华鑫证券公司叠利预测（百万元）2022A2023E2024E2025E2022A2023E2024E2025E6.2967.5158.94410,603现金及现金等价物1.1479757211.016营业成本5.4186.4347.6238.993应收款389464553655营业税金及附加1720282.0332.4223.7713.955销售费用59688095其他流动资产1.3581,6171.0911,290管理费用193225268318流动资产合计4.9275.4796.1366.916财务费用4855研发费用129143170201金融类资产18181818费用合计404484574662固定资产1.3511.3701.3231,252资产减值损失-100在建工程183732912公允价值变动为-6-1无形资产3092938263383838长期股权投资4242487605757946其他非流动资产113113113113加：营业外收入1818非流动资产合计1.9971,8911.7851.682减：营业外支出33资产总计6.9247.3707.9218.598502619772961流动负债：所得税费用667493115短期借款2.0432.0432.0432.043436545679846应付账款、票据56677993少数股东损益2334其他流动负债292292292292434542676842流动负债合计2.7572.8392.9343.045非流动负债：主要财务指标2022A2023E2024E2025E长期借款770770770770其他非流动负债182182182182营业收入增长车29.2%19.4%19.0%18.5%非流动负债合计95295295295223.5%25.0%24.6%24.5%负债合计3.7103.7913.8863.997所有者权益毛利率13.9%14.4%14.8%15.2%股本533533533533四项费用/营收6.4%6.4%6.4%6.2%股东权益3.2143.5794.0344.601净利率6.9%7.3%7.6%8.0%负债和所有者权益6.9247.3707.9218.598ROE13.5%15.2%16.8%18.3%偻债能力现金流量表2022A2023E2024E2025E资产负债率53.6%51.4%49.1%46.5%436545679846少数股东权益2334总资产周转率0.91.01.11.2145106106102应收账款周转率16.216.216.216.2公允价值变动5-6-1-7存货周转率2.72.72.02.3营运资金变动157-642-815-375经营活功现金净流量735-27570EPS0.811.021.271.58投资活动现金净流量-6969091P/E22.017.614.111.3筹资活动现金净流量-210-180-224-279P/S1.51.31.10.9现金流量净额-172-85-160379P/B3.02.72.42.1资料来源：Wind、华蠢证券研究请阅读最后一页重要免责声明诚信、专业、稳健、高效