1 指标2021A2022A2023E2024E2025E营业收入（百万元）5,9746,5377,8999,27810,501增速（%）20.56%9.43%20.83%17.46%13.19%归母净利润（百万元）7941,2881,3541,4411,561增速（%）2.92%62.18%5.14%6.45%8.27%每股收益（元）0.811.321.391.481.60市盈率（倍）20.0612.3711.7611.0510.21 Wind Wind Wind 2022 2022 2022 28.340.644.449.659.765.45.0%43.4%9.2%11.7%20.6%9.4%0%5%10%15%20%25%30%35%40%45%50%010203040506070201720182019202020212022营业总收入（亿元）增速1.343.045.007.727.9412.88-20.2%126.9%64.7%54.3%2.9%62.2%-40%-20%0%20%40%60%80%100%120%140%02468101214201720182019202020212022归母净利润（亿元）增速21.5%25.1%27.4%29.2%24.9%25.3%4.5%7.6%11.4%15.7%13.4%19.9%0%5%10%15%20%25%30%35%201720182019202020212022销售毛利率销售净利率27.5%31.1%31.1%31.7%32.0%24.8%25.9%29.2%20.6%22.8%15%20%25%30%35%20182019202020212022无缝管焊接管49.3%31.5%6.6%12.6%无缝管焊接管管件其他55.3%13.9%15.2%15.6%石油、化工、天然气电力设备制造其他机械制造其他不可分行业 Wind iFinD 2022Q42022Q32022Q22022Q12021Q42021Q32021Q22021Q1营业收入(百万元)17791773166613191481153316711289营业成本(百万元)1300132812491007115011221241972销售费用率4.35%4.73%4.03%4.37%4.04%4.16%2.43%4.37%管理费用率3.21%3.58%3.21%3.57%2.93%2.64%2.87%3.48%财务费用率0.26%-1.10%-0.18%-0.10%0.17%-0.27%0.42%-0.05%研发费用率6.02%3.79%4.27%4.46%6.51%3.57%3.48%4.13%投资净收益（百万元）1661611247547383121资产减值损失(百万元)5.62-4.88 -16.13 -7.54 10.660.48-24.41 -7.67 利润总额(百万元)430400342212189282275160所得税费用(百万元)132630185423917净利润（百万元）417374313194184239236143EPS（元）0.420.380.320.200.190.240.240.15毛利率26.90%25.10%25.05%23.64%22.32%26.82%25.73%24.63%期间费用率13.84%11.00%11.32%12.30%13.65%10.10%9.20%11.93%所得税率3.02%6.53%8.67%8.59%2.83%15.06%14.12%10.34%净利润率23.44%21.08%18.77%14.72%12.40%15.62%14.11%11.11%资产负债表利润表会计年度2020202120222023E2024E2025E会计年度2020202120222023E2024E2025E货币资金1243.301273.331980.792339.433055.853880.79营业收入4955.255973.836537.327899.029277.8510501.25应收票据及账款734.971207.021286.031601.441855.572100.25营业成本3507.614484.754884.525817.216800.727683.19预付账款102.7072.68100.19129.85152.51172.62税金及附加24.2028.0332.1338.7145.4651.46其他应收款49.3922.6211.4617.3120.3423.02销售费用247.58220.37286.08347.56417.50483.06存货1385.541490.161999.242071.882422.182736.48管理费用160.51176.65221.16268.57315.45357.04其他流动资产329.79105.0061.8380.5494.33106.56研发费用197.17262.69304.24371.25445.34504.06流动资产总计3845.694170.825439.546240.467600.779019.72财务费用56.954.90-19.29 9.67-2.82 -7.50 长期股权投资590.82659.301278.701628.701868.702068.70资产减值损失-30.65 -20.95 -22.94 -27.65 -32.47 -36.75 固定资产1510.542146.522513.482378.552293.512267.19信用减值损失15.12-24.32 -5.78 -7.90 -9.28 -10.50 在建工程568.68436.21185.57223.72245.19233.33其他经营损益-0.00 -0.00 -0.00 