2022A2023E2024E2025E2022A2023E2024E2025E28098.7533650.7839077.3445403.504752.805100.316133.397329.55营业成本18535.4521754.6225144.1329078.28折旧与摊销2222.371455.481455.481455.48营业税金及附加225.34269.87313.39364.12.1011.34168.25390.77681.05销售货用1350.721514.291641.251816.14-140.30-19.00-19.00-19.002142.933869.844298.514767.37经营营运黄本变动-404.06587.92-558.36-768.88财务货用-1011.34168.25390.77681.05其他473.5831.8029.8132.22-140.30-19.00-19.00-19.005893.046148.927432.088710.41-824-8.24-8.24-8.24-1132.03600.00-600.00-600.00-2032.03-2.03-2.03其他-6523.98.40.25.103.30-3.15其他经营损益0.000.000.000.00-7656.01640.25-703.30-603.155661.376082.647298.028705.27150.98-176.530.000.00-82.27-82.27-82.27-82.271868.060.000.000.005579.116000.377215.758623.000.000.000.000.00所得税826.31900.061082.361293.45支付股利-2609.74-3679.884025.65-4851.904752.805100.316133.397329.55-645.18-2400.80.403.74-671.48-2.80-3.00-3.61-1235.88-6257.214429.39-5523.384755.605103.326137.007333.87-2087.46-748.532299.402583.892022A2023E2024E2025E2022A2023E2024E2025E17019.6616271.1218570.5221154.41成长能力应收和预付款项5836.007109.278169.289614.60销售收入增长率19.05%19.76%16.13%16.19%存货5403.366355.527358.068521.7050.49%7.44%19.98%19.28%1418.89105.00105.00105.0051.22%7.31%20.26%19.50%250.04272.05295.16319.43田TDA增长率4.48%12.13%18.66%18.56%0.000.000.000.00固定资产和在建工程17579.3816948.5716317.7715686.97毛利率34.03%35.35%35.66%35.96%无彩资产和开发支出1400.351224.121047.89871.668.83%16.50%16.20%16.00%1859.821819.341840.811760.97净刹率16.91%15.16%15.70%16.14%50767.5050105.0053704.5057934.73ROE16.40%16.84%18.93%21.02%6076.535900.005900.005900.00ROA9.36%10.18%11.42%12.65%5218.825957.556915.828024.56ROIC16.93%21.67%26.32%31.57%长期借款3007.003007.003007.003007.0024.46%22.90%23.40%23.88%其他负债7476.854952.555486.056129.88负债合计21779.2019817.1021308.8623061.450.590.670.750.81股本2609.742609.742609.742609.741.942.433.103.999700.759700.759700.759700.755.865.845.785.7816571.6817995.1220106.4722588.44存货周转率3.763.653.633.6329003.0130305.6232416.9634898.93103.71%-14.71-17.72-21.33-25.6528988.3030287.9032395.6334873.2842.90%39.55%39.68%39.81%50767.5050105.0053704.5057934.7341.71%44.95%41.80%38.62%流动比率1.711.942.032.112022A2023E2024E2025E速动比率1.401.531.591.65EBITDA6872.417706.379144.2710841.80股利支付率54.88%72.11%65.60%66.16%PE18.6317.3614.4412.083.052.922.732.541.821.962.352.81PS3.152.632.271.9511.1111.6112.4213.37EV/EBITDA11.8510.368.476.91每股经营现金2.262.362.853.342.95%4.15%4.54%5.48%每股股利1.001.411.541.86请务必阅读正文后的重要声明部分