民生证券INSHENG SECURITIES星网锐捷(002396)/通信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15,74119,44623,89828,661成长能力(%)营业成本9,98212,40815,31118,450营业收入增长率16.1823.5422.9019.93营业税金及附九加7688103118EBT增长率1.0251.7019.631329销售费用217925283,0593,611净利润增长率6.3733.8021.3015.41管理费用6637979801,175盈利能力(%)研发费用2,4763,0143,6804,385毛利率36.5836.1935.9335.63EBIT6761,0251,226净利润率3.663.963.913.76财务费用-37424033总资产收益率ROA3.994.624.904.96资产减值损失-90-100-108-119净资产收益率ROE9.4911.3512.2412.52投资收益42566060偿债能力7599421,1401,300流动此率2.042.052.072.09营业外收支4速动比率1.121.181.18利润总额7639431,1411,302现金比率0.780.840.830.85所得税-126-207-254-308资产负债率(%)39.8941.3441.8242.06净利润8891,1501,3951,610经营效率归属于母公司净利润5767719351,079应收账款周转天数39.0138.0037.0036.00EBITDA9721,3301,5711,780存货周转天数172.07160.00155.00150.00总资产周转率1231.251.34140资产负债表（百万元）2022A2023E2024E2025E每股指标（元）4,3255,4656,3667,531每股收益0.971.301.58182应收账款及票据1,715205324552862每股净资产10.2411.4512.8914.54113124122129每股经营现金流0.922.282.502.944,7065,3856,437每股股利0.100.140.170.20其他流动资产419354373396估值分析流动资产合计11,27813.38115,75318,425PE21161311长期股权投资223279339399PB2.01.8固定资产1.5041.4491,4421.431EV/EBITDA8.735.634.142.99无形资产143149146142股息收益率(%)0.500.690.840.97非流动资产合计3,1683,2913,3123,327资产合计14,44616,67219.06521,752短期借款667809809809现金流量表（百万元）2022A2023E2024E2025E应付账款及票据2,8563,3654,0694,802净利润8891,1501,3951,610其他流动负债2011235727493,207折旧和摊销296304345390流动负债合计5,5346,5328,819营运资金变动-563-172-400-410长期借款000经营活动现金流5431,3531,4821,745其他长期负债229360346331资本开支-434-219-276-300非流动负债合计229360346331投资-25000负债合计5,7636,8927,9739,149投资活动现金流-441-255-276-300股本5835935935932,1251000少数股东权益261229913.4523,983242138-580股东权益合计8,6839,78011,09212,602筹资活动现金流2,18342-280负债和股东权益合计14,44616,67219,06521,752现金净流量2,3131,1409011,165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