国联证券公司报告|半年报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E货币资金145618743164588388799040838299841165213491404069营业成本6771630274108538977443223848税金及附加17917821625229210281359134915551779营业费用83678其他22712388286727282796管理费用2653113003283784838568372671024713571财务费用38-13长期股权投资00000002846294121161324521公允价值变动收益211200042524746556653391108无形资产71126572547643813286他2-20-25-30其他推流动资产713723710697697◆18651616211426133132110961048487676968￥5037营业外净收益-2055159331616716034172151860818451609211026083127682840/000所得税423365527652782188115301531201914221244158219562345其他5256066307210821少数股东损益148120154190228308929752161248528401273112414291766211810119733115098989898其他3452952952952952021A2022A2023E2024E2025E506512467424384成长能力35953487262729093224营业收入14.3%-7.3%19.1%16.7%15.8%少数股东权益18721787192021102338EBIT5.9%-13.8%28.9%22.2%19.5%27772777277727772777EBITDA10.1%3.8%51.9%14.1%14.0%资本公积44314431443144314431归母净利润2.5%-11.7%27.1%23.6%19.9%留存收益325837054278498858381233912679134071430615384毛利率25.1%24.8%25.8%28.7%27.6%159331616716034172151860815.7%14.8%15.8%16.8%17.4%ROE12.2%10.3%12.4%14.5%16.2%现金流量表ROIC15.1%12.4%15.5%21.6%31.7%2021A2022A2023E2024E2025E净利润14221244158219562345资产负债22.6%21.6%16.4%16.9%17.3%8101177216723002480流动比率1.571.914.124.78财务费用673814-13251.211.442.583.333.98-33110-205-225营运资金变动550-335-26847应收账款周转率226.13210.53198.38196.38196.38其它-812180-80135155存货周转率6.584.645.495.495.4920351975342442154777总资产周转率0.570.520.620.680.73资本支出658-711450-500-550长期投资-843-9080000.460.400.510.640.76其他696258707070每股经营现金流0.730.711.231.521.72-805-1360-380-430-4803.773.934.144.394.702782874340股权融资0000028.232.025.120317.0其他-1212-869-1044-12423.43.12.92.8-934-595-1755-1086-1282EV/EBITDA8.910.67.86.45.129528129026993015EV/EBIT12.618215.812.09.2请务必阅读报告末页的重要声明