盈利能力快速提升，看好小功率与氢能板块持续放量

1 ◆ ◆ ◆ ◆ ◆ ◆ 资产负债表利润表会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金378569504638792营业收入248375571732938应收票据及账款160248379446520营业成本120188256325419预付账款93111418税金及附加347811其他应收款24579销售费用2643637089存货93172196214276管理费用2539576280其他流动资产385177177179182研发费用4777103117136流动资产总计10281172127414981796财务费用-3 -13 -1 -2 -2 长期股权投资00000资产减值损失-1 -2 -2 -2 -3 固定资产68143133130119信用减值损失-6 -5 -6 -7 -9 在建工程303181212其他经营损益0-0 000无形资产1022181511投资收益1910151820长期待摊费用34200公允价值变动损益-1 -1 358其他非流动资产816161616资产处置收益10111非流动资产合计120188187173157其他收益1124252020资产总计11481360146116711953营业利润5563124186242短期借款030000营业外收入60112应付票据及账款107195213266343营业外支出10000其他流动负债5691123156200其他非经营损益00000流动负债合计163316335422543利润总额6063124187244长期借款52210所得税326912其他非流动负债912121212净利润5761118178232非流动负债合计1414131312少数股东损益-0 -1 -1 -2 -2 负债合计177330349434555归属母公司净利润5762119179234股本8080808080EBITDA6360153220277资本公积749765765765765NOPLAT4849113169219留存收益139183266392556EPS(元)0.710.771.482.232.91归属母公司权益9681029111212381401少数股东权益310-1 -3 主要财务比率股东权益合计9711030111212361398会计年度202120222023E2024E2025E负债和股东权益合计11481360146116711953成长能力营收增长率52.3%51.6%52.3%28.1%28.2%现金流量表营业利润增长率-0.7%14.8%97.6%50.5%30.2%会计年度202120222023E2024E2025EEBIT增长率-6.2%-12.8%148.9%50.5%30.3%税后经营利润576176135184EBITDA增长率-0.6%-4.1%154.5%43.1%26.2%折旧与摊销611303436归母净利润增长率5.3%9.3%91.3%50.7%30.3%财务费用-3 -13 -1 -2 -2 经营现金流增长率-82.3%-288.6%192.1%1210.6%16.8%投资损失-19 -10 -15 -18 -20 盈利能力营运资金变动-44 -94 -117 -4 -23 毛利率51.4%49.8%55.2%55.6%55.3%其他经营现金流1230413942净利率22.9%16.2%20.7%24.3%24.7%经营性现金净流量8-15 14184215营业利润率22.0%16.7%21.7%25.4%25.8%资本支出4257302020ROE5.9%6.0%10.7%14.5%16.7%长期投资125205000ROA5.0%4.6%8.1%10.7%12.0%其他投资现金流188172226ROIC31.2%20.5%31.8%34.5%44.2%投资性现金净流量101156-13 26估值倍数短期借款030-30 00P/E85.678.340.927.120.8长期借款5-2 -0 -1 -1 P/S19.713.08.56.75.2普通股增加00000P/B5.04.74.43.93.5资本公积增加616000股息率0.00.00.00.00.0其他筹资现金流-32 -34 -35 -52 -68 EV/EBIT68.865.634.522.316.5筹资性现金净流量-21 10-65 -53 -68 EV/EBITDA62.053.827.718.814.4现金流量净额88151-64134154EV/NOPLAT80.966.037.624.418.2