民生证券INSHENG SECURITIES山煤国际(600546)/能源开米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46,39143,58944,85746,899成长能力(%)营业成本25,5912251222,35323,301营业收入增长率-3.46-6.042.914.55营业税金及附九加2242210621672,266EBT增长率29.803.687.774.94销售费用558524540564净利润增长率41386.858.865.13管理费用1,6011,5051,5481.619盈利能力(%)研发费用335315324339毛利率448448.3550.1750.32EBIT16,12716,72018,02018,910净利润率15.0517.1118.101820财务费用468197125103总资产收益率ROA15.4215.1114.2112.95资产减值损失-61-97净资产收益率ROE46.5041.4138.0034.54投资收益-112-26423偿债能力15,55416,45917,83818,741流动此率0.701.081.572.04营业外收支-434-302-250-250速动比率0.621.001.481.95利润总额15,12116,15717,58818,491现金比率0.500.871.35182所得税41264,4094,7995,046资产负债率(%)58.6647.3140.4535.86净利润10,99511,74812,78913,445经营效率归属于母公司净利润6,9817,4608,1208.537应收账款周转天数11.0911.0911.0911.09EBITDA17.91318,50919,34920,340存货周转天数14.4914.4914.4914.49总资产周转率1.020.920.840.76资产负债表（百万元）2022A2023E2024E2025E每股指标（元）10.25515,32323.45232559每股收益3.523.764.104.31应收账款及票据1,7951,7531.8041,886每股净资产7.579.0910.7812.47377332329343每股经营现金流6.816.967.368.031,016862869906每股股利2252.402.622.75其他流动资产760728742766估值分析流动资产合计18,99727,19636,460PE444长期股权投资635608604627PB2.01.7141.2固定资产14,90615,37215,72816023EV/EBITDA1.541.080.600.12无形资产5,9876,2946,4786,662股息收益率(%)14.5315.5316.9117.77非流动资产合计31,07430,35829,94529,472资产合计45,27649,35557,14165.931短期借款1,6391,5011,3761.274现金流量表（百万元）2022A2023E2024E2025E应付账款及票据4,2274,0213,9934,162净利润11,74812,78913,445其他流动负债14,52112,00212,00312476折旧和摊销17861,7891.3291.430流动负债合计20,38617,52517,37217,913营运资金变动91-336-48539长期借款3.4682,9002,799经营活动现金流13,49613,80114,58815,926其他长期负债27032,75328412933资本开支-1635-1,352-1,109非流动负债合计6,1725,8245,7415,732投资-19002000负债合计26,55823,34923,11223,645投资活动现金流-1,332.1.092-1,109股本1,9821,9820000少数股东权益3,7051266217,5704879-2616-296-202股东权益合计18,71826,00634,02942,286筹资活动现金流-11,7277,4015,710负债和股东权益合计45,27649,35557,14165,931现金净流量-1,7665,0688,1289,107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