%5.79%4.37%5.74%6.75%2021A2022A2023E2024E2025E净利润-1951423184125713028资产负债59.41%59.55%56.25%54.74%53.48%24673161658969157334流动比率0.40.60.60.70.8财务费用71110474160.30.40.40.50.6221-1109537-791-975118-2249413520402548应收账款周转率335.9313.7313.7313.7其它-154160727353071410.210.612.012.012.017792882130071168212909总资产周转率0.40.60.7080.930094649-5000-5200-5500长期授资104-1340000.04)0.280.380.530.62其他2984682382382380.400.642.912.612.89-2607-525147624962-5262每股净资产5.135.135.616.297.0816089092-9537-2901-28751590000市盈率(495.2)77.056.940.734.6其他373-3630-232246520市净率4.24.23.83.43.021415462-9769-2655-2355EV/EBITDA30.517.411.59.98.613003138-152540655292EV/EBIT133.135.535.527.723.22请务必阅读报告末页的重要声明