华特达因(000915.Sz)光大证券财务报表与盈利预测202120222023E2024E2025E202120222023E2024E2025E2,0272,3412,86234074,0073,9354,69055226,7838,289营业成本631502590685785货币资金12232,3263,3234,569折旧和摊销6968728395交易性金融资产722949949949949税金及附加3240495868应收账款5954524946销售费用372489632750882应收票据180193322383451管理费用154112137160184其他应收款（合计）999201918研发费用806692106124存货10287715644财务费用1417263957其他流动资产533投资收益25717232,4113,1683,7654,8096,10981814281,7302,073其他权益工具000008211,1591,43017312,074长期股权投资10690909090所得税117161200242290固定资产878878897932975净利润70499812301783在建工程40135206260324471576699839无形资产1741742202653093805276547902626262626EPS(元1.622.254.03其他非流动资产191823232315241.5231,7571,9752,180202120222023E2024E2025E总负债536629418440464经着活动现金流7561,1969531,493短期借款0000净利润380527654790944应付账款7141342722折旧摊销69728395应付票据00111净营运资金增加15445158176预收账款40456其他291700463557其他流动负债10444投资活动产生现金流-769-328-298-283-278445538331356385净资本支出-120-250-250-250长期借款00000长期投资变化1069000应付债券00000其他资产变化483327其他非流动负债7169656157资活动现金流-268-214249非清动负债合计9191878480股本变化000033994,0615,1046,3437,825债务净变化0-800股本234234234234234无息负债变化.22485.203公积金191191191191191-2815364829971,246未分配利润18192,1592,6253,808归属母公司权益22452.5843,0503,5914,234少数股东权益11551,4772,0542,7523,591主要指标202120222023E2024E2025E202120222023E2024E2025E毛利率68.99%78.69%79.49%79.99%80.49%销售费用率1835%20.87%22.07%22.00%22.009%EBITDA率41.8%51.9%51.5%52.1%管理费用率7589%4.79%4.79%4.69%459%EBIT率38.2%48.8%483%49.1%49.7%财务费用率-0.70%-0.75%-0.90%1.15%1.429%税前净利润率40.5%49.5%50.0%50.%51.79%研发费用率3.979%2.80%3.20%3.10%3.10%归母净利润率18.89%22.5%228%23.2%23.69%所得税率149%149%149%149%149%ROA17.9%21.3%223%21.9%21.5%16.9%20.49%21.49%22.0%223%202120222023E2024E2025E经营性ROIC42.29%65.2%542%56.09%58.0%每股红利0.800.801.061.291.54每股经营现金流3.235.114.076.377.56202120222023E2024E2025E每股净资产9.5811.0313.0215.3218.07资产负债率149%13%8%6%6%每股销售收入8.659.9912.2114.5417.10流动此率5.425.89113813.4915.88速动此率5.195.73111713.3415.77202120222023E2024E2025E归母权益/有息债务327.42PE2518141210有形资产/有息债务564.83PB4.23.62.62.2EV/EBITDA11.88.1736.45.6资料来源：WMnd,光大证券研究所调2.0%2.0%2.7%3.2%3.9%敬请参阅最后一页特别声明-2证券研究报告