创新产品销售放量，国际化战略稳步推进

1 ◆ ◆ ◆ ◆ ◆ ◆ 利润表（百万元）2021A2022E2023E2024E营业收入39005.0945981.3452924.3360860.34营业成本20228.2724264.5728327.9433174.53营业税金及附加234.46317.77352.18403.66销售费用9098.8912966.7414818.8116432.29管理费用3215.833816.454339.794990.55财务费用464.061033.38908.38724.78资产减值损失-829.870.000.000.00投资收益4623.833400.003600.003800.00公允价值变动损益352.30310.18368.96346.59其他经营损益0.000.000.000.00营业利润6313.747242.608096.199231.11其他非经营损益-259.90-139.02-163.36-171.33利润总额6053.847103.587932.839059.78所得税1066.401204.061344.611535.63净利润4987.445899.536588.227524.14少数股东损益252.17398.30410.67467.24归属母公司股东净利润4735.275501.236177.547056.91资产负债表（百万元）2021A2022E2023E2024E货币资金10308.1613455.8517320.8822136.69应收和预付款项8606.479878.5411566.9613327.68存货5472.327836.839000.6810384.28其他流动资产6037.695085.365212.845358.56长期股权投资22683.7122683.7122683.7122683.71投资性房地产0.000.000.000.00固定资产和在建工程12534.8911409.2310169.148929.21无形资产和开发支出22833.1521961.4221089.7020217.98其他非流动资产4817.414722.364627.324532.27资产总计93293.7997033.30101671.23107570.38短期借款9420.139000.004000.001000.00应付和预收款项7087.028322.729797.6411434.46长期借款6694.186694.186694.186694.18其他负债21716.8918794.6622026.0823624.52负债合计44918.2342811.5742517.9042753.16股本2562.902669.662669.662669.66资本公积14029.0214029.0214029.0214029.02留存收益23865.8627941.1432462.0837658.71归属母公司股东权益39191.9544639.8249160.7554357.39少数股东权益9183.629581.919992.5910459.82股东权益合计48375.5654221.7359153.3464817.21负债和股东权益合计93293.7997033.30101671.23107570.38现金流量表（百万元）2021A2022E2023E2024E净利润4987.445899.536588.227524.14折旧与摊销1791.662092.582206.852206.86财务费用464.061033.38908.38724.78资产减值损失-829.870.000.000.00经营营运资本变动2077.84-1405.69-280.35-55.72其他-4542.38-3736.61-3962.04-4145.65经营活动现金流净额3948.753883.185461.066254.42资本支出-3474.11-0.150.00-0.15其他-382.883899.013968.964146.59投资活动现金流净额-3856.993898.863968.964146.44短期借款1504.15-420.13-5000.00-3000.00长期借款-451.700.000.000.00股权融资-1103.60106.760.000.00支付股利-1103.00-1425.95-1656.61-1860.27其他322.88-2895.041091.62-724.78筹资活动现金流净额-831.28-4634.36-5564.99-5585.05现金流量净额-874.233147.693865.044815.81