东华测试(300354.SZ)光大证券财务报表与盈利预测202120222023E2024E2025E202120222023E2024E2025E25736771598513095456929161,2091,590营业成本83119228298384货币资金120121215370569918121416交易性金融资产00000税金及附加46101419应收账数111225259343456销售费用354292126167应收票据3445管理费用3586117155其他应收款（合计）1733143039财务费用273576103137存货133137226238269研发费用001-2其他流动资产011流动资产合计4005477521.029139686136270375496其他权益工具00000利润总额86136270375496长期股权投资00000所得税6142750固定资产11511411211010880122243337446在建工程10234少数股东损益00000无形资产16163465801222433374460000EPS元)0.580.881.752.44323其他非流动资产1145145163180194202120222023E2024E2025E5193981271642731147258328短期借款000净利润80122243337446应付账款813212735折旧摊销918121416应付票据0000净营运资金增加821292191720000其他-143361其他流动负债1111130流动负债合计479096125162净资本支出12830长期借款00000长期投资变化0000应付债券0000其他资产变化00其他非流动负债42222资活动现金流1524-73-1003222股本变化000004956008181,0821426债务净变化00110股本138138138138138无息负债变化94230公积金1381561801831830093155199未分配利润3054997611,105归属母公司权益4956008181,0821,426少数股东权益0000主要指标202120222023E2024E2025E202120222023E2024E2025E毛利率678%67.5%68.1%6989%70.79%销售费用率13.56%11.38%12.85%12.80%12.75%EBITDA率37.4%44.0%39.8%413%40.1%管理费用率13.499%11.419%12.00%11.90%1185%EBIT率33.7%39.09%38.1%40.09%38.9%财务费用率-0.16%-0.129%-0.02%税前净利润率33.4%37.19%37.79%38.19%37.9%研发费用率10.549%9.43%10.60%10.509%10.45%归母净利润率3119%33.29%33.99%343%34.19%所得税率79%10%10%10%10%ROA14.7%17.6%26.5%279%28.1%162%20.3%29.7%312%31.3%202120222023E2024E20256经营性ROIC1839%22.29%30.29%353%36.99%每股红利0.180.180.530.740.98每股经营现金流0.200.231.061.862.37202120222023E2024E2025E每股净资产3.584.345.917.8210.31资产负债率9%13%11%11%10%每股销售收入1.862.655.177.129.46流动此率8.606.097.858.238.61速动比率5.754.575.496.326.95估值指标202120222023E2024E2025E归母权益/有息债务PE7952261914有形资产/有息债务PB12.710.5775.84.4EV/EBITDA65.639.122.115.311.7资料来源：WMnd,光大证券研究所调股息率0.4%0.4%1.2%1.6%2.19%敬请参阅最后一页特别声明-2证券研究报告