华鑫证券公司盈利预测（百万元）资产负债表2022A2023E2024E2025E2022A2023E2024E2025E25,12430.49536.50343,120现金及现金等价物17.75825.32634.38545.582营业成本3.3703.9694.6135.277应收款29254059营业税金及附加3.5244,2085.0015.8649.84110.08210.53610.683销售费用3.4494.2695.0745.951其他流动资产5.9246.8637.4147.710管理费用1,1621,3721.6061.854流动资产合计33.55242.29652.37664.035财务费用-286-431-684-998研发费用206250300354金融类资产1.0731.3731.5731,673费用合计4.5315.4616.2967.161固定资产8.8538.7488.3597.880资产减值损失-1000在建工程80932412952公允价值变动-125无形资产3.0832.9292.7752,6281059080702.8183.0183.16813,84716,98820,70824,917其他非流动资产2.4212.4212.4212.421加：营业外收入28252017非流动资产合计17.83417.23916.70216.148减：营业外支出20161310资产总计51.38559.53569.07880.18313.85516.99720.71524.924流动负债：所得税费用3.4444,1985.0966.106短期借款000010,41112,79815.61918,817应付账款、票据2.3122.6882.8973.052少数股东损益45516275其他流动负债5.7745.7745.7745.77410,36512.74715.55718,742流动负债合计10.65211.22011.67212.016非流动负债：2022A2023E2024E2025E长期借款6.1766.1866,1916.194其他非流动负债229229229229营业收入增长率21.7%21.4%19.7%18.1%非流动负债合计6.4056.4156.4206.423归净利润增长率30.3%23.0%22.0%20.5%负债合计17.05717.63418.09118.439所有者权益毛利率86.6%87.0%87.4%87.8%股本1.4721.4721.4721.472四项费用/营收18.0%17.9%17.2%16.6%股东权益34.32941.90150.98661.74541.4%42.0%42.8%43.6%负债和所有者权益51.38559.53569.07880,183ROE30.2%30.4%30.5%30.4%现金流量表2022A2023E2024E2025E资产负债率33.2%29.6%26.2%23.0%净利润10411127981561918817营运能力4551625总资产周转率0.50.50.50.5折旧排销628744730696应收账款周转车856.41216.7912.5730.0公允价值变动-125存货周转率0.30.80.91.0营运资金变动-2809-308-369-18经营活动现金净流量8263132921604819575EPS7.048.6610.5712.73投资活动现金净流量-1874140183307P/E29.824.219.816.5筹资活动现金净流量1180-5216-6529-8056P/S12.310.18.57.2现金流量净额7.5698.2169.70211.826P/B9.07.46.15.0资补来源：Wind、华盒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