1 ➢ ➢ Wind 指标2020A2021A2022E2023E2024E营业收入（百万元）2,4174,0807,3789,49111,520增速（%）42.46%68.78%80.83%28.63%21.39%归母净利润（百万元）2444538371,0811,341增速（%）55.84%85.32%84.76%29.10%24.13%每股收益（元）0.290.541.001.291.60市盈率（倍）127.2068.6437.1528.7823.18损益表（人民币百万元）资产负债表（人民币百万元）2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E营业总收入2,4174,0807,3789,49111,520货币资金7571,5002,7123,4884,234 增长率42.5%68.8%80.8%28.6%21.4%应收款项8761,6171,8673,1423,642营业成本-1,843-3,165-5,748-7,421-8,996存货9251,3241,3902,3201,928 %销售收入76.2%77.6%77.9%78.2%78.1%其他流动资产202124194197272毛利5759151,6302,0702,524流动资产2,7604,5656,1629,14810,076 %销售收入23.8%22.4%22.1%21.8%21.9% %总资产78.4%75.4%77.2%80.4%79.5%营业税金及附加-9-15-26-32-40长期投资113333 %销售收入0.4%0.4%0.4%0.3%0.4%固定资产5156848611,0651,245营业费用-17-25-52-72-86 %总资产14.6%11.3%10.8%9.4%9.8% %销售收入0.7%0.6%0.7%0.8%0.8%无形资产84197210222233管理费用-95-145-516-664-806非流动资产7611,4861,8222,2322,593 %销售收入3.9%3.6%7.0%7.0%7.0% %总资产21.6%24.6%22.8%19.6%20.5%息税前利润（EBIT）4537301,0361,3011,591资产总计3,5206,0517,98311,37912,669 %销售收入18.7%17.9%14.0%13.7%13.8%短期借款2671,1281,4791,7552,068财务费用-77-81-90-80-75应付款项7221,1161,5742,4792,537 %销售收入3.2%2.0%1.2%0.8%0.7%其他流动负债282324177211247资产减值损失-5-7000流动负债1,2712,5683,2304,4454,852公允价值变动收益15000长期贷款267412412412214投资收益415000其他长期负债414105788088 %税前利润1.4%2.8%0.0%0.0%0.0%负债1,9533,0843,7194,9375,153营业利润2825139461,2211,516普通股股东权益1,5672,9654,2636,4417,514 营业利润率11.6%12.6%12.8%12.9%13.2%少数股东权益01111营业外收支-30000负债股东权益合计3,5206,0517,98311,37912,669税前利润2795129461,2211,516 利润率11.5%12.6%12.8%12.9%13.2%比率分析所得税-34-58-109-140-1742020A2021A2022E2023E2024E 所得税率12.2%11.4%11.5%11.5%11.5%每股指标净利润2454548371,0811,341每股收益(元)0.290.541.001.291.60少数股东损益01000每股净资产(元)1.873.555.107.708.98归属于母公司的净利润2444538371,0811,341每股经营现金净流(元)0.190.121.35-0.041.69 净利率10.1%11.1%11.3%11.4%11.6%每股股利(元)0.100.100.200.260.32回报率现金流量表（人民币百万元）净资产收益率15.60%15.28%19.63%16.78%17.85%2020A2021A2022E2023E2024E总资产收益率6.95%7.50%10.49%9.50%10.59%净利润2454548371,0811,341投入资本收益率23.14%29.51%30.78%33.88%27.70%加:折旧和摊销567780104129增长率 资产减值准备127000营业总收入增长率42.46%68.78%80.83%28.63%21.39% 公允价值变动损失-1-5000EBIT增长率62.72%63.36%36.90%25.63%22.26% 财务费用7275908075净利润增长率55.84%85.32%84.76%29.10%24.13% 投资收益-4-15000总资产增长率24.56%71.88%31.94%42.54%11.33% 少数股东损益01000资产管理能力 营运资金的变动-296-544124-1,302-132应收账款周转天数109.087.965.075.086.0经营活动现金净流1561021,131-371,414存货周转天数116.399.266.270.466.4固定资本投资-140-476-500-480-450应付账款周转天数59.156.342.552.057.0投资活动现金净流-208-653-520-500-470固定资产周转天数67.052.937.736.536.1股利分配-86-86-167-216-268偿债能力其他881,3047681,52971净负债/股东权益-26.83%-31.87%-34.98%-30.14%-29.05%筹资活动现金净流21,2186011,313-198EBIT利息保障倍数6.09.311.516.221.1现金净流量-506671,212776746资产负债率55.47%50.98%46.58%43.39%40.68%