公司点评报告SOOCHOW SECURITIES荣盛石化三大财务预测表2022A2023E2024E2025E2022A2023E2024E2025E95.720126.671151,437189949营业总收入289.095385679436.563514319货币资金及交易性金融资产1842733.99254.647营业成含金融类)257.841333544371.105431241经营性应收款项9.8731676020,23222,890税金及附加17.01122,69425,68830263存货60.6907840987,300101.454销售费用175309349411合同资产0000管理费用8151,1571543其他流动资产6,7309.30299141095869429258266867260.066261969262939财务费用6.0316021长期股权投资8,733946310,087加其他收益2363386437514因定资产及使用权资产222387225.056226479226.635投资净收益693220694799在建工程26.13516.13516,13516,135公允价值变动11000无形资产616662856479减值损失-12050000资产处置收益4445长期特摊费用000056282536036.976其他非流动资产3.6143.6103.6073.603营业外净收支9-1362.587386.7374134064528885619155002535936975流动负债130.05912,904152.023164331减：所得税-7513,1005,027,395短期借款及一年内到期的非流动负债46,83146,83146,83146.831637012.4002028729580经营性应付款项7248890.882减少数股东损益3.0305.67613539合同负债3.734&3899,100归属母公司净利润33406.72511.00216.041其他流动负债7,00615,42918.24917,517非流动负债135362135,276134,189134,189每股收益-最新股本摊薄（元）0330.661.09130962130,9%2130,962130.9%2应付债券2,0351,94886286222.05129331租赁负债21321321321322,25033.44540.82449,391其他非流动负债2,15221522,1522,152负债合计278.180286212298520毛利率%)10.8113.5214.9916.15归属，母公司股东权益4726052,97662,32875.9631.161.742.523.1249,90555,58164,8677840597.166127.194154368收入增长%57.9133.4113.1917.81362587386.737413406452.888归母净利润增长率(%-74.761013363.6145.802022A2023E2024E2025E2023E2024E2025E经营活动现金流19.05840,59449,352每股净资产元4.675.236.167.50投资活动现金流-289%6-10.625-20.00920.194最新发行在外股份（百万股）10.126101261012610,126筹资活动现金流11557-7,208-8,824-8470ROIC%4.634.485.937.34现金净增加额1.1203,74411,7617.0712.6917.6521.12折旧摊销1129917,59920.060732071.9369.2365.91资本开支-29,329-10450-2030820402PE(现价&最新股本摊薄)39.7419.7412.07828营运资本变动-20,283-6.1153.823PB(现价)2.812.512.131.75数据来源：Wd,东吴证券研院所，全文如无特殊注明，相关数据的货币单位均为人民币，预测均为东吴证券研究所预测。东吴证券研究所请务必阅读正文之后的免责声明部分