附：财务预测摘要2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E25,28228,11027,51530,16132,99529,20335,65937,37038,74139,3555,1134,1216,8424,92511,084营业成本24,4093128131,18431,76231,64010,54114,19810,92015,18712,039营业税金及附加3549515354其他应收款19411840185385286666预付寒款111158104179115723872914947962存货2.6252.5762.0362,408研发费用9609781,181其他流动资产6,6987,2136,98587388-542-56048,03049,07446,55744,96842,866-2,017230001,2479881,3981,7992,171260315280288290固定资产39,16739,81839,20837,86135,43563586161无形资产575688650620571418304371357353其他非流动资产7,0405,3014,6884,68920173,31277,18474,07375,12975,8618803.0004.800608622,00921,29219,97320,63020,523营业外收入336771991811702,2325,9352,8544,1533,291营业外支出12695105103应付票据及应付寒款8,54210,83311,59510,96311,5771,0902,9814.8956,1636842其他流动负债11,2354,52455245,5145,654所得税76748812241,5411,71113,08715,99411,2947,7944,2223222,4933,6724,6225,13212,16114,38710,4716,9263,231少数股东损益9140141197202其他非流动负债9261.6078238689913132,3533,5314.4264,93035,09537,28631,26728,42424,745EBITDA6,3819.65411,04410,9301835677079041,106EPS(元)0.070.490.740.931.03股本4,7724,77247724,7724,77212,36612,36612,36612,36612,3662021A2022A2023E2024E2025E21,13122,76725,24728,37031,83638,03339,33142.09945,80150.0110.822.14.83.71.673,31277,18474,07375,12975,861향业利润(%)-72.3241.060.026.811.3-88.4651.250.125.311.416.412.316.618.019.61.16.69.411.412.52021A2022A2023E2024E2025EROE(%)0.8910.07,424690010,1733,53312,294ROIC(%)66.98.7净利润3222,4934.6225,1324,5074,6914,2464,5583,93547.948.34237.832.687388-542-560净负债比率%)48.747.020.9-1.7-418-304-371-357-353流动比率1.1-6452,9434,6514,193速动比率1.01.11.21.4其他经营现金流2,7851,127-311-97-54-3.734657-3,096-1,5270.40.50.50.5资本支出3,7524,142-1,093-2,212-2,777应收寒款周转率2.82.93.03.02.9-1,416-247410-342-3722.82.82.8其他授资现金流-2,397162-2,160-5,6504,676-4.196-4,8686,795-3,358-3,6040.070.490.740.931.03-52-3,0812961411.561.452.130.74-7.4862,226-3,916-3,545-3,6957.978248.829.6010.4800000000P/E221.429.519.615.714.1其他筹资现金流3,342-10,797203-109-50P/B1.81.81.61.51.4-1,577-1,4452,721-2,9207,163EV/EBITDA12.99.47.86.85.9数据来源：聚源、开源证券研究所请务必参阅正文后面的信息被露和法律声明