民生证券INSHENG SECURITIES工业富联(601138)/通信公司财务报表数据预测汇总2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入511.850595.188683.674770.832成长能力(%)营业成本474,678551,744634,417716,118营业收入增长率16.4516.2814.8712.75营业税金及附九加486595684771EBT增长率0.6622.0512.6310.18销售费用1,0581,1901.367净利润增长率0.3210.7411.769.25管理费用3,8284,4044,9915,550盈利能力(%)研发费用11,58813,39215,31417,190毛利率7.267.307.207.10EBIT21,20025,87529,14432,112净利润率3.923.733.633.52财务费用-704-25157393总资产收益率ROA7.067.197.267.17资产减值损失-1,069-1.538-1,730净资产收益率ROE15.5615.8516.2416.29投资收益30606877偿债能力21,87224,61527,51730,066流动此率1.671.681.681.67营业外收支9195100105速动比率1.131.121.111.11利润总额21,96324,71027,61730,171现金比率0.470.420.390.38所得税1,87924712,7623,017资产负债率(%)54.4954.5055.1955.90净利润20,0842223924,85527,154经营效率归属于母公司净利润20.07322,22824,84327,140应收账款周转天数69.6569.6069.5069.30EBITDA26,01131,71034,27138,191存货周转天数59.4659.3059.0058.80总资产周转率1862.012.102.14资产负债表（百万元）2022A2023E2024E2025E每股指标（元）69.43067,98270.65178,709每股收益1.011.121.25137应收账款及票据97,690113,737130458146,666每股净资产6.497.067.708.39352331381430每股经营现金流0.770.840.830.9777,32288,295101,011113,633每股股利0.000.610.68其他流动资产41464,4364,7305,003估值分析流动资产合计248,940274,781307,230344,441PE121110长期股权投资12,216122751234412421PB1.91.7固定资产15,93716,03115,91215,769EV/EBITDA8.877.296.846.17无形资产440440440440股息收益率(%)0.005.055.656.17非流动资产合计35,24834,28335,06034,185资产合计284,188309,064342,290378,626短期借款50,49850,49860,49870,498现金流量表（百万元）2022A2023E2024E2025E应付账款及票据69,27980,26791.252101.041净利润20,08422,23924,85527,154其他流动负债29,3993287431,31634,825折旧和摊销48115,8365,1276,078流动负债合计149,176163,639183,066206,364营运资金变动-12253-13.943-16375-17.292长期借款3.4853.4853,4853,485经营活动现金流15,36616,73016,49919,279其他长期负债21941,3092,3701,796资本开支-8047-3,125-3,260-3,608非流动负债合计5,6794,7945,8555,280投资000负债合计154,854168,433188,921211,644投资活动现金流-15,3083125股本19,86019,86019,86019,8600000少数股东权益358369382395-2004,73310,000股东权益合计129,334140,631153,370166,982筹资活动现金流负债和股东权益合计284,188309,064342,290378,626现金净流量-11,9051,4472,6688,058资料来源：公司公告、民生证券研究亮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