公司点评报告SOOCHOW SECURITIES长城汽车三大财务预测表2022A2023E2024E2025E2022A2023E2024E2025E107.681171.766204269261.693营业慈收入137.340192.811272.297340.143货币资金及交易性金融资产37.82793731111621营业成含金融类)110.739157.912219200270.414经营性应收款项52,946121.098税金及附加7,2301048313334存货2237512,71715,164销售费用5,876839712,79816,667合同资产19322340管理费用4,8937.52011,16413.946其他流动资产13.74712.17915.19113470644510.0261443217.68777.67774.58868330财务费用(2,4882,112)(1,579)长期股权投资1028610,28%10,28%10286加其他收益8508009001,000因定资产及使用权资产28.04225,30022.53319,742投资净收益120013501500在建工程83067,9%07,6107258公允价值变动100120140无形资产8,19781978,197减值损失(301)(332)(363)28282828资产处置收益5101417长期特摊费用2672672672674250838411.968其他非流动资产22.55122.55122.551营业外净收支840300500500185357246355275741330.022880745508,884流动负债95802152851174242217302减所得税5548881247短期借款及一年内到期的非流动负债10,82710,82710,82710.8278253427711221经营性应付款项59367107.318117.970152444减少数股东损益(13)合同负债12.6331644018929归属母公司净利润8.266428111233其他流动负债22,07429,00535,102非流动负债2433924,33924,33924339每股收益-最新股本摊薄（元）0.970.500.9413215.40615,40615,40615406应付债券3,51135113,5114,83425879.178租赁负债97997997911,4445.4358.04812.041其他非流动负债4,4444,44444444444负债合计120.141177.191198581241.641毛利率%)193718.1019.5020.50归属，母公司股东权益6520169,1546.022.222.94330151069,16477,16088381收入增长%0.6940.3941.2224.92185357275741330.022归母净利润增长率%22.9086.9440.342022A2023E2024E2025E2022A2023E2024E2025E经营活动现金流1231154,85223,01037,276每股净资产元)7.408.109.0410.37投资活动现金流15101,864最新发行在外股份（百万股）84958495筹资活动现金流(507(178)(178)ROIC%)5.052.484.50728现金净增加额(1,009)55,85421,32539,115R0E-摊薄%12.686.1910.3712.71折旧摊销6.6092.8482.8562,86364.8271.9272.027322资本开支(15859)310514517PE(现价&最新股本摊薄)24.0546.4324.8417.70营运资本变动(1,312)48,85732,38924.807PB(现价)3.162.892.59226数据来源：Wd,东吴证券研院所，全文如无特殊注明，相关数据的货币单位均为人民币，预测均为东吴证券研究所预测。东吴证券研究所请务必阅读正文之后的免责声明部分