营收高速增长，小功率与氢能板块有望持续放量

1 ◆ ◆ ◆ ◆ ◆ 资产负债表利润表会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金378569685797962营业收入248375513741962应收票据及账款160248253386501营业成本120188229327428预付账款9371013税金及附加346811其他应收款24579销售费用2643567091存货93172182215281管理费用2539516782其他流动资产385177177179182研发费用477792126139流动资产总计10281172130915941948财务费用-3 -13 -1 -3 -3 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 -5 -7 -10 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11481360149617672105营业利润5563117179250短期借款030000营业外收入60112应付票据及账款107195276385515营业外支出10000其他流动负债569199142184其他非经营损益00000流动负债合计163316375527700利润总额6063117180252长期借款52210所得税326913其他非流动负债912121212净利润5761111171239非流动负债合计1414131312少数股东损益-0 -1 -1 -1 -2 负债合计177330389540712归属母公司净利润5762112173241股本8080808080EBITDA6360146212284资本公积749765765765765NOPLAT4849106162226留存收益139183262383551EPS(元)0.710.771.402.153.00归属母公司权益9681029110712281397少数股东权益310-1 -3 主要财务比率股东权益合计9711030110812271394会计年度202120222023E2024E2025E负债和股东权益合计11481360149617672105成长能力营收增长率52.3%51.6%36.8%44.3%29.9%现金流量表营业利润增长率-0.7%14.8%86.3%53.6%39.6%会计年度202120222023E2024E2025EEBIT增长率-6.2%-12.8%134.0%53.5%39.9%税后经营利润576169128191EBITDA增长率-0.6%-4.1%142.2%45.2%34.0%折旧与摊销611303436归母净利润增长率5.3%9.3%80.4%53.8%39.6%财务费用-3 -13 -1 -3 -3 经营现金流增长率-82.3%-288.6%1360.8%-17.0%43.2%投资损失-19 -10 -15 -18 -20 盈利能力营运资金变动-44 -94 69-21 -16 毛利率51.4%49.8%55.4%55.9%55.5%其他经营现金流1230413941净利率22.9%16.2%21.7%23.1%24.9%经营性现金净流量8-15 193160229营业利润率22.0%16.7%22.7%24.2%26.0%资本支出4257302020ROE5.9%6.0%10.1%14.1%17.3%长期投资125205000ROA5.0%4.6%7.5%9.8%11.4%其他投资现金流188172226ROIC31.2%20.5%29.8%54.1%68.6%投资性现金净流量101156-13 26估值倍数短期借款030-30 00P/E64.559.032.721.315.2长期借款5-2 -0 -1 -1 P/S14.89.87.25.03.8普通股增加00000P/B3.83.63.33.02.6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 -32 -49 -69 EV/EBIT68.865.624.815.610.6筹资性现金净流量-21 10-63 -50 -70 EV/EBITDA62.053.819.613.19.2现金流量净额88151117112165EV/NOPLAT80.966.027.117.111.6