中泰证券ZHONGTAI SECURITIES公司点评资产负债表单位：百万元单位：百万元会计年度20222023E2024E2025E会计年度20222023E2024E2025E17,02016,68821,11127,523营业收入28,09931.71537,22643,522204142218225管业成本18.53520.76624.42528.7165.2585.8616.922225254298348236296330399销售费用1,3511.4271,6011,8285.4035,9868.301管理费用2.1432.3792,717合同资产00001,2491.3321,5631.6541.5571.7862.0782.438-1,0114226224229,67830.75837.73946.954-4000316357419490-14000025023924524220014.44616.91517.98317.670-8707070在建工程3,1334,9074,3253,860215200200200无形资产1,1991.1581,1205.7856,6307,957其他非流动资产1.6981.9002.0612,1908110010010021,09025.51826,19225.573管业外支出163160160160资产合计50.76756.27663,93172,5275,5795.7256,5707,8976,0776,0016,0396,0208268599861,1842,1282,3852.8053.2974,7535,5846.7132,0252,2692.6693,138-3-3-400004.7564.8695,5876.7179321.0511.2341.443NOPLAT3.8914,9025,8076.919其他应付款1,6821,6821,6821,6821.821.872.142.57一年内到期的非流动负债2,1452.1452.1452,145其他流动负债2,3712.6012.9643,367流动负债合计17,36018.13419.53721.092会计年度20222023E2024E2025E3,0073,5185,558应付债卷000019.0%12.9%16.9%1.4121,4121.4121,41226.3%18.5%19.1%4.4194.9306.1196.970归母公可净利涧增长率51.2%2.4%负债合计21.77923.06425.65628.06229,00333.22938.29544.490毛利单34.0%34.5%34.4%34.0%-15-18-21-25净利率16.9%15.3%15.0%所有者权益合计28,98833.21238.27444.465ROE14.7%14.615.1%负债和殷东权益50,76756.27663,93172,527ROIC11.613.0%13.5%14.1%现金流量表42.5%43.4%42.9%41.0%会计年度20222023E2024E2025E43.639.4%37.4%34.0%5,8936.0936.7927,9501.71.71.95,9646,8738.1119,3201.41.41.61.8-1,076-582-1,094-1,221-969-601-1.172-1,2210.60.60.60.6经营性应付影响1,191500820962应收账款周转天数61636262783-9712811034373636-7,656-6.296-2,812-1,604存货周转天数94999696-3,333-6.161-2.709-1.550-211131.821.872.142.57其他长期资产变化-4,302-146-982.262.332.603.05-1,236-1294436711.1112.7314.6717.051.3374361.227831-2,908-1.032-1.161-1.346P/E130000P/B3322其他影响335467377582EV/EBITDA30262219请务必阅读正文之后的重要声明部分2·