民生证券INSHENG SECURITIES保利发展(600048)/地产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281,108293.418312.565338,343成长能力(%)营业成本219,228228.927243,675259,823营业收入增长率-1.374.386.538.25营业税金及附九加13,12113,70014,59415,798EBT增长率-26.016.037.041834销售费用7,5307,8628,3759,066净利润增长率-33.0119.191.9919.18管理费用4,7444,9545,2775,712盈利能力(%)研发费用1,2381,2931,3781,491毛利率21.9921.9822.0423.21EBIT34,47736,55639,13046,306净利润率6.537.457.147.86财务费用3,6863,2684,8574,380总资产收益率ROA1.251.511.461.65资产减值损失-1,156000净资产收益率ROE9.3510.249.6910.58投资收益4,2016,1625,9396,090偿债能力34,69339.44940,21248,017流动此率1.541.601.591.58营业外收支607641677714速动比率0.400.340.360.39利润总额35,30140,09040,88948,731现金比率0.210.120.150.17所得税8,2909,4149,60211,443资产负债率(%)78.0975.9775.4574.78净利润27,01130,67631,28737,288经营效率归属于母公司净利润18.34721,86722,30326,580应收账款周转天数5.255.255.255.25EBITDA36,77539.08142,07849,389存货周转天数1461.631462.001.420.001,370.00总资产周转率0.200.200.210.22资产负债表（百万元）2022A2023E2024E2025E每股指标（元）176,53798,580122,228155911每股收益1.531.831.86222应收账款及票据4,054409543624,722每股净资产16.4017.8319.2320.9822.55623,5542507226,733每股经营现金流0.621.373.304.19877,893916.960947996975,227每股股利0.000.460.470.56其他流动资产219,360226,319237,064251,530流动资产合计1,300,4011,269,5081,336,7221,414,122PE986长期股权投资106,250112.604119019125,801PB0.90.80.70.7固定资产10,14711,3871253313,397EV/EBITDA10.319.708.446.51无形资产371366361355股息收益率(%)0.003.283.343.98非流动资产合计170,064179,441186,434194,082资产合计1,470,4641,448,9491,523,1561,608,204短期借款1,1971,1971,1971,197现金流量表（百万元）2022A2023E2024E2025E应付账款及票据162,704168,188179,024190,887净利润30,67631,28737,288其他流动负债678,379623,222661,028702.659折旧和摊销2,298252529473,082流动负债合计842,280792,607841,249894,744营运资金变动-21,751-16,9189,631长期借款242482242482242482242482经营活动现金流742216,40639,52450,168其他长期负债63.51065,6436546465,383资本开支-106-4907-2848-3,233非流动负债合计305,992308,125307.946307,865投资-4475000负债合计1,148,2731,100,7331,149,1951,202,609投资活动现金流637-5,099-3325-3,925股本11,97011,97011,97011,9702,674000少数股东权益125.927134,736143,720154,42837,197-77,814-179-81股东权益合计322,192348,217373.961405,595筹资活动现金流-3,015-89,264-12,551-12,560负债和股东权益合计1,470,4641,448,9491,523,1561,608,204现金净流量5,182-77.95723,64833,683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