国联证券公司报告|年报点评2021202220232024E2025E202120222023E2024E2025E7,6331022412,47313,24564,95483,708102,240124,734132,452418554740785营业成本89,27898,613113,3688571,1941,8371.951税金及附加10913215218519614,94420,3882148123,72727277营业费用813812818795其他11,73810,19211,19112,50412,954管理费用5,3634,9055,6237,0856,99335,58936,59445.00851,28156,213财务费用1,16318161,288737-54长期股权投资7499341,04711031资产减值损失-277-85348,27048,71741,62434,430127,136公允价值变动收-7740004,7523,8343,1952556//1,9177941473885885885无形资产1,7621,6481,373109824332350276257241其他非流动资产6,357628562235,39017,12710,78761,49153,46845,35437,193营业外净收益-18030330030030096,78898,08498,47696,63593,406-13.1445,8155,09110,4871,7571,0895,337759174102338211应付账款+柔据6,7727,5558,0908936A10,273-13,5484,98916,48910,276其他11,15616,30715,78017,53020.035-14335213444427719,68524,95134,876◆31,80431,067-13,4045,2894,85416,04510.00040,47228,46314.8352535-8391长期应付款463477477477477其他1,4201,2781,2781,2781,278202120222023E2024E2025E42,353021916,59062,03955,16951,46724,432营业收入1.78%28.87%22.14%22.00%6.19%少数股东权益230132123,3463,7904.067EBIT163.7063526,5546,5546,5546.554EBITDA281.3815.92%78.11%资本公积5,5108,3128,3128,328,312归母净利润139.468.22%230.53留存收益20,58624,837人28,79741,8850.04134,74942.91547.00960,54168,974-8.32%15.54%12.68%20.94%14.41%98,47696,635净利率-2086%6.74%1322%7.76%ROE4131%1332%11.12%2827%15.41%现金流量表ROIC-22.91%12.43%2722%17.52%2021202220232024E2025E净利润5,64116,48910,27664.10%5625%37.35%26.16%4,8338,07081708218流动比率1.811471291.61181财务费用1,1631,8161288连动比率0.730.420.500.640.69-1,631-5,445-3,550-1,427318155.5415122168.72168.72168.72其它7,1456,6301481,2932,5974.713474.164.164.1624110,50010,70523,01517,168总资产周转率0.670851.29142资本支出-9,479000-9564570000.810.742451.53其他34441,1468978970.041601633512.625,7631,1468978974.815.946.548.549.7823,5103711202000-10.1225.6427.948.4513.56其他6,4833,250-2,1823,694-1,7894.313.493.162422.1217.005-9225-5893EV/EBITDA-22.83122410.795.386.616,9884,4735.9582,249772EV/EBIT24.457.881181请务必阅读报告末页的重要声明