福莱特(601865)2023年三季报，点评2022A2023E2024E2025E2022A2023E2024E2025E15460.8420053.8325627.6130329.812122.782901.384008.014855.33营业成本12048.1915435.6319403.6022838.63折旧与摊销1307.741454.881725.171981.90营业税金及册加134.77120.32153.77242.64240.43438.94555.29597.09销售货用118.88120.32153.77181.98-3.09-10.00-10.00-10.00800.77882.371127.611334.51经营营运黄本变动.1456.90583.73-1245.07.1051.57财务货用240.43438.94555.29597.09其他-2034.0624.42-28.463.99-3.09.10.00-10.00.10.00176.904225.895004.946376.7412.8620.0020.0020.00.3765.50-4000.004000.00.4000.00-1.83-1.68.1.73-1.71.4103.52-114.0151.4423.76其他经营损益0.000.000.000.00-7869.02-4114.013948.56-3976.242155.223084.574261.845163.24短期借款1234.663095.350.001000.00-2342.002.002.001921.3250.00100.00100.002152.883086.574263.845165.2431.986000.000.000.00所得税30.10185.19255.83309.91支付股利-493.79424.56-580.28-801.602122.782901.384008.014855.335159.57-2303.82-555.29-597.090.000.000.000.007853.75226.27-1035.57-298.692122.782901.384008.014855.33217.35338.1420.812101.812022A2023E2024E2025E2022A2023E2024E2025E货币黄金2932.153270.303291.115392.92成长能力应收和预付款项5996.167677.109816.0511606.6677.44%29.71%27.79%18.35%存货2396.323076.963878.724561.55营业利润增长率-9.51%43.12%38.17%21.15%其他流动黄产1056.671337.561638.821915.480.13%36.68%38.14%21.14%82.7582.7582.7582.75田TDA增长率24.52%34.43%31.41%18.34%17.3717.3717.3717.3712783.7815764.2918474.5220928.01毛利率22.07%23.03%24.29%24.70%无彩资产和开发支出3783.663349.832916.012482.187.50%7.19%7.17%6.97%3332.873331.303329.733328.1613.73%14.47%15.64%16.01%32381.7237907.4743445.0850315.09ROE15.13%13.22%15.80%16.50%3095.350.000.001000.00ROA6.56%7.65%9.23%9.65%5354.097323.229134.7010679.23ROIC14.61%15.06%17.71%18.59%长期借款3889.073939.074039.074139.0723.95%24.83%25.53%25.53%6010.764698.574896.975068.7218349.2815960.8718070.7420887.030.590.570.630.65股本536.72587.83587.83587.831.761.551.601.624864.7510813.6410813.6410813.647.896.256.236.028092.1210568.9413996.6718050.40存货周转率5.135.625.575.4114032.4521946.6025374.3429428.0743.99%0.000.000.000.0014032.4521946.6025374.3429428.0756.67%42.10%41.59%41.51%32381.7237907.4743445.0850315.09带息债务感负债57.62%47.16%42.21%41.79%流动比率1.181.901.841.832022A2023E2024E2025E速动比率0.951.521.461.48EBITDA3703.394978.396542.307742.23股利支付率23.26%14.63%14.48%16.51%E28.4420.8115.0712.444.302.752.382.050.901.231.702.06PS3.913.012.361.995.979.3310.7912.52EV/EBITDA5.233.182.441.93每股经营现金0.081.802.132.710.82%0.70%0.96%1.33%每股股利0.210.180.250.34请务必阅读正文后的重要声明部分