民生证券INSHENG SECURITIES大北农(002385)/农业公司财务报表数据预测汇总利润表百万元)2022A2023E2024E2025E主要财务指标2022A2023E2024E2025E营业总收入32,39737.20543,47551,078成长能力(%)营业成本28,16432,36636,63343478营业收入增长率34114.8416.8517.49营业税金及附肋加687166EBT增长率260.3036.69175.386.61销售费用1,1151,1531,3481430净利润增长率112.63380.96417.5811.61管理费用1,6862,06524352809盈利能力(%)研发费用6427448701022毛利率13.0613.0115.7414.88EBIT5497512,0672,203净利润率0.170.723.183.02财务用405454453453总资产收益率ROA0.180.834.144.26资产减植损失-137-158-181-214净资产收益率ROE0.522.4711.5411.58投资收益256186217255偿债能力营业利润3763621,6941,8430.930.951.041.12营业外收支-59-10-39-36速动比率0.540.550.570.62利润总额3183521,6561,807现金比率0.430.450.460.50所得税390资产负债率(%)58.2859.4156.6555.84净利润3143341716经营效率归属于母公司净利润562671,3841,545应收账款周转天数11.0210.8410.8410.84EBIT DA1,9263,3773,619存货周转天数619159.4760.0060.00总资产周转率1.121.171.321.46资产负债表（百万元）2022A2023E2024E2025E每股指标（元）货币资金5,7716,5187,692每股收益0.010.060.330.37应收款及票据9789011.0591244每股净资产2.602.612.903.22预付款项414520589699每股经营现金流0.350.600.750.78存货4,7775,1155,8416,933每股股利0.050.050.050.05其他流动资产690572640724估值分析流动资产合计12.62913,62614.63417,291PE523109长期股权投资2,23224182,6352891PB2.72.72.2固定资产10,47210,59110,64110,684EV/EBITDA20.6517.659.718.73无形资产1,6301,7281,8171905股息收益率(%)0.710.710.710.71流动资产合计18,54518,75118,83318,983资产合计31,17432.37633,46636274短期借款6,4426,4426,4426,442现金流量表（百万元）2022A2023E2024E2025E应付款及票据3,2063,7244,3165,122净利润3143341,5731,716其他流动负债3,89942143,3503,8451,1241,1751,3101.416流动负债合计13,54614,38114,10815,409营运资金变动-525306-487-656长期借款28813,1483,1483,148经营活动现金流1,4322,4823,1183,224其他长期负债1,7401,7061,7031,700资本开支-1,530-995-1,050-1,172非流动负债合计4,8534,8504847投资-1,666-600负债合计18,16819,23418,95820,257投资活动现金流-3,139-1,032股本4,14141414,1414,14177000少数股东权益22542,32125102,6811,173159-1.2200股东权益合计13,00713,14214,50816,018筹资活动现金流1,612703-864负债和股东权益合计31,17432,37633.46636274现金净流量-957471,188资料来源：公司公告、民生证券研究院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2