民生证券MINSHENG SECURITIES孩子王(301078)/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8,5209,99211,46312,615成长能力(%)营业成本5,9727.9368,697营业收入增长率-5.8417.2814.7210.04营业税金及附九加263139EBT增长率-35.3564.2539.0022.90销售费用1,815211824072,649净利润增长率-39.44132.5546.9424.85管理费用447500550580盈利能力(%)研发费用88100115126毛利率29.9130.4430.7731.06EBIT208341475583净利润率1.432.843.644.13财务费用88726556总资产收益率ROA1.553.404.745.54资产减值损失3211净资产收益率ROE4.128.7811.5312.72投资收益31606976偿债能力营业俐润160334484610流动比率1.571.571.591.60营业外收支-190-0速动比率1.131.111.18120利润总额141334485609现金比率0.700.720.810.85所得税21516889资产负债率(%)62.2961.2858.8756.49净利润120283417520经营效率归属于母公司净利润122284417521应收账款周转天数3.343.003.003.00EBITDA8861,1631,4741,660存货周转天数58.5153.0050.0047.00总资产周转率1.071.231.34139资产负债表（百万元）2022A2023E2024E2025E每股指标（元）212925182,879每股收益0.110.260.380.47应收账款及票据788091101每股净资产2.662.913.253.6894768796每股经营现金流0.561.251.341.629571,0111,0881,121每股股利0.000.030.040.05其他流动资产1,1531,3241,1671,176估值分析流动资产合计4,1414.6214,9525,373PE96412823长期股权投资1575144219PB4.03.62.9固定资产711764823892EV/EBITDA14.2810.578.006.81无形资产174193221248股息收益率(%)0.000.260.380.48非流动资产合计3,7163,7293,846资产合计78578,3508,7989.411短期借款0000现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1,1661,3711,4351,549净利润120283417520其他流动负债1,4711.6711.819折旧和摊销6788221.0001.077流动负债合计2,6372,9383,1063,368营运资金变动-21826755201长期借款396405405405经营活动现金流6191,3921.4901,805其他长期负债1,8611,7741.6681,543资本开支-242-434-470-509非流动负债合计2,2572,1792,0731,948投资332100负债合计4,8945,1175,1795,316投资活动现金流131.438-509股本1,112132000少数股东权益1091-200股东权益合计2,9633,2333,6194,094筹资活动现金流-332-684-800负债和股东权益合计7,8578,3508,7989,411现金净流量422270389361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