1 指标2020A2021A2022E2023E2024E营业收入（百万元）5321,1732,0292,8593,816增速（%）28.24%120.44%72.93%40.92%33.44%归母净利润（百万元）852795347911,024增速（%）225.92%227.01%91.72%48.02%29.42%每股收益（元）0.090.310.590.881.14市盈率（倍）429.35131.2968.4846.2735.75 iFinD iFinD 0%50%100%150%200%250%300%(2)0246810121420182019202020212022H1营业收入（亿元）归母净利润（亿元）营业收入同比增速（右轴）归母净利润同比增速（右轴）-20%-10%0%10%20%30%40%50%20182019202020212022H1毛利率净利率 02000400060008000100001200014000 iFinD 资产负债表利润表会计年度2019202020212022E2023E2024E会计年度2019202020212022E2023E2024E货币资金234.66148.22320.25811.681143.782095.80营业收入415.10532.311173.442029.192859.443815.57应收票据及账款62.4653.4718.8830.5841.6853.00营业成本308.91303.25685.101121.941597.502203.06预付账款4.775.8622.0850.5970.5183.52税金及附加5.589.1510.1410.9615.4420.60其他应收款0.141.495.056.6710.9710.66销售费用5.502.953.976.098.019.54存货38.3230.95153.55155.53190.39216.68管理费用61.0364.89118.27152.19211.60278.54其他流动资产4.1690.36172.91318.58380.31522.73研发费用11.2217.1859.12125.81180.15240.38流动资产总计344.51330.36692.722955.983419.974564.75财务费用18.8214.1826.5767.4449.7226.91长期股权投资0.000.000.000.000.000.00资产减值损失0.00-52.69 0.000.000.000.00固定资产593.33553.642129.532465.832902.572582.74信用减值损失-0.00 0.630.050.000.000.00在建工程93.291123.06566.271171.90910.85549.80其他经营损益-0.00 -0.00 0.002.303.102.60无形资产135.73130.44189.53241.28359.69444.77投资收益-0.63 -0.11 0.465.004.605.70长期待摊费用0.000.0017.5318.7712.5015.00公允价值变动损益0.000.000.003.503.002.89其他非流动资产1.8814.45128.66260.40280.70303.70资产处置收益-1.91 0.180.050.000.000.00非流动资产合计824.231821.593031.534158.174466.303896.01其他收益23.3315.6125.4725.0030.4034.20资产总计1168.732151.953724.257114.157886.288460.76营业利润24.8484.33296.29580.57838.141081.93短期借款72.0055.86575.77248.3151.400.00营业外收入1.491.940.700.500.300.20应付票据及账款109.09314.02539.13688.531067.041098.51营业外支出0.181.031.8418.005.003.50其他流动负债96.76167.91124.00257.09328.75396.79其他非经营损益0.000.000.000.000.000.00流动负债合计277.85537.791238.901193.931447.201495.31利润总额26.1585.23295.14563.07833.441078.63长期借款96.55469.191058.961064.69858.01439.33所得税0.000.0016.4228.7242.5155.01其他非流动负债122.97188.37191.08206.30220.00243.80净利润26.1585.23278.72534.35790.931023.62非流动负债合计219.52657.561250.031270.991078.01683.13少数股东损益0.000.000.000.000.000.00负债合计497.371195.352488.932464.922525.212178.43归属母公司股东净利润26.1585.23278.72534.35790.931023.62股本1014.99800.00800.00900.00900.00900.00EBITDA99.92149.29411.631155.611620.321928.84资本公积243.8550.6950.692883.692883.692883.69NOPLAT45.5698.33304.91612.35839.821049.57留存收益-587.48 105.91384.63865.551577.382498.64EPS(元)0.030.090.310.590.881.14归属母公司权益671.36956.591235.314649.235361.076282.33少数股东权益0.000.000.000.000.000.00主要财务比率股东权益合计671.36956.591235.314649.235361.076282.33会计年度2019202020212022E2023E2024E负债和股东权益合计1168.732151.953724.257114.157886.288460.76成长能力营收增长率34.79% 28.24% 120.44% 72.93% 40.92% 33.44% 现金流量表营业利润增长率200.54% 239.46% 251.36% 95.95% 44.36% 29.09% 会计年度2019202020212022E2023E2024EEBIT增长率3889.31% 121.08% 223.61% 95.98% 40.07% 25.18% 税后经营利润26.1585.23278.72519.17759.33986.15EBITDA增长率90.71% 49.41% 175.72% 180.74% 40.21% 19.04% 折旧与摊销54.9649.8889.92525.10737.16823.30归母净利润增长率206.83% 225.92% 227.01% 91.72% 48.02% 29.42% 财务费用18.8214.1826.5767.4449.7226.91经营现金流增长率310.78% 288.92% 28.92% 302.99% 55.93% -6.15% 投资损失0.630.11-0.46 -5.00 -4.60 -5.70 盈利能力营运资金变动-42.81 32.69-96.27 93.01318.28-93.25 毛利率25.58% 43.03% 41.62% 44.71% 44.13% 42.26% 其他经营现金流2.2551.242.3312.5030.3036.60净利率6.30% 16.01% 23.75% 26.33% 27.66% 26.83% 经营性现金净流量59.99233.32300.811212.221890.201774.00营业利润率5.98% 15.84% 25.25% 28.61% 29.31% 28.36% 资本支出84.32851.281161.291604.781011.30206.20ROE3.90% 8.91% 22.56% 11.49% 14.75% 16.29% 长期投资0.000.000.000.000.000.00ROA2.24% 3.96% 7.48% 7.51% 10.03% 12.10% 其他投资现金流18.00-65.14 -9.16 -1606.41 -14.40 -16.42 ROIC7.18% 12.75% 20.58% 21.34% 19.17% 22.39% 投资性现金净流量-66.32 -916.42 -1170.44 -3211.18 -1025.70 -222.62 估值倍数短期借款-181.20 -16.14 519.91-327.47 -196.90 -51.40 P/E1399.33429.35131.2968.4846.2735.75长期借款-39.98 372.64589.775.73-206.68 -418.68 P/S88.1668.7531.1918.0312.809.59普通股增加400.00-214.99 0.00100.000.000.00P/B54.5138.2529.627.876.835.82资本公积增加0.00-193.16 0.002833.000.000.00股息率0.00% 0.00% 0.00% 0.15% 0.22% 0.28% 其他筹资现金流24.45632.20-98.55 -120.88 -128.82 -129.27 EV/EBIT816.01373.38118.8357.6140.6731.55筹资性现金净流量203.27580.541011.132490.39-532.40 -599.36 EV/EBITDA367.22248.6392.8731.4322.1718.08现金流量净额197.00-102.54 141.55491.42332.10952.02EV/NOPLAT805.35377.50125.3859.3242.7733.23