1 ◆ ◆ wind ◆ ◆ wind ◆ ➢ 72.88137.05 141.61 146.33 148.27 25.32 25.49 29.27 29.65 81.53%82.00%80.00%80.00% 130.81 189.67 246.57 369.86 42.77 58.80 76.44 114.66 67.30%69.00%69.00%69.00% 36.20 90.49 162.88 260.61 12.36 33.48 65.15 104.24 65.86%63.00%60.00%60.00% wind wind wind wind 资料来源：ifind，中航证券研究所 报表预测单位:百万元会计年度2019202020212022E2023E2024E利润表 营业收入270.11278.58308.30426.02560.03782.99 减: 营业成本95.8075.5584.17122.02175.11252.81 税金及附加3.293.801.474.345.717.98 主营业务利润171.01199.23222.67299.66379.22522.21 减: 销售费用24.9427.9837.4144.6158.6481.98 管理费用36.6938.0050.1261.7581.17113.48 研发费用56.6763.6251.7386.06113.12158.16 财务费用17.285.419.4716.224.88-0.67 经营性利润35.4364.2173.9391.03121.41169.25 加: 资产减值损失-5.39 -7.84 -8.86 -10.91 -14.34 -20.05 信用减值损失-12.50 -18.09 -12.06 -21.35 -28.07 -39.24 其他经营损益0.000.000.000.000.000.00 投资收益0.000.130.000.040.040.04 公允价值变动损益0.000.000.000.000.000.00 资产处置收益-0.01 0.00-0.09 -0.03 -0.03 -0.03 其他收益11.1541.2030.7727.7027.7027.70 营业利润28.6879.6183.7086.49106.72137.68 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.180.040.140.120.120.12 减: 营业外支出0.241.010.860.700.700.70 利润总额28.6278.6482.9885.91106.13137.09 减: 所得税2.875.881.815.646.968.99 净利润25.7572.7681.1680.2799.17128.10 减: 少数股东损益-2.14 1.661.89-0.99 -1.22 -1.57 归属母公司股东净利润27.8971.1079.2781.26100.39129.68资产负债表 货币资金124.42128.0594.942,091.852,118.502,116.01 交易性金融资产0.000.000.000.000.000.00 应收票据46.0735.2638.7760.0578.94110.37 应收账款279.73371.07372.17507.65667.33933.01 预付账款1.995.559.018.0310.5614.76 其他应收款5.304.964.527.409.7313.60 存货60.7464.9284.72101.67145.90210.65 其他流动资产16.5134.5842.7746.0060.4784.55 长期股权投资0.000.000.000.000.000.00 金融资产投资0.000.000.000.000.000.00 投资性房地产1.160.869.648.367.085.80 固定资产和在建工程108.48388.70633.68541.33447.60352.48 无形资产和开发支出105.95101.5497.7081.4265.1448.85 其他非流动资产34.4132.6043.5343.3143.0843.08 资产总计784.751,168.091,431.443,497.073,654.323,933.15 短期借款105.21102.3889.490.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据6.673.660.004.806.899.95 应付账款105.08182.59198.99239.07343.08495.31 预收账款12.770.530.327.139.3713.10 合同负债0.0013.2711.6212.1215.9322.27 其他应付款48.0656.9056.6278.40112.51162.44 长期借款0.00240.00435.22311.14194.0083.96 其他负债90.8979.9369.1898.12127.09172.57 负债合计368.68679.25861.45750.78808.86959.59 股本114.17114.17114.17152.23152.23152.23 资本公积584.69584.69584.692,642.652,642.652,642.65 留存收益-283.55 -212.45 -133.18 -51.92 48.47178.15 归属母公司股东权益415.31486.41565.682,742.962,843.352,973.02 少数股东权益0.772.424.323.332.110.54 股东权益合计416.07488.83569.992,746.292,845.462,973.56 负债和股东权益合计784.751,168.091,431.443,497.073,654.323,933.15 投入资本(IC)423.88731.021,030.601,008.18976.961,019.81现金流量表 经营性现金净流量-15.30 -8.32 68.11132.45150.44108.65 投资性现金净流量-70.36 -209.56 -272.16 998.23-1.77 -1.77 筹资性现金净流量178.01216.43152.30866.23-122.02 -109.37 现金流量净额92.35-1.46 -51.75 1,996.9226.64-2.49