国联证券公司报告|公司点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E5008963482961253317900管业收入3393550306646517588789023应收账款+柔据127204229269316营业成本3035143212555516506078600460824131015371804税金及附加6338229651133132929844092464154356399营业费用341400470其他56896720725880058878管理费用27154280500058651426821475217342778035296财务费用●7111047706415259195419892011203420571-213-250-2932699130959298652948429787公允价值变动收益576-20900046396121889710833投资净收益72878272272272无形资产19333193731614512917968916683-17其他非流动资产1112110804107651072368210228963897446364039692466768465991￥64180营业外净收益46-106-103-108783089072289417,9377199476222006279037914357578466140所得税2185836979481089490271937105832197971951423209228433268其他243022085329312325101781762392743498734661337783763342307-1941246191726042993长期带息负债54301369210769788749929401165116511651165其他516745084508450845082021A2022A2023E2024E2025E11537193651644113540106654652454025502195117352971营业收入46.7%48.2%28.5%17.4%17.3%少数股东权益25633819399542344508EBIT-81.3%316.4%14.5%20.3%97%股本447344734473734473EBITDA-50.9%94.2%62.3%10.3%74%资本公积55684370437043704370归母净利润-109.6%7432%53.8%35.9%14.9%留存收益1917824034263602952133153317833669639198425984650510.6%14.1%14.1%14.3%14.0%7830890722894179377199476-0.6%2.8%3.2%3.7%3.7%ROE-0.7%3.8%5.4%6.8%7.1%现金流量表ROIC-1.2%5.8%4.8%6.3%72%2021A2022A2023E2024E2025E净利润-195142320922843328859.4%59.6%56.2%54.6%53.3%24673161658969157334流动比率0.40.60.60.70.8财务费用71110474152590.30.40.40.50.6221-1109-794118-2249413520462524266.3335.9313.7313.7313.7其它-154160728453470310.210.612.012.012.0177928821325811960131230.40.60.70.80.930094649-5000-5200-5500长期投资104-1340000.040.280.430.580.67其他2984682382382380.400.642.962.672.93-26075251-47624962-52625.135.135.657.1716089092-9537-2901-2875股权融资1590000(591.3)91.959.744.038.3其他3731413815.05.04.54.03.621415462-9834-2760-2495EV/EBITDA30.517413.011.29.913003138-133942375367EV/EBIT133.135.537.429.725.6请务必阅读报告末页的重要声明