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92221819.171.638541174.072724564,734.163558.725100512236.792237.972226203226.663553793052.562.050252443.672890713370192039575155878390营业税金及附加2830278226.7334094175存货799941763.97146971销售费用16277183.722142226294其他2633539.16331813742441116189.18220012392728053319784,714865.054.008243.12研发费用107.910696119.6313738170.9446717.1417.1417.141714财务费用3320624固定资产1175.692047.641877911708.19153847资产信用减值损失2928在建工程32750214.66214662146621456公允价值变动收益0000000.00无形资产179.47185.77172691596214655(260其他613.4036155415564496939631其他14249180.002300.732,826742,697.952549292313.12975.17122511531986,940.427541617,751.969,1440910,55624营业外收入0540A50540545633642295000营业外支出17522387.149.01618492.1836333746194768197895973.241215.001523.51其他221.78195.47188712236620684所得税197941475420028246281,513.861,122.16934.901,123421185.79825.691.014.721277231552.033448566012083242421582393应付债券367343803136710371583730095585801451255.651528.11其他123.00221591328815916171212081742212.7333360192499.98596.7554.212,118.732,076221729.9914.92184092028522444202120222023E2024E2025E45986459304593045930资本公积1290.70130537130537130537130537-2483%2006%1830%2914.733497.90434826543984-181瑞2526%2542%2089%其他18.15200516561825日属于母公司净利润2374%21.70%6317.087423928826247541.619,144.0910,55624毛利率3552%4239m4281%4352%44.14%净利率2019%2252%2375%24622533%ROE20A4%1518%1655%1739%17.76%ROIC2581%1843%1809%27.10%202120222023E2024E2025E净利润1.014721255.65152811资产负债率3053%2753%1851%1881%1639%12228159.10182801828018280净负债率850%971%-1921%-343%财务费用40.926241249流动比率306417541587695投资损失034260250186速动比率231455430571营运资金变动54557099045251其它18420(153292158239322115919118717859429925.631916.282176.7045301资本支出26阅.74833.72628总资产周转率长期投资46712.470000000.00其他(9131)10201742212.73333(62796)202417-172474债权融资292835004510.181150133515721873(245842135163.03)(149710其他111100000.000.00市盈率198423661510124115809(23020)330.08市净率4053592.632200.000.000000.000.0024.13152712.04105780112442(113.31)819371550.49172913.76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