2023中报点评：量价齐升带动业绩快速增长，产线升级助力优化市场布局

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 随◆ ◆ ⚫ 利润表（百万元）2021A2022E2023E2024E 营业收入1903.182554.293254.394120.55 减:营业成本863.261191.011606.622007.28 营业税金及附加12.8216.3513.6721.43 销售费用420.65434.23539.25784.96 管理费用448.73523.89634.61758.18 财务费用9.97-14.82-19.25-33.23 资产减值损失-8.4210.0010.0010.00 加:投资收益16.5620.0015.0015.00 公允价值变动损益10.145.316.126.52 其他经营损益0.000.000.000.00 营业利润295.85418.95490.61593.45 加:其他非经营损益-4.22-47.50-38.00-23.00 利润总额291.63371.45452.61570.45 减:所得税1.951.672.172.86 净利润289.68369.78450.44567.59 减:少数股东损益-4.65-1.76-4.69-4.30 归属母公司股东净利润294.34371.54455.13571.89资产负债表（百万元）2021A2022E2023E2024E 货币资金1018.24957.121160.001480.38 应收和预付款项622.68700.56836.09973.42 存货377.11471.95657.18834.47 其他流动资产676.04662.58733.89807.56 长期股权投资21.4421.4421.4421.44 投资性房地产0.000.000.000.00 固定资产和在建工程334.25541.06658.42660.00 无形资产和开发支出186.61163.82141.03118.24 其他非流动资产160.00171.55182.39192.53 资产总计3396.373690.084390.445088.04 短期借款169.840.000.000.00 应付和预收款项466.33659.93877.701100.71 长期借款30.5130.5130.5130.51 其他负债493.43431.83562.41669.21 负债合计1160.111122.281470.631800.42 股本378.71533.72533.72533.72 资本公积1086.751086.751086.751086.75 留存收益767.971010.301302.331674.43 归属母公司股东权益2189.372522.672879.373251.48 少数股东权益46.8945.1340.4436.14 股东权益合计2236.252567.802919.823287.61 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38报表预测单位:百万元会计年度2020202120222023E2024E2025E利润表 营业收入159.02217.86282.08376.19460.81554.83 减: 营业成本118.33155.19193.40240.64294.78354.94 税金及附加1.151.061.121.501.842.21 主营业务利润39.5461.6087.56134.06164.20197.68 减: 销售费用5.598.139.4615.0517.5119.97 管理费用4.827.697.4715.0516.1316.65 研发费用12.0713.5217.0624.4529.0334.40 财务费用0.21-0.58 -3.63 -5.69 -8.01 -6.58 经营性利润16.8532.8457.1985.20109.53133.24 加: 资产减值损失-0.71 -1.79 -1.41 -1.88 -2.30 -2.77 信用减值损失-0.09 0.12-0.35 -0.16 -0.19 -0.23 其他经营损益-0.00 -0.00 0.000.000.000.00 投资收益2.250.990.150.000.000.00 公允价值变动损益0.000.010.410.000.000.00 资产处置收益0.000.000.000.000.000.00 其他收益12.538.5614.9712.0211.8512.95 营业利润30.8340.7370.9695.18118.89143.18 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入0.991.200.000.000.000.00 减: 营业外支出0.000.000.000.000.000.00 利润总额31.8241.9370.9695.18118.88143.18 减: 所得税3.894.657.5510.1212.6415.23 净利润27.9337.2863.4185.06106.24127.96 减: 少数股东损益0.000.000.000.000.000.00 归属母公司股东净利润27.9337.2863.4185.06106.24127.96资产负债表 货币资金133.52103.3688.46325.44256.82221.66 交易性金融资产0.0040.010.000.000.000.00 应收票据15.7318.8626.5841.2356.8176.00 应收账款18.1313.7924.6741.2356.8176.00 预付账款1.800.851.792.392.933.53 其他应收款0.000.000.030.040.050.06 存货40.7338.4896.43125.26157.49194.49 其他流动资产0.736.621.772.362.893.48 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0.000.000.000.000.000.00 固定资产和在建工程113.67208.23206.65219.36278.48301.41 无形资产和开发支出11.5511.277.3410.3811.6711.37 其他非流动资产0.540.7737.8937.8937.8937.89 资产总计336.41442.24491.62805.57861.83925.89 短期借款0.000.000.000.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据2.8249.1964.4580.2098.24118.29 应付账款12.2835.5626.0132.3639.6447.73 预收账款0.000.0011.0014.6717.9721.64 合同负债0.982.653.004.014.915.91 其他应付款4.707.478.7310.8613.3116.02 长期借款0.000.000.000.000.000.00 其他负债42.7567.2267.7275.1782.0289.55 负债合计63.53162.08180.91217.27256.08299.13 股本100.00100.00106.00146.25146.25146.25 资本公积58.1058.1072.23295.62295.62295.62 留存收益114.78122.06132.47146.44163.88184.89 归属母公司股东权益272.88280.16310.70588.30605.75626.76 少数股东权益0.000.000.000.000.000.00 股东权益合计272.88280.16310.70588.30605.75626.76 负债和股东权益合计336.41442.24491.62805.57861.83925.89 投入资本(IC)155.26158.57250.44300.48395.01460.58现金流量表 经营性现金净流量22.8423.7418.41113.25153.88188.98 投资性现金净流量89.64-70.83 6.27-74.50 -141.71 -123.77 筹资性现金净流量-10.13 -11.44 -52.42 198.24-80.79 -100.37 现金流量净额101.88-59.03 -26.66 236.98-68.63 -35.16