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国联证券位万元202120222023E2024E2025E202120222023E2024E2025E1,1631,6022,3093,3264,5724,32951316,1737,3788,6691,1711,5551,9792,5673,325营业成本2,128259643742830101166税金及附加2326315597128174240营业费用8559881,1801,370其他5686047721.0271,329管理费用6527418489811,1702.9853,88752397,1959,632财务费用●113-10长期股权投资2162447791,1181,263资产减值损失1-1222-171,7492,0331,7801,5151,238公允价值变动收益2011000在建工程361469405322244444854无形资产1461441621925045454221其他非流动资产1.0031.0741,0651,1238501,02212661,5211,7893,4913,8924,2004,2134,051营业外净收益22336,4767,7809439◆11,40813,6838501,02412681,5241,792500所得税991271521725547491,3311,7039251,1421,3721,620其他9359561,3311,77002,220172227331,4931,7072,3573,1013,9237469031,1141,3391,579长期带息负债260233172长期应付款0000财务比其他2222202120222023E2024E2025E425401379370368成长能力2,1082,7363,4714,291营业收入21.34%18.52%2032%19.52%17.50%少数股东权益100198226259299EBIT29.96%1764%25.49%19.63%17.14%1,6731,6831,683EBITDA23.13%13.51%24.75%17.06%1085%资本公积428428428归母净利润29.19%2098%2343%20.16%1797%2,5983,3644,3675,5696,9824,5585,6726,7027,9389,39250.83%4939%49.49%49.38%49.54%6,4767,7809,43911,40813,68317.63%18.02%18.49%18.59%18.69%ROE16.49%1720%17.43%1737%现金流量表ROIC26.77%24.77%2387%26.47%29.59%202120222023E2024E2025E净利润7639251,1421,3721,620资产负债24.40%2227%52.74%59.66%68.79%350362444487444流动比率2.733.071.431.231.03财务费用2-1133-102.612941271.0708723A2-4666营运资金变动-118-2770-197-3721.731.851821.2182其它194805879.635.455.451,0051,5581,6360.570.540.410.470.54资本支出-575-12045长期投资-220-500-300-1000.440.660.800.94其他67415-52-620.600.600.930.960.97-121-673-407-1742.653253854.565.40债权融资20-2963608000414334.2427.7423.0919.57其他-114-1331566.945.654.774.0320-177-198EV/EBITDA36.4426.781725142712.35529338708EV/EBIT512536.352327188315.43请务必阅读报告末页的重要声明
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