民生证券INSHENG SECURITIES中兴通讯(000063)/通信公司财务报表数据预测汇总利润表佰万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入122,954133,371142,928161,706成长能力(%)营业成本77,22884,21590,847102,274营业收入增长率7.368.477.1713.14营业税金及附肋加9511,0671,1431,294EBT增长率36.861.4914.8019.06销售费用9,17310.00310,43411,724净利润增长率18.6019.5615.2619.48管理费用5,3335,7356,0746,792盈利能力(%)研发费用21,60223,60724,29827490毛利率37.1936.8636.4436.75EBIT10,19110,34311,87314,136净利润率6.577.247.798.23财务用163-240-352-771总资产收益率ROA4475.035.455.98资产减植损失-1,190-485-493-490净资产收益率ROE13.7814.5014.7015.34投资收益1,0871,2001,2861,132偿债能力营业利润8,79511,29913,01915,5481.761.821.901.95营业外收支-43-45-48-50速动比率1.021.051.151.25利润总额8,75211,25312,97115,498现金比率0.720.730.820.92所得税9601,6881,9462,325资产负债率(%)67.0964.8662.6160.77净利润7,7929,56511,02613,174经营效率归属于母公司净利润8.0809,66111,13613,305应收账款周转天数52.7055.0054.0053.00EBIT DA14,57814,99216,97219,698存货周转天数213.79210.00198.00175.00总资产周转率0.700.720.720.76资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金56,34659,19169,95885,098每股收益1.712.042.352.81应收款及票据17,7512074423,058每股净资产12.3814.0715.9918.31预付款项279674681716每股经营现金流1.602.143.984.95存货45,23548,78948,545每股股利0.000.430.490.59其他流动资产18,26221,15021,48222,795估值分析流动资产合计137.874148,678161,654180,212PE20171412长期股权投资1,7541,7541,7541,754PB2.724211.9固定资产12,91313,13013,23013,327EV/EBITDA10.389.908.076.18无形资产7,3428,0228,2188,406股息收益率(%)0.001.251.441.72流动资产合计43,08043,21842,76942,305资产合计180,954191,896204,423222,518短期借款9,9629,9629,9629,962现金流量表（百万元）2022A2023E2024E2025E应付款及票据29,70531,95633,85037,687净利润7,7929,56511,02613,174其他流动负债38,75739,61641,27244,7164,38646495,0995,562流动负债合计78,42481,53485,08492,366营运资金变动-7.744-5,7361,1092951长期借款35,12635,12635,12635,126经营活动现金流7,57810,15218,82923,456其他长期负债7,8617,8127,7777,738资本开支-49284505-4,321-4737非流动负债合计42,9874293842,90342,864投资2,556000负债合计121,410124,472127,987135,230投资活动现金流-1291-3,305-3034-3,605股本4,7364,7364,7364,736171000少数股东权益9028066965645.4060-6620股东权益合计59.54376,43687,288筹资活动现金流1,455-4,0024,711负债和股东权益合计180.954191,896204,423222,518现金净流量8,0012,84410,76815,140资料来源：公司公告、民生证券研究院预测本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告