东宏股份(603856.SH)光大证券财务报表与盈利预测202120222023E20212023E2024E2025E管业收入2,2092,85141395,4856,623总资产3,4683.9375.0426,2057248营业成本1.7792.3003.3094,3705273货币资金2834786949201.111折旧和摊销4156626671交易性金鞋资产00000税金及附加1015222834应收账款12781.4091.8092.3502,837销售费用8275103134158应收票据7127395263管理费用8885117152180其他应收款（合计）766399131158研发费用5485110143169存货442439600794958财务费用203088113136其他流动资产153206168169190投资收益3000流动资产合计2,3992,83936834,7495,701147177437513652其他权益工具165165165165149177436513652长期股权投资65222222所得税1627596892固定资产476650635628626净利润133150377445560在建工程1992672107133少数股东损益00000无形资产1301271742202651331493774455600000EPS元)0.520.581.461.732.18其他非流动资产4144204204204非流动资产合计10691098135914561547202120222023E2024E2025E总负债1,464181725903,4214,038经营活动现金流-201188533157短期借款7718031.3371,9312,342净利润133149377445560应付账款166162232282314折旧摊销41566206811净营运资金增加192213644869789预收账款00000其他.567其他流动负债95103169239298投资活动产生现金流301-42312-150-150流动负债合计136114872,2213586净资本支出-163-150150150长期借款0247297347397长期投资变化6522000应付债券00000其他资产变化其他非流动负债7568595042资活动现金流45766442408184非流动负债合计103330369410452股本变化10002,0042,1202,4522,7843,210债务净变化542270584643461股本258257257257257无息负债变化1483189188155公积金796812812812812净现金流4541216191未分配利润9571,0471,3791,7102,137归属母公司权益2.0042.1192,4512,7833,210少数股东权益01主要指标20212023E2024E2025E202120222023E2024E2025E毛利率19.5%19.3%20.19%20.39%20.49%销售费用率3.719%2.62%2.49%2.449%239%EBITDA率11.29%12.9%13.5%13.7%13.7%管理费用率3.96%2.979%2.829%2.779%EBIT率9.49%10.9%12.0%12.5%12.7%财务费用率0.92%1.049%2.129%2.05%2.05%税前净利润率6.%6.2%10.5%9.39%9.8%研发费用率2.42%2.979%2.66%2.61%256%归母净利润率6.09%5.2%9.19%8.19%8.59%所得税率15%149%149%ROA3.8%3.8%7.5%7.2%7.7%ROE(薄)6.6%7.0%15.49%16.09%17.4%20212023E2024E20256经营性ROIC6.9%9.0%11.2%12.3%12.7%每股红利0.160.170.440.520.65每股经营现金流-0.780.070.33.0.130.6120212023E2024E2025E每股净资产7.778.239.5210.8112.47资产负债率46%51%55%56%每股销售收入8.5611.0816.0821.3125.73流动比率1.761.911.661.581.59速动比率1.441.611.391.311.32202120222023E2024E2025E归母权益/有息债务2.521.491211.17PE2421876有形资产/有息债务4.153.532.932.592.52PB1.61.5131.11.0EV/EBITDA16.011.57.26.5资料来源：WMnd,光大证券研究所调股息率1.3%1.49%3.6%4.29%5.3%敬请参阅最后一页特别声明-2证券研究报告