民生证券MINSHENG SECURITIES王府井(600859)/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10,80014,08117,73923,308成长能力(%)营业成本6,6658,61710,86714,508营业收入增长率-15.3230.3825.983139营业税金及附九加276366461606EBT增长率-72.17169.5853.2537.39销售费用1,7011,95321942,615净利润增长率-85.45421.3357.274185管理费用1,5601.6622447盈利能力(%)研发费用0000毛利率38.2838.8038.7437.75EBIT5531,49122853,139净利润率1807.229.019.73财务费用26221517465总资产收益率ROA0.542.623.905.05资产减值损失-69-24-28-35净资产收益率ROE1.025.067.499.83投资收益300200200200偿债能力营业俐润5391,4522,2833,238流动此率1.621.621.581.58营业外收支6000速动比率1351.371.37135利润总额53314522,2833,238现金比率1.291.321.32130所得税397435685972资产负债率(%)44.9046.1245.9046.82净利润1371,0161,5982,267经营效率归属于母公司净利润1951,5982,267应收账款周转天数12937.607.207.00EBITDA24633,6354,6815,350存货周转天数90.7384.0078.0074.00总资产周转率0.290.380.450.54资产负债表（百万元）2022A2023E2024E2025E每股指标（元）9,9971253016,49619,324每股收益0.170.901.412.00应收账款及票据383292348445每股净资产16.8617.7018.812033182172217290每股经营现金流1.454.394.235.341,6571,9592,2942,906每股股利0.100.300.480.68其他流动资产415458423445估值分析流动资产合计12.63315.41219,77923.410PE143271712长期股权投资1,8731,8831,9031,993PB1.51.4131.2固定资产8,2088,2988,3748,449EV/EBITDA10.956.654.263.18无形资产1,1431,1441,1431,142股息收益率(%)0.411.231.942.75非流动资产合计23,55923,36521,16121,476资产合计36,19238.77740.94044,886短期借款197000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据2,0983,1873,4244,174净利润1371,0161,5982,267其他流动负债5,4836,31910,668折旧和摊销1910214423972211流动负债合计7,7789,50612,51814,841营运资金变动-7821.6546861,508长期借款738738638538经营活动现金流1,64149784,7996,064其他长期负债7,7337.6405,6385,634资本开支-728-1,930-164-2417非流动负债合计8,4718,3786,2766,172投资-550-109-19负债合计16,24917,88418,79321,014投资活动现金流-1,488-1,75039股本1,1351,1351,13571000少数股东权益801801801801-2840-290-240-128股东权益合计19,94320,89322,14723,872筹资活动现金流-4,852-695-873-910负债和股东权益合计36,19238,77740.94044,886现金净流量-4,6832,5333,9662,829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