国联证券公司报告|年报点评202120222023E2024E2025E202120222023E2024E2025E1,7402,26112,2614,81318688管业枚入86,092104,715122159148,131186,8791,3032,5593229营业成本78,79395.004110,024132,480167.9282,5511,78731643,8374841税金及附加1031231431752208.97012,62514,0216,90821432营业费用1,8081,98121992,5182,990其他1,5872,5863,3033,856管理费用2,83432953,9404,7936,05816.1502121834,83641,97452,872财务费用403597572405长期股权投资3013153303443591资产减值强失-52-5614,1121781415,21712,58419,914公允价值变动收益000在建工程1,5311,3771,148918689授资净收益385267218218218无形资产1,4901,3521,084/816其他51-13其他非流动资产21101,775X16771.6702,5153.9035,4457,7329,42719.54523.020198216.60713,4486-8035,6954423854,65858,58166,3202,50938237,68293783,7822,91112,0079,57278276586581,0191,7784,4598,8436,9078,317A10,5421,8513,1644,3766,0867,600其他5.6787,12510856少数股东损益2152104346075313,0381743326,03929,2262,9543,9425,4836,846长期带息负债5.9906.6774,5882,641860长期应付款5454545454财务比其他639724724724724202120222023E2024E2025E6,6837,4555,363,4201,638成长能力19,72224,88831,40529.902营业收入4272%2163%16.66%21.26%26.16%少数股东权益1,4721,5252,5623,316EBIT-1729%51.77%35.03%38.74%18.15%股本1,6611,6611,6611661EBITDA-7.18%47.01%51.95%25.64%12.58%资本公积5,1285.30053005,3005,300归母净利润-35.14%80.54%3346%39.07%2487%7,71210,86414,33219,15625,17915.97419,35023,25228,67935,4568.48%927%9.93%10.57%10.14%54,65858,58166,3202.15%3.02%3.58%4.11%4.07%ROE1128%16.57%18.52%20.99%21.30%现金流量表ROIC10.41%14.75%1744%16.97%19.94%202120222023E2024E2025E净利润18513,1647600资产负债5525%5626%57.46%51.04%46.54%1,189319332293,174流动比率1241221.341.58181财务费用4035725974050290.360.630.75085存货减少-1,715-3.655-1,417-2,8564,524营运资金变动-6678784,152-2,53466.5753.6458.4258.4258.42其它3,8961,2682,7024,3558.787.527.847.847842,8716,4893,8408,0858,4752412372232.532824,5244.917000长期投资65671000.981.782.373.304.11其他2351421551501551.732.315.09-42231551501558.7210.7112.8015.7019.32债权融资3,875-185-4,3810000053.8929.8522.3716.0812.88其他3.096-745-1257-1,2286.084.954.143.382.74779-9305,961-5,6384,754323718.7011.55766-5961129,9552,5973,87545.5925.517.73123210.15请务必阅读报告末页的重要声明