2021A2022E2023E2024E2021A2022E2023E2024E10746.7213670.8317188.0820883.523897.464723.066103.917428.26营业成本1331.981554.531838.262315.98折旧与摊销283.91449.03539.61599.15营业税金及册加134.71196.40234.28285.96-89.251.852.252.66销售货用3064.034784.795843.956891.56-114.3450.0080.00120.00632.961435.441890.692401.60经营营运黄本变动-669.05-2464.43-1594.03-2031.64财务货用-89.251.852.252.66其他21.88-115.91-77.52-123.09-114.3450.0080.00120.003330.622643.615054.235995.34-34.7830.0017.5020.00-2576.92-300.00-300.00-300.001.101.101.101.10150.7231.1018.6021.10其他经营损益0.000.000.000.00-2426.20268.90-281.40-278.904715.445678.927317.268886.85短期借款.580.00-80.000.000.00-98.74-74.17-81.87-79.42382.970.000.000.004616.705604.767235.388807.43491.380.000.000.00所得税719.23881.691131.471379.17支付股利-323.78399.33-474.34-613.023897.464723.066103.917428.26836.24220.35-2.25-2.66139.99259.77335.72408.55806.81-699.67.476.59-615.683757.474463.295768.207019.701708.031675.044296.245100.762021A2022E2023E2024E2021A2022E2023E2024E货币黄金5749.127424.1611720.3916821.16成长能力应收和预付款项3800.125216.436426.057775.5325.30%27.21%25.73%21.50%存货4360.095149.866092.167687.37营业利润增长率19.80%20.43%28.85%21.45%其他流动黄产131.48167.26210.29255.5017.83%21.18%29.24%21.70%977.18977.18977.18977.18田TDA增长率21.23%24.84%28.21%20.73%g2.9292.9292.9292.924265.754208.024059.723851.87毛利率87.61%88.63%89.31%88.91%无彩资产和开发支出1887.421799.761712.101624.4333.57%45.51%45.01%44.51%1251.691248.051244.411240.7736.27%34.55%35.51%35.57%22515.7726283.6332535.2140326.73ROE22.61%21.87%22.42%21.82%80.000.000.000.00ROA17.31%17.97%18.76%18.42%1308.241490.871803.522258.94ROIC37.86%36.56%40.46%43.72%长期借款712.40712.40712.40712.4045.69%44.84%45.72%45.44%3178.312486.102795.453316.305278.954689.375311.376287.640.550.560.580.57股本404.72404.72404.72404.725.105.205.406.273361.483361.483361.483361.487.558.017.787.6811081.2115145.1820439.0426845.73存货周转率0.360.320.320.3314573.7318671.4023965.2730371.95103.85%2663.092922.863258.573667.1317236.8221594.2627223.8434039.0823.45%17.84%16.32%15.59%22515.7726283.6332535.2140326.73带息债务感负债23.53%24.79%21.89%18.49%流动比率3.725.646.426.802021A2022E2023E2024E速动比率2.564.024.825.19EBITDA4910.106129.807859.129488.66股利支付率8.62%8.95%8.22%8.73%PE16.9814.3011.069.093.702.952.341.879.2811.0314.2517.34PS5.944.673.713.0642.5953.3667.2784.11EV/EBITDA11.829.146.584.92每股经营现金8.236.5312.4914.810.51%0.63%0.74%0.96%每股股利0.800.991.171.51请务必阅读正文后的重要声明部分