德邦证券公司点评紫金矿业(601899.SH)财务报表分析和预测20222023E2024E2025E20222023E2024E2025E每股指标（元）营业总收入270,329298,744316,042350,5760.760.841.031.36营业成本227.784246,239255,776269,5943.383.944.675.64157%17.6%19.1%23.1%每股经营现金流1.091.911.852.37营业税金及附加4,2684,6544,9565,480每股股利0.200.280.300.38营业税金率%1.6%1.6%1.6%1.6%价值评估（倍）营业货用620747757858P/E13.1613.7211.258.500.2%0.3%0.2%0.2%P/B2.962.932.472.056,2657,4697,9018,764P/S0.110.100.100.0923%25%2.5%25%EV/EBITDA9.087.896.374.381,2321,4941,5801,753股息率%2.0%2.4%2.6%3.3%0.5%0.5%0.5%0.5%盈利能力指标(%)EBIT30,29739,04246,02065,12515.7%17.6%19.1%23.1%1,9054,7643,2502,4859.2%9.4%11.1%14.6%0.7%1.6%1.0%0.7%22.5%21.4%22.0%24.1%资产减值损失-790006.5%7.6%9.3%11.1%2,8742,7113,1143,318授资回报率10.1%13.4%15.7%19.7%营业利润30,94636,18045,07665,149营业外收支9531,100-1,200-1,30020.1%10.5%5.8%10.9%29,99335,08043,87663,84918.0%28.9%17.9%41.5%EBITDA40,46548,40057,33879,084净利润增长率27.9%10.6%21.9%32.3%所得税5,2267,0168,77512,770偿债能力指标有效所得税率%17.4%20.0%20.0%20.0%资产负债率59.3%50.1%40.8%34.0%少数股东损益4,7255,8938,07315,324流动比率1.10.90.81.1归属母公司所有者净利润20,04222,17127,02835,755速动比率0.60.40.20.4现金比率0.30.20.00.220222023E2024E2025E经营效率指标货币资金20,24410,5598488,8136.97.04.04.08,6463,7333,5434,713存货周转天数37.540.035.033.0存货28,10426,61623,11826,3070.91.01.11.1其它流动资产22,65019,99521,79922,703固定资产周转率3.73.83.43.1流动资产合计79,64460,90349,30862,53725,06725,06725,06725,06772,74678,36291,622111,926在建工程21,86719,89318,31517,05220222023E2024E2025E无形资产68,28068,28068,28068,280净利润20,04222,17127,02835,755非流动资产合计226,400230,042241,723260,764少数股东损益4,7255,8938,07315,324资产总计306,044290,945291,031323,301非现金支出10,5779,75811,71914,35923,66618,66613,6668,666-1,0543,4661,502489应付票据及应付寒款13,49313,86711,69113,022-5,6118,878367-3,46889497872经营活动现全流28,67950,16548,68862,459其它流动负债33,92233,80834,83935,709资产24,65714,108-24,207-34,309流动负债合计71,17066,39160,27457,46927,72900068,82038,82018,82013,820其他1,4052,7113,1143,318其它长期负债41,59940,59939,59938,59950,981-11,397-21,09330,991非流动负债合计110,41979,41958,41952,41932,74636,000-26,000-11,000负债总计181,589145,810118,693109,888774-1302,6332,6302,6302,630其他6,262-12,440-11,306-12,50288,943103,729122,859148,61027,25848,452-37,306-23,50235,51341,40649,47964,803现金净流量6,0359,6859,7117,965负债和所有者杖益合计306,044290,945291,031323,301备注：表中计算估值指标的收盘价日期为7月07日资料来源：公司年报(2021-2022)，德邦研究所请务必阅读正文之后的信息被露和法律声明