民生证券INSHENG SECURITIES平治信息(300571)/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3,5563,4733.9054,308成长能力(%)营业成本3,1863,1253,509营业收入增长率-1.25-2.3612.4710.32营业税金及附加44EBT增长率-38.8717.7614.64销售费用27272931净利润增长率49.74-15.0232.6122.79管理费用66636873盈利能力(%)研发费用53515763毛利率10.4210.0210.1510.29EBIT200205241276净利润率3.443.003.533.93财务费用72817980总资产收益率ROA3.042.553.243.77资产减值损失-19-18-20-22净资产收益率ROE7.596.087.498.46投资收益222偿债能力127108144177流动比率1.611.671.721.75营业外收支333速动比率1381.461.491.52利润总额130111147180现金比率0.220.340.270.24所得税8813资产负债率(%)60.0958.2756.9755.70净利润121103137168经营效率归属于母公司净利润122104138169应收账款周转天数246.05240.00238.00235.00EBITDA240248292312存货周转天数44.2643.0042.0041.00总资产周转率0.870.860.940.98资产负债表（百万元）2022A2023E2024E2025E每股指标（元）484735605558每股收益0.880.750.99121应收账款及票据24852,35726272858每股净资产11.5712.2613.2014.3572727985每股经营现金流-1.142.680.330.66386350384412每股股利0.000.050.060.08其他流动资产12498101102估值分析流动资产合计3,5513,6123,7964,016PE40473629长期股权投资120122124126PB3.12.92.72.5固定资产5581106130EV/EBITDA24.0122.1819.1618.06无形资产504261股息收益率(%)0.000.130.180.22非流动资产合计478471466483资产合计4,0294,0824,2614,499短期借款976976976976现金流量表（百万元）2022A2023E2024E2025E应付账款及票据724711778834净利润121103137168其他流动负债508478457479折旧和摊销395136流动负债合计2,2082,1652,2112,289营运资金变动-413119-249-221长期借款212211211211经营活动现金流.1593744692其他长期负债资本开支-105-32-38-47非流动负债合计213214216216投资-3000负债合计2,4212,3792,4282,506投资活动现金流-108-3847股本1401401401400000少数股东权益69-10275-490股东权益合计1,6081,7041,8341,993筹资活动现金流3-92负债和股东权益合计4,0294,0824,2614,499现金净流量-270251.13147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