国联证券公司报告|年报，点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E10111039892120518532356272133153979470773784998611841400营业成本1581685195022802636预付账款1021161391117202428524547642750110115139159188其他2621602082442824334986136777532636265428444567●-470336385409433458-1156-67-7973793612341799617000在建工程16443251627525029303131357285281711153933424038877929891887289489602840109024거2967327834583508-7-2-251075620612269798075293482600839108812411600所得税4828252963173714292454545667911026其他1992384113191365162072684021439055677710092061732134901长期应付款00000其他2432802802802802021A2023E2024E2025E275486452413370852113710731139120930%22%20%18%227269278291308EBIT549%4440%29%941948948948948EBITDA40%34%18411856185618561856归属于母公司净利润234%83%43%40%30%12461411274537544255448450495840686633%38%41%43%44%5107562061226979807510%17%17%20%22%ROE5%9%12%15%ROIC9%12%15%18%20%2021A2022A2023E2024E2025E245454566791102516.68%20.22%17.52%16.32%14.98%1241613133954744.574.584.855.448-4703.383.073.233.494.07-130-748-535-576-576-2486652843172923.263.253.403.403.40其它-25-25-253.083.043.043.046552611905总资产周转率0.460.480.540.570.583586406005505000000.230.410.590.821.06其他-702-1281-1200-1100-1000-0.010.580.640.961.26-275548-6005504.254.455.035.856.92167-150-39-438700011764453225其他143-169806.25.95.24.53.8236-158434EV/EBITDA52.3333.3126.8919.7915.294916-147313648EV/EBIT73.7845.6640.7029.0821.95数据来源：公司公告，FD,国联证泰研究所预测，股价取2023年04月11日收盘价请务必阅读报告末页的重要声明