王府井(600859)2022年年报点评2022A2023E2024E2025E2022A2023E2024E2025E10799.8914832.8017450.7219190.21136.55819.61910.48989.80营业成本6665.359162.2210771.0211782.20折旧与摊销896.91881.87881.87881.87营业税金及册加275.84381.11448.29492.53262.07229.54214.14220.61销售货用1700.831824.432146.442360.4068.91-20.00-20.00-20.001560.091527.781797.421976.59经营营运黄本变动.688.341057.71721.79498.57财务货用262.07229.54214.14220.61其他1102.72-9.7210.3011.95-68.91-20.0020.00-20.001640.992959.012718.592582.81299.9055.0030.0030.00-2509.520.000.000.00-55.136.6630.90-18.781021.5780.59-0.9011.22其他经营损益0.000.000.000.00-1487.9580.59-0.9011.22538.791776.062092.512389.09短期借款0.00197.000.000.003.900.45-1.000.000.000.00533.191779.972087.782389.5473.840.000.000.00所得税396.63960.361177.291399.74支付股利.454.02-38.98-199.91-227.19136.55819.61910.48989.80.4470.71.1267.51-214.14-220.61-58.37-179.92-225.47-265.49-4851.89-1503.49-414.04-447.80194.92999.531135.951255.29.4683.081536.112303.652146.232022A2023E2024E2025E2022A2023E2024E2025E9996.5911532.7013836.3515982.58成长能力应收和预付款项720.14895.011065.691180.03.15.32%37.34%17.65%9.97%存货1656.802263.932675.342923.19-71.73%229.64%17.82%14.17%其他流动黄产259.20309.84364.53400.86-90.09%500.22%11.09%8.71%1873.181873.181873.181873.18BTDA增长率-45.44%70.08%10.43%9.50%1461.841461.841461.841461.848428.387835.007241.626648.24毛利率38.28%38.23%38.28%38.60%无彩资产和开发支出2368.772167.171965.571763.9732.62%24.15%23.83%23.75%9427.199340.309253.409166.511.26%5.53%5.22%5.16%36192.1037678.9739737.5341400.39ROE0.68%3.95%4.25%4.46%197.000.000.000.00ROA0.38%2.18%2.29%2.39%2496.233911.104456.064851.59ROIC18.48%56.95%168.21%-293.99%长期借款738.00738.00738.00738.0015.72%19.47%18.27%18.19%12817.6612306.0513109.0713613.7916248.8916955.1518303.1319203.390.290.400.450.47股本1135.051135.051135.051135.051.431.872.382.8510160.3810160.3810160.3810160.3832.7036.3536.4434.487846.908807.449743.4810771.58存货周转率3.874.664.354.2019142.3420102.8621038.9122067.01286.73%800.87620.95395.49130.0019943.2120723.8221434.4022197.0144.90%45.00%46.06%46.38%36192.1037678.9739737.5341400.39带息债务感负债5.75%4.35%4.03%3.84%流动比率1.621.771.821.912022A2023E2024E2025E速动比率1.411.501.551.64EBITDA1697.762887.473188.523491.58股利支付率232.93%3.90%17.60%18.10%PE143.0827.9024.5522.221.461.391.331.260.170.881.001.11PS1.881.601.4516.8617.7118.5419.44EV/EBITDA4.081.440.58-0.09每股经营现金1.452.612.402.281.63%0.14%0.72%0.81%每股股利0.400.030.180.20请务必阅读正文后的重要声明部分