民生证券INSHENG SECURITIES双星新材(002585)/电子公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入6,0626,5417,7118,911成长能力(%)营业成本49195,4196,1876,987营业收入增长率2.207.9117.8915.55营业税金及附肋加2933393EBT增长率-59.96-9.7844.8029.23销售费用21263945净利润增长率49.58-27.9544.2930.15管理费用206235301383盈利能力(%)研发费用253281355419毛利率18.8517.1619.7721.59EBIT606547792净利润率11527.699.4210.61财务费用-36162016总资产收益率ROA5.703.825.116.23资产减植损失-610净资产收益率ROE7.195.046.888.40投资收益700偿债能力营业利润7425317731,0082.442.502.472.60营业外收支-2000速动比率1.011.091.131.23利润总额7405317731,008现金比率0.340.430.460.47所得税284662资产负债率(%)20.6424.0725.8025.82净利润699503726945经营效率归属于母公司净利润699503726945应收账款周转天数58.4160.0059.0063.00EBIT DA1,1671,1591,5041800存货周转天数153.07155.00162.00158.00总资产周转率0.500.510.560.61资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金7141.0251,3191480每股收益0.600.440.630.82应收款及票据1,3141,4521,7962,148每股净资产8.418.649.139.74预付款项8129329771,139每股经营现金流0.100.780.950.99存货2,0632,3012,7463,025每股股利0.200.140.210.27其他流动资产199224257322估值分析流动资产合计5,1015,9347,0958,114PE17231612长期股权投资0000PB121.21.11.0固定资产4,5955,4495,3485,285EV/EBITDA9.639.747.326.02无形资产372372371371股息收益率(%)2.001.432.072.69流动资产合计7,1477,2277,1287,063资产合计12,24813,16114,22315,17720202020现金流量表（百万元）2022A2023E2024E2025E应付款及票据1,3841,5291,9151972净利润699503726945其他流动负债6858219361,129折旧和摊销561612712776流动负债合计2,0882.3702,8723,120营运资金变动-1.099-239-366-609长期借款367725725725经营活动现金流1109001,1041.144其他长期负债73737373资本开支-905-561-612-712流动负债合计440798798798投资0000负债合计2,5283,1693,6703,918投资活动现金流-800692-612-712股本1,1561,1561,1561,1560000少数股东权益000债务募资38635800股东权益合计9,7209,99310.55311,258筹资活动现金流-61104-272负债和股东权益合计12,24813,16114,22315,177现金净流量-717312294161资料来源：公司公告、民生证券研究院预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告