民生证券INSHENG SECURITIES超讯通信(603322)/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2,0262,4552,8763,305成长能力(%)营业成本1,85821652,5192,871营业收入增长率36.5521.2017.1314.91营业税金及附加56EBT增长率24.42109.51460.8083.15销售费用35373540净利润增长率106.58322.7490.6747.86管理费用82838999盈利能力(%)研发费用67718193毛利率11.8412.4113.14EBIT-1121160109净利润率0.752.624.265.48财务费用32293033总资产收益率ROA0.702.664.595.86资产减值损失-35-36-35净资产收益率ROE6.6922.0429.5930.44投资收益8095109124偿债能力5955119184流动比率0.991.011.071.14营业外收支1516617速动比率0.740.770.830.91利润总额-4471136201现金比率0.180.250.270.35所得税21>10资产负债率(%)85.2684.0380.7177.19净利润-6568129191经营效率归属于母公司净利润1564122181应收账款周转天数146.00143.00140.00135.00EBITDA-903283136存货周转天数18.1517.0016.0015.00总资产周转率0.921.071.131.15资产负债表（百万元）2022A2023E2024E2025E每股指标（元）289457522753每股收益0.100.410.781.15应收账款及票据8188631.0001,120每股净资产1.441.852.623.7758657380每股经营现金流0.360.680.240.4692667483每股股利0.000.000.000.00其他流动资产338381396438估值分析流动资产合计1,59618322,0652,473PE364864531长期股权投资14141414PB24.419.013.49.3固定资产304885EV/EBITDA-63.51171.5165.3338.46无形资产16242120股息收益率(%)0.000.000.000.00非流动资产合计561583601618资产合计2,1572,6663,090短期借款131131196258现金流量表（百万元）2022A2023E2024E2025E应付账款及票据1,0571,2161,3871,534净利润-6568129191其他流动负债418465350375折旧和摊销22222327流动负债合计1,6051,8111,9332,166营运资金变动22-13-135-150长期借款212194194194经营活动现金流571083873其他长期负债21242625资本开支-27-136非流动负债合计234217220219投资37-600负债合计1,83920292,1522,385投资活动现金流2698133118股本1581581581580000少数股东权益9194101110-109-18-8862股东权益合计318385514705筹资活动现金流-18437-10640负债和股东权益合计2,1572.4142,6663,090现金净流量-10116865231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