民生证券INSHENG SECURITIES视源股份(002841)/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20.99023,49926,39429,321成长能力(%)营业成本15,18317,00519,09321,262营业收入增长率-1.1111.9512.3211.09营业税金及附九加107117129141EBT增长率25.3322.2213.179.85销售费用1,3891.5511,7371923净利润增长率21.9810.0015.201136管理费用9881,1041,2351,363盈利能力(%)研发费用1,2811,4291,5991,759毛利率27.6727.6327.6627.49EBIT1,939237026822,946净利润率9.879.709.959.97财务费用-115-116-190-260总资产收益率ROA10.2910.0310.6210.75资产减值损失-179-184-198-210净资产收益率ROE17.3516.9117.1616.90投资收益224247264279偿债能力2,3262,5652.9553,290流动比率2.092.102.27241营业外收支-1-1-1速动比率0.810.931.10128利润总额2,3262,5642,9543,289现金比率0.640.770.941.12所得税205231266296资产负债率(%)39.5939.4636.7034.89净利润21212,3332,6882993经营效率归属于母公司净利润2,0722.2802.6262.925应收账款周转天数3.583.553.533.52EBITDA21532,6122973存货周转天数44.6544.0042.0040.00总资产周转率1.181.101.111.13资产负债表（百万元）2022A2023E2024E2025E每股指标（元）47426,5088.000每股收益2963.253.754.17应收账款及票据248262292323每股净资产17.0319.2321.8324.6850545964每股经营现金流3.373.084.214.761,8571,8651,9992,120每股股利1.051.151.321.47其他流动资产8,5388,9178,962估值分析流动资产合计15,43617,60719,29121,438PE21201715长期股权投资166166166166PB3.73.32.92.6固定资产1,83022932,7593,223EV/EBITDA19.4915.5713.101139无形资产396394389383股息收益率(%)1.661.812.092.32非流动资产合计4,7135,1335,4345,774资产合计20,14822,74027,212短期借款1,967236023602360现金流量表（百万元）2022A2023E2024E2025E应付账款及票据2,8803,1683,4263,670净利润2,1212,3332,6882,993其他流动负债2,53728732,7222875折旧和摊销214242291301流动负债合计7,3858,4018,5088,905营运资金变动94-409-736长期借款100100100100经营活动现金流2,3662,1582.9543,336其他长期负债493472466490资本开支-946-502-542-586非流动负债合计593572566590投资-40002900负债合计8,9739,0749,495投资活动现金流-4,878-278-308股本7017017017012,152000少数股东权益229283345414172489-2220股东权益合计12,17113,76815,65117,717筹资活动现金流2,126-389负债和股东权益合计20,14822,74024.72527,212现金净流量-2721,7661,4921,969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