民生证券INSHENG SECURITIES亨通光电(600487/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46,46452,82759,25765,690成长能力(%)营业成本39,87945,02150,26055,483营业收入增长率12.5813.7012.1710.86营业税金及附九加176201219236EBT增长率-8.0034.3320.8117.80销售费用1,2201.3741.5291,682净利润增长率10.2540.6725.742137管理费用1,4231.5851,7781,971盈利能力(%)研发费用1,6481,84920742,299毛利率14.1714.7815.1815.54EBIT21512,8893,4914,112净利润率3.414.224.735.17财务费用346483464438总资产收益率ROA2.843.824.485.04资产减值损失-113-108-120-132净资产收益率ROE6.688.639.8710.81投资收益83858992偿债能力2,3943,0073,648流动此率1.571.791.85192营业外收支12-12-13-13速动比率1.161.311.36142利润总额1,6862,3822,9943,634现金比率0.400.420.450.49所得税95143180218资产负债率(%)51.6850.2449.5148.51净利润1,5912,2392,8153,416经营效率归属于母公司净利润1,5842.2272.8013,399应收账款周转天数114.61113.00111.00109.00EBITDA4,3665,1765,938存货周转天数43.9343.8043.6043.40总资产周转率0.860.930.981.01资产负债表（百万元）2022A2023E2024E2025E每股指标（元）9.43110,79412,780每股收益0.640.901.14138应收账款及票据16,87218,68422,340每股净资产9.6110.4711.5012.751,6261.82320102,192每股经营现金流0.351.211.531864,8005,2945,8846,465每股股利0.080.100.130.16其他流动资产4,8575,1495,4945,815估值分析流动资产合计37,83540,38344,73749.591PE221613长期股权投资1,8401.9252,0142,106PB1.51.413固定资产8,2168,9139,60010,282EV/EBITDA10.978.707.075.83无形资产2,1272,1372,0721,999股息收益率(%)0.560.710.891.08非流动资产合计17,84217,96817,84817800资产合计55,67758,35162,58667,390短期借款5,4915,4915,491现金流量表（百万元）2022A2023E2024E2025E应付账款及票据10,30711,55712,80614,030净利润1,5912,2392,8153,416其他流动负债5,9176,351折旧和摊销13741.4771.6851.825流动负债合计24,07122,50624,21425,872营运资金变动-2,791-1.532-1,498长期借款6,2856,2856,285经营活动现金流8552,9873,7784,590其他长期负债529523488534资本开支-2,565-1,288-1,371-1,543非流动负债合计4,7026,8096,7736,820投资-23800负债合计28,77429,31530.98732,692投资活动现金流-2,768-1,386股本2,46724672467246726000少数股东权益3,2043,2153,2293,2462872-96300股东权益合计26,90329,03631,59934,698筹资活动现金流1,789-1,849负债和股东权益合计55,67758,35162.58667,390现金净流量-581,3631,985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