民生证券MINSHENG SECURITIES中国中免(601888)/商业零售及社会服务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54,43392,536122,147146.577成长能力(%)营业成本38,98261,07480,00695,275营业收入增长率-19.5770.0032.0020.00营业税金及附九加1,21520363,0543,664EBT增长率-47.47150.0132.002174销售费用4,0326,8949,22211,067净利润增长率4789140.2735.6023.29管理费用22093,4245,863盈利能力(%)研发费用39000毛利率28.3934.0034.5035.00EBIT7.66819,17125,30530,806净利润率9.2413.0613.4213.79财务费用220-70-86-376总资产收益率ROA6.6312.5815.3815.81资产减值损失-591-904-526-522净资产收益率ROE10.3620.4822.9523.43投资收益16293122147偿债能力7.61918.43024,98830,807流动此率3.273.054.365.05营业外收支3速动比率1.601.202.943.70利润总额7.61718,42524,98530,804现金比率1.541.152.863.61所得税1,4293,6854,9976,161资产负债率(%)28.6930.0421.9319.83净利润6,18814,74019,98824,643经营效率归属于母公司净利润5,03012.08716,39020.207应收账款周转天数1.010.600.600.60EBITDA9,10520,86127,20231,883存货周转天数261.48270.00120.00100.00总资产周转率0.831.081.21125资产负债表（百万元）2022A2023E2024E2025E每股指标（元）26,8922853555,11873,161每股收益2.435.847.929.77应收账款及票据151122161193每股净资产23.4828.5234.5241.68398489640762每股经营现金流-1.653.7016.5712.7727.92644,27425,77725,581每股股利0.801.922.613.21其他流动资产1,838211624482,702估值分析流动资产合计57,20575,53584,144102,398PE75312319长期股权投资1,9702,0632,1852,331PB7.86.45.34.4固定资产5,4348,00110,52313.043EV/EBITDA39.4317.1012.159.83无形资产2,4582,45724552453股息收益率(%)0.441.051.421.75非流动资产合计18,70220,54222,45825,424资产合计75,90896,077106,601127.823短期借款1,93221322,3822582现金流量表（百万元）2022A2023E2024E2025E应付账款及票据7,6798,7015,4805,221净利润6,18814,74019,98824,643其他流动负债13,92411.44012462折旧和摊销14371.6901,8971.077流动负债合计17,4802475719,30220,265营运资金变动-11636-9.86911,703-19长期借款2509250925092509经营活动现金流7,66034,29126,413其他长期负债1,7911,5991,5662,574资本开支-2,991-2577-2635-2810非流动负债合计4,3004,1084,0755,083投资-875000负债合计21,78028,86523,37825,348投资活动现金流-3,807.2577-2,635股本2,0692,0692,0692,06916,121000少数股东权益5,5548,20711,80516,2414,010-475250200股东权益合计54,12767,21283,224102,474筹资活动现金流15,455-50725.560负债和股东权益合计75,90896,077106,601127,823现金净流量9,10626,58318,043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