费用拖累整体业绩表现，研发项目进展顺利

1 ◆ ◆ ◆ 利润表（百万元）2021A2022E2023E2024E营业收入7951.968720.029553.4310532.84营业成本2677.533203.873594.803986.88营业税金及附加116.9694.02105.85120.26销售费用2906.473174.093467.903812.89管理费用432.09462.16496.78526.64财务费用39.4262.4658.0855.82资产减值损失-267.48100.00100.00100.00投资收益1757.9650.0050.0050.00公允价值变动损益-79.88-79.88-79.88-79.88其他经营损益0.000.000.000.00营业利润2732.951543.541650.151850.47其他非经营损益-9.41-7.43-7.36-7.72利润总额2723.541536.111642.791842.75所得税315.92291.63305.17331.07净利润2407.621244.481337.631511.68少数股东损益48.75-0.761.255.50归属母公司股东净利润2358.861245.241336.381506.18资产负债表（百万元）2021A2022E2023E2024E货币资金2303.894692.715914.167037.31应收和预付款项1366.391940.071890.102127.56存货1547.881209.421472.651703.49其他流动资产4031.151534.291538.771544.03长期股权投资483.57483.57483.57483.57投资性房地产0.000.000.000.00固定资产和在建工程3850.113419.092982.612546.28无形资产和开发支出1792.621733.751674.881616.01其他非流动资产1165.961157.511149.051140.60资产总计16541.5616170.4117105.7918198.84短期借款177.9496.0086.0072.00应付和预收款项1119.581082.021229.381396.66长期借款1034.401034.401034.401034.40其他负债895.92419.14427.80444.27负债合计3227.842631.562777.572947.33股本1512.671499.701499.701499.70资本公积1530.231530.231530.231530.23留存收益10221.7510428.4111216.5212134.31归属母公司股东权益12981.1613207.0513995.1614912.95少数股东权益332.56331.80333.05338.56股东权益合计13313.7213538.8514328.2115251.51负债和股东权益合计16541.5616170.4117105.7918198.84现金流量表（百万元）2021A2022E2023E2024E净利润2407.621244.481337.631511.68折旧与摊销420.31498.49503.80503.81财务费用39.4262.4658.0855.82资产减值损失-267.48100.00100.00100.00经营营运资本变动1961.232148.50-61.86-290.00其他-1759.94-71.73-69.98-69.93经营活动现金流净额2801.163982.201867.661811.39资本支出-132.65-0.150.00-0.15其他89.81-29.88-29.88-29.88投资活动现金流净额-42.83-30.03-29.88-30.03短期借款-459.37-81.94-10.00-14.00长期借款14.380.000.000.00股权融资-790.93-12.970.000.00支付股利-495.72-1038.58-548.26-588.39其他-751.66-429.88-58.08-55.82筹资活动现金流净额-2483.29-1563.36-616.34-658.21现金流量净额276.972388.821221.451123.15