申港证券SHENGANG SECURITIES绿的谐波(688017.SH)年报点评报告2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E44344661989815141525333032453050211229311438581642729209517591253营业税金及附加234应收账款627510314419996121823其他应收款14611管理费用1723243547预付款项1526262626研发费用41465783111179249322440617-18-21-2134-24其他流动资产13818181811320162257189112001580234822长期股权投资2759595959792022243313485327441144199101010无形资产1920212223营业外收入215199279411522000010000其他非流动资产3199900020842415453048255398所得税21719927941120633725933964127233247601521200207190156247364462应付账款8853128179239归属母公司净利润711226471016EBITDA189155245362460一年内到期的非流幼00000EPS(元)242193278401441441391391390999999992021A2022A2023E2024E2025E0000250481398479780营业收入增长104.77%0.54%38.77%45.16%33.24%-201营业利润增长129.10%-7.58%39.97%47.67%26.83%实收资本（减股本）120169169169169归属于母公司净利润增长58.02%-17.91%58.02%47.67%26.83%资本公积13711331330733073307未分配利润310372472618804毛利平(%)52.52%48.69%49.68%51.49%51.47%归属母公司股东权益18371936404342554525净利平(%)42.87%35.09%39.86%40.55%38.60%20842415445447495322总资产净利润(%)9.08%6.43%5.42%7.51%8.52%ROE(%)10.30%8.02%6.07%8.52%10.16%2021A2022A2023E2024E2025E46-8027024033012%20%9%10%15%净利润1901562474627.334.5312.859.564.764501822326.463.7911.608.273.80-182121-34-24应付怅款减少0-13-2841-560.230.200.180.200.24预收怅款增加0359753-170-596-460-877应付账款周转单6.396.346.845.845.7219202224长期股权投资减少0310001.570.921.462.152.73199101010每股净现金流（最新掉薄）0.60-0.248.10-1.99-262091692-11641每股净资产（最新掉薄）15.2611.4823.9825.24190.1700000长期借款增加0000PE71.28121.4576.8652.0441.030480007.339.744.674.434.17资本公积增加23919760053.1495.3460.777241-336-506敬请参阅最后一页免责声明2/4证券研究报告