0.000.000.00无形资产253.24364.55372.84358.06363.27363.49投资收益63.09136.46526.39370.00260.00220.00长期待摊费用0.000.000.000.000.000.00公允价值变动损益32.45-25.46 -8.38 10.0010.0010.00其他非流动资产50.6651.4580.46105.05105.05105.05资产处置收益1.050.43-1.90 0.500.500.50非流动资产合计2973.943658.024431.054694.084875.735037.77其他收益61.2742.8073.9070.0070.0070.00资产总计6819.637828.849870.5910934.5412476.5014057.49营业利润903.58905.411389.771461.011554.941683.19短期借款83.54175.06393.620.000.000.00营业外收入0.933.041.091.001.001.00应付票据及账款658.421144.951280.501545.941844.582126.03营业外支出1.383.316.086.006.006.00其他流动负债875.28972.781249.681526.501791.182026.62其他非经营损益0.000.000.000.000.000.00流动负债合计1617.232292.792923.813072.443635.764152.66利润总额903.13905.131384.771456.011549.941678.19长期借款48.0640.05200.19157.29115.9075.57所得税127.51103.1087.0891.5897.49105.56其他非流动负债204.29234.90317.73317.73317.73317.73净利润775.62802.041297.701364.431452.451572.63非流动负债合计252.34274.95517.92475.02433.63393.30少数股东损益4.097.969.8510.3711.0411.95负债合计1869.582567.743441.723547.464069.404545.96归属母公司股东净利润771.53794.081287.851354.061441.411560.68股本964.55977.17977.17977.17977.17977.17EBITDA1175.841149.761645.381752.251855.472008.65资本公积1697.451788.471820.071820.071820.071820.07NOPLAT796.14831.681294.891368.341444.661560.45留存收益2142.972330.903420.884368.725377.716470.18EPS(元)0.790.811.321.391.481.60归属母公司权益4804.975096.556218.117165.958174.949267.42少数股东权益145.08164.55210.75221.12232.16244.11主要财务比率股东权益合计4950.055261.106428.877387.088407.119511.53会计年度2020202120222023E2024E2025E负债和股东权益合计6819.637828.849870.5910934.5412476.5014057.49成长能力营收增长率11.68% 20.56% 9.43% 20.83%17.46% 13.19% 现金流量表营业利润增长率52.78% 0.20% 53.50% 5.13%6.43% 8.25% 会计年度2020202120222023E2024E2025EEBIT增长率51.66% -5.21% 50.05% 7.34%5.56% 7.99% 税后经营利润775.62802.041297.70946.951138.061295.72EBITDA增长率38.39% -2.22% 43.11% 6.49%5.89% 8.26% 折旧与摊销215.76239.73279.90286.57308.35337.96归母净利润增长率54.29% 2.92% 62.18% 5.14%6.45% 8.27% 财务费用56.954.90-19.29 9.67-2.82 -7.50 经营现金流增长率118.78% -42.85% 30.93% 41.73%1.41% 13.03% 投资损失-63.09 -136.46 -526.39 -370.00 -260.00 -220.00 盈利能力营运资金变动343.77-239.24 -144.46 99.98-80.58 -77.11 毛利率29.21% 24.93% 25.28% 26.36%26.70% 26.84% 其他经营现金流-1.16 87.88106.11435.00325.00285.00净利率15.65% 13.43% 19.85% 17.27%15.66% 14.98% 经营性现金净流量1327.85758.84993.571408.171428.011614.07营业利润率18.23% 15.16% 21.26% 18.50%16.76% 16.03% 资本支出365.85707.57333.89200.00250.00300.00ROE16.06% 15.58% 20.71% 18.90%17.63% 16.84% 长期投资64.60197.10-7.38 0.000.000.00ROA11.31% 10.14% 13.05% 12.38%11.55% 11.10% 其他投资现金流-10.60 49.45-59.84 2.889.4011.91ROIC19.65% 19.51% 27.48% 24.28%24.34% 24.63% 投资性现