1 ◆ ◆ ◆ ◆ ◆ 资产负债表利润表会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金191169340539832营业收入8051012101018962882应收票据及账款53066466410391500营业成本46258855710221583预付账款922224279税金及附加6781422其他应收款654813销售费用636976128187存货341374351644997管理费用404553104144其他流动资产254213217221226研发费用608079148225流动资产总计13311447159924933646财务费用-2 -1 -1 -1 -2 长期股权投资00000资产减值损失-7 -8 -7 -13 -20 固定资产51162162175196信用减值损失-13 -12 -15 -27 -41 在建工程76649310292其他经营损益0-0 000无形资产1472614938投资收益25222长期待摊费用13100公允价值变动损益23000其他非流动资产2020202020资产处置收益00-0 -0 -0 非流动资产合计162320338347346其他收益1822141720资产总计14921768193728403993营业利润181236234460684短期借款00000营业外收入00000应付票据及账款361386382644954营业外支出11111其他流动负债3324004257731180其他非经营损益00000流动负债合计69378680714172134利润总额180235233459684长期借款05432所得税1922244871其他非流动负债3139383736净利润161213209412613非流动负债合计3144434138少数股东损益00000负债合计72483084914582172归属母公司净利润161213209412613股本147147147147147EBITDA185247276510743资本公积350350350350350NOPLAT157210209411611留存收益2714405908851324EPS(元)0.700.930.911.792.67归属母公司权益769938108813821821少数股东权益00000主要财务比率股东权益合计769938108813821821会计年度202120222023E2024E2025E负债和股东权益合计14921768193728403993成长能力营收增长率45.1%25.7%-0.2%87.7%52.0%现金流量表营业利润增长率81.4%30.5%-0.8%96.9%48.7%会计年度202120222023E2024E2025EEBIT增长率79.2%32.0%-0.8%97.1%48.7%税后经营利润161213195395594EBITDA增长率76.1%33.2%11.9%84.7%45.7%折旧与摊销812445262归母净利润增长率83.2%32.6%-2.0%97.1%48.8%财务费用-2 -1 -1 -1 -2 经营现金流增长率-20.7%44.4%126.5%29.3%39.9%投资损失-2 -5 -2 -2 -2 盈利能力营运资金变动-91 -105 40-85 -144 毛利率42.6%41.9%44.9%46.1%45.1%其他经营现金流1614151720净利率20.0%21.1%20.7%21.7%21.3%经营性现金净流量89128291376527营业利润率22.4%23.3%23.1%24.3%23.7%资本支出50149616262ROE20.9%22.7%19.2%29.8%33.7%长期投资-251 43000ROA10.8%12.1%10.8%14.5%15.4%其他投资现金流4-1 111ROIC58.5%51.9%31.5%64.3%74.2%投资性现金净流量-298 -107 -60 -61 -61 估值倍数短期借款00000P/E97.673.675.138.125.6长期借款05-1 -1 -1 P/S19.515.515.58.35.4普通股增加370000P/B20.416.714.411.48.6资本公积增加2570000股息率0.00.00.00.00.0其他筹资现金流-40 -50 -59 -116 -172 EV/EBIT54.488.765.633.021.9筹资性现金净流量254-45 -60 -117 -173 EV/EBITDA52.284.355.229.720.1现金流量净额45-23171199292EV/NOPLAT61.799.073.036.824.4