国联证券2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E142222024435021506868561722510227032350204057647089应收账款+柔据44031286596941123213035营业成本1903512277828990338873939417823795352340824737税金及附加346042685338618571781930928104332803890245224营业费用4126207738951039其他596210980105551142112437管理费用530962658076935710859470647964495184119928165233财务费用●7711232132815391786长期股权投资962825067269272878730647149619054497259710115581473079647035575746239公允价值变动收-232Λ-255000在建工程1854821867182221457810933投资净收益16922874134813481348无形资产4753168280569004552034140其他351485393393393其他非流动资产4855759974552405050646802250g730946416894766456360161530226400203770180569157828营业外净收益1781081421421422085953060429895430049732306024794299934114247118558131822923666119005194522682829485112357831349316201188331960024767328603763344578其他2423734011393284583453184392747256809779892375030271170651276203572018156732004226051298353534150558929136458337975135451长期应付款00000其他14837175061750617506175062021A2022A2023E2024E2025E65395110419820895548131051115698181589147216117516、103069营业收入31.320.129.515.916.12186335513423225011959356EBIT108.1521.3343.088.9314.302633263326335332633EBITDA72.0521.8967.216.63%资本公积2520625552255522555225552归母净利润140.827.930.014.518.5留存收益431966075881231104678132451710348894310941613286216063515.415.717.216.516.32085953060442989543004973230607.07.47.47.47.5ROE22.122.523.822.522.0现金流量表ROIC16.118.516.418.923.52021A2022A2023E2024E2025E净利润1960024767328603763344578资产负债55.559.349.239.131.9812010044244902506124601流动比率0.91.11.51.92.3财务费用149619054497259710110.50.60.81.11.5-1692-2874-1348-1348-1348-1415-57464921-231-39151.122.337.337.337.3其它-11345824124124125.5819.3723.5523.5523.552599728554656616395268692总资产周转率1.10.91.21.41.52062822125000-29150000.600.760.991.131.34其他-753-753-7530.991.082.492.432.61-753-7532.703.384.165.056.10-24905437051934235421.516.813.011.39.5其他-26804.83.83.12.52.12327258EV/EBITDA3.013.896.295.354.3817695911147771566634931EV/EBIT3.945.119.668.056.27请务必阅读报告末页的重要声明