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国联证券20220222023E2024E2025E202120222023E2024E2025E1,1782,5513.4955.5747,9463,7264,8437,199231,0491,5071,8542,225营业成本6949311,1621,4301,716322229633779934营业税金及附加12212631101>2125营业费用3618039201,1321,358●其他298364447537管理费用6758481,0721,287●2,7378,67511,666(15)(23)长期股权投资352398394391(36)(56)(67)国定资产5334(27000在建工拉000010546无形资产162823181434171>17其他非流动资产1.2501,3401,2201,099の9061,3411,9192,3192,7751,6621,8291,6901,5521,5340334.4005,7767,70710,22713,2009361,3841.9522,3522,808短期倍款00000921031241482673125096267528441,3611,8492,2282,660其他3177789571,1483364624463991,2011.2871,6831,9005771,0251,3871,7832,261131712长期应付款000其他161616202120222023E2024E2025E673328246511,2341,3151,6071,92153.92%56.84%30.00%23.00%20.00%3435339781,377EBIT288.51%45.82%43.83%20.33%19.18%股本1,5151,5151,5151,5151,515EBITDA249.45%47.39%45.65%19.01%13.26%资本公积758746746746746224.14%77.76535.27%28.55%26.86%1,1332,2113.5975,3807,6413,7494,54211,28070.78%75.02%76.00%76.00%76.00%4,4005,77610,22713,20035.5536.54%38.18%37.40%37.22%ROE16.93%22.92%23.67%23.33%22.84%ROIC43.51%52.03%82.77%68.28%75.50%202120222023E2024E2025E净利润8441,3611,8492,228资产负债14.79%21.37%17.07%15.71%14.55%折旧掉销6135135154.693.294.685.486.14(10)(34)(10)(15)(23)4.033.034.094.895.55(12)(6)32(1,038)(303)应收账款周转平2.573.553.213.213.21其它(36)(35)42.9688.9669.1969.1969.195011,4838962,0252,309总资产周转平0.540.640.630.580.54(153)(170)00长期投资288(570000.270.480.640.831.05其他47674434343每股经营现金流0.230.690.420.941.071824474343每股净资产1.582.082.723.554.60债权融资4(3)0000062.2535.0225.8920.14其他(193)02310.548.036.134.703.631120EV/EBITDA11.998.3016.0112.8310.674981,3709452,0792372EV/EBIT12.528.7717.1213.5710.722请务必阅读报告末页的重要声明
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