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公司报告丨年报点评报告天风证券TF SECURITIES财务预测摘要资产负债表百万元202120222023E2024E2025E202120222023E2024E2025E6836.217.4554712651956,76435,815.602919857539.158438.492697361411315.43886330896,12713营业成本239831432255.446996.0395820554137.96369211263742312营业税金及加542898.01109701437.721880.122.4560675233280511销售费用151.7813253139.501357012658其他1093.70123035151950136557164221管理费用487.1639142414654472412,2705311.0863417239.1015,227.1117,774.00708947.19903311309101261100.69533.4553345533.4517502518(2720)固定资产1682.601499.071.151928146243359资产信用减值损失(1652015.00(18.00)374224422442244公允价值变动收益232455132.1518832549无形资产819.1572222671156200870.08294045.4537.434144其他3325.63257533.181093113.55311355其他35349174.99)175.74)6,100.785,611125,155214783.22370.031,294.981569.1518673519247.7717,187.1222,850.2320,382322255721营业外收入198616.0717.9617.960.000.000000.00营业外支出18.9733384510257343175.492119.915372022367.45289256369.011302.601576861,877.97其他1173.991154.073.044862419.78272555所得税143.793066260.5231537375594349474,78722560821225221042.081261490.000.000000000.00(7595)125281394924634应付债券0000.000.0023639916,801122.001,256.04其他2612842118812118812118812118810.600672,612842,118812,118812118.817504565,915326,908037,727.01645.1945531590597090793109202120222023E2024E2025E1867.001867.001867.001867.00186700资本公积4391.534400.604.400.604400.60440050营业收入9716%-4979%10624%11.93%4844504554.905.471696505.097.63712-15760%-17479%-56793%2117%19.00%其他(50☑(600(560日属于母公司净利润-14250%.52657%11.95%11,743.21112718112314.5313,4762914830.2019247.7717,187.12228502320,382322255721毛利率1749%2822%28.43%净利率406%1522%1488%ROE213%-199%781%879%9.04%ROIC817%10092%-5036%202120222023E2024E2025E净利润2252916801122.00125604资产负债率3899%3442%4611%3426%46534345.74223652093319519净负债率-56.94%-9283%44.74%财务费用1032184.41(25.18)27202850251292205317投资损失2940(4545)速动比率2212A21763.02267营运资金变动59139106438394.93)3665.18(75759)其它(337.6985.06157.4315832271832301762.6126197739832325,090205,922871762784.70474资本支出(17904(17680总资产周转率016030035长期投资31.150000000.00其他69685576.613602835786344070120.60(404.79)170.721788116726每股经营现金流0.52-0050452.73152.0514.742518272028565945796287.447460(14847其他000000000市盈率126.92-1396032.732674238925837254)(11991)市净率270277256235216汇率变动影响0.000.00000000000EV/EBITDA758414.798.91108142297(420891028.85,196483457-3454717510251206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
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