1 ◆ ◆ ◆ ◆ ◆ ◆ vNaYdXsNrOdXeU9P8QbRoMqQtRpMjMrRzQeRrRvNbRpPxOxNqRxOuOpPsM 资产负债表利润表会计年度2020202120222023E2024E2025E会计年度2020202120222023E2024E2025E货币资金7362.156598.046874.858452.409734.3611649.86营业收入4496.898510.228129.996605.347899.039813.26应收票据及账款235.16377.99173.93260.04310.97386.33营业成本2815.994549.384255.364253.044856.325678.42预付账款2.4734.2535.0819.5723.4029.08税金及附加18.5036.7271.6639.6347.3939.25其他应收款18.4264.8012.5610.2012.2015.16销售费用194.08220.87265.88198.16236.97274.77存货739.231448.922153.881538.091543.381555.73管理费用214.51390.73425.17330.27394.95471.04其他流动资产371.562503.482164.351993.602020.252059.67研发费用497.90842.04935.58726.59868.89971.51流动资产总计8728.9911027.4711414.6412273.9013644.5615695.83财务费用60.58-120.74 -342.70 -22.99 -29.02 -35.57 长期股权投资18.8715.6311.809.477.154.82资产减值损失-150.94 -200.61 -418.91 -330.27 -315.96 -294.40 固定资产694.40945.361115.79984.01970.74925.98信用减值损失-0.30 0.74-0.74 -0.16 -0.19 -0.23 在建工程16.742.506.1555.134.103.08其他经营损益0.00-0.00 -0.00 -0.00 -0.00 -0.00 无形资产293.36255.36300.34265.75228.06187.28投资收益71.2743.6650.6055.1855.1855.18长期待摊费用54.7799.6582.8841.440.000.00公允价值变动损益226.11-201.59 -6.97 0.000.000.00其他非流动资产1903.593072.403713.463694.913676.353657.80资产处置收益0.000.110.190.100.100.10非流动资产合计2981.744390.905230.425050.704886.404778.95其他收益97.7971.3378.3682.4982.4982.49资产总计11710.7315418.3716645.0717324.6118530.9620474.78营业利润939.272304.882221.56887.991345.142256.97短期借款0.000.000.000.000.000.00营业外收入7.46229.5944.8893.9893.9893.98应付票据及账款423.23617.22479.27479.01546.95639.54营业外支出7.5211.114.027.557.557.55其他流动负债353.06984.56717.40700.25803.51945.25其他非经营损益0.000.000.000.000.000.00流动负债合计776.291601.771196.671179.261350.461584.79利润总额939.212523.362262.43974.421431.572343.40长期借款0.00107.8889.9068.2347.6128.86所得税58.72186.57209.8674.45109.38179.05其他非流动负债240.46225.67172.97172.97172.97172.97净利润880.492336.792052.57899.961322.192164.35非流动负债合计240.46333.55262.87241.19220.58201.82少数股东损益-0.21 0.000.00-0.07 -0.11 -0.17 负债合计1016.751935.321459.531420.451571.041786.62归属母公司股东净利润880.702336.792052.57900.041322.292164.53股本471.59667.47667.03667.03667.03667.03EBITDA1188.852690.562295.261228.821714.532612.96资本公积7520.948122.578295.758295.758295.758295.75NOPLAT725.362209.231710.74798.811215.472051.58留存收益2701.454693.016222.766941.467997.339725.74EPS(元)1.323.503.081.351.983.25归属母公司权益10693.9813483.0515185.5315904.2316960.1018688.51少数股东权益0.000.000.00-0.07 -0.18 -0.35 主要财务比率股东权益合计10693.9813483.0515185.5315904.1616959.9218688.16会计年度2020202120222023E2024E2025E负债和股东权益合计11710.7315418.3716645.0717324.6118530.9620474.78成长能力营收增长率40.40% 89.25% -4.47% -18.75% 19.59% 24.23% 现金流量表营业利润增长率42.00% 145.39% -3.61% -60.03% 51.48% 67.79% 会计年度2020202120222023E2024E2025EEBIT增长率61.89% 140.31% -20.10% -50.44% 47.42% 64.55% 税后经营利润880.492336.792052.57692.901115.121957.28EBITDA增长率63.35% 126.32% -14.69% -46.46% 39.53% 52.40% 折旧与摊销189.06287.95375.53277.39311.98305.12归母净利润增长率45.11% 165.33% -12.16% -56.15% 46.92% 63.69% 财务费用60.58-120.74 -342.70 -22.99 -29.02 -35.57 经营现金流增长率9.55% 113.46% -58.02% 91.34% -9.22% 51.22% 投资损失-71.27 -43.66 -50.60 -55.18 -55.18 -55.18 盈利能力营运资金变动93.60-687.63 -1910.40 700.8882.5098.57毛利率37.38% 46.54% 47.66% 35.61% 38.52% 42.14% 其他经营现金流-92.74 489.37825.29224.10224.10224.10净利率19.58% 27.46% 25.25% 13.62% 16.74% 22.06% 经营性现金净流量1059.712262.07949.691817.111649.502494.33营业利润率20.89% 27.08% 27.33% 13.44% 17.03% 23.00% 资本支出307.85636.63603.54100.00150.00200.00ROE8.24% 17.33% 13.52% 5.66% 7.80% 11.58% 长期投资606.97-2932.60 450.700.000.000.00ROA7.52% 15.16% 12.33% 5.20% 7.14% 10.57% 其他投资现金流19.17290.56109.1240.4740.4740.47ROIC27.39% 75.24% 43.65% 13.91% 25.81% 44.67% 投资性现金净流量318.29-3278.68 -43.73 -59.53 -109.53 -159.53 估值倍数短期借款0.000.000.000.000.000.00P/E71.5626.9730.7070.0247.6629.12长期借款-82.40 107.88-17.98 -21.67 -20.61 -18.76 P/S14.017.417.759.547.986.42普通股增加150.52195.87-0.44 0.000.000.00P/B5.894.674.153.963.723.37资本公积增加4307.69601.63173.170.000.000.00股息率0.42% 1.12% 0.66% 0.29% 0.42% 0.69% 其他筹资现金流-251.29 -672.40 -935.06 -158.35 -237.40 -400.54 EV/EBIT85.4044.8730.6954.4736.1221.19筹资性现金净流量4124.53232.98-780.31 -180.03 -258.01 -419.30 EV/EBITDA71.8240.0725.6642.1829.5418.72现金流量净额5389.84-806.85 240.211577.551281.961915.50EV/NOPLAT117.7148.8034.4364.8841.6823.84