疫情扰动短期盈利能力，看好长期全球化布局

1 ◆ ◆ ◆ ◆ ◆ “”◆ ◆ 报表预测单位:百万元会计年度2020202120222023E2024E2025E利润表 营业收入3,192.285,213.547,085.479,009.1811,614.6314,925.96 减: 营业成本1,678.042,942.884,277.015,224.426,573.888,363.02 税金及附加10.9122.5423.0229.2737.7348.49 主营业务利润1,503.332,248.122,785.453,755.495,003.026,514.46 减: 销售费用96.58129.40149.89186.49231.13291.06 管理费用390.64547.48630.13763.98940.791,149.30 研发费用156.65211.83234.62279.28325.21403.00 财务费用88.05-216.36 -158.12 41.25-16.48 -38.36 经营性利润771.421,575.771,928.932,484.493,522.384,709.46 加: 资产减值损失5.41-12.92 -2.42 -3.07 -3.96 -5.09 信用减值损失4.66-11.51 -22.60 -28.74 -37.05 -47.62 其他经营损益-0.00 -0.00 0.000.000.000.00 投资收益283.77312.28102.75316.87316.87316.87 公允价值变动损益1,137.891,815.39535.86536.00536.00536.00 资产处置收益-0.89 -0.53 -0.09 -0.50 -0.50 -0.50 其他收益20.0418.4839.9739.9739.9739.97 营业利润2,222.313,696.972,582.403,345.014,373.705,549.09 加: 其他非经营损益0.000.000.000.000.000.00 营业外收入9.496.3311.309.049.049.04 减: 营业外支出13.1018.738.3213.3813.3813.38 利润总额2,218.713,684.572,585.383,340.674,369.365,544.74 减: 所得税189.71292.86313.65318.82416.99529.16 净利润2,029.003,391.702,271.733,021.853,952.375,015.58 减: 少数股东损益279.23517.54265.17409.90536.12680.34 归属母公司股东净利润1,749.772,874.162,006.552,611.953,416.254,335.24资产负债表 货币资金10,123.898,544.367,858.149,220.4912,665.7516,941.97 交易性金融资产26.0029.1824.9524.9524.9524.95 应收票据4.756.936.0311.0214.2018.25 应收账款1,315.642,094.603,025.103,726.314,803.966,173.56 预付账款28.1759.2959.1385.71110.50142.01 其他应收款113.9357.6061.27166.32214.42275.55 存货4.726.1022.2017.5522.0828.09 其他流动资产28.8753.7450.4479.49102.48131.70 长期股权投资60.27738.801,799.821,816.691,833.561,850.43 金融资产投资5,307.468,759.879,995.329,995.329,995.329,995.32 投资性房地产0.000.000.000.000.000.00 固定资产和在建工程682.671,123.381,326.021,142.60954.31761.16 无形资产和开发支出1,586.272,029.582,823.132,766.782,710.432,654.08 其他非流动资产223.42237.74394.96289.44183.92183.92 资产总计19,506.0623,741.1727,446.5129,342.6733,635.8839,180.98 短期借款0.00492.321,848.660.000.000.00 交易性金融负债0.000.000.000.000.000.00 应付票据0.0022.120.0013.0916.4720.95 应付账款101.29125.75157.96243.85306.84390.35 预收账款0.000.000.000.000.000.00 合同负债484.64789.51939.761,308.991,687.552,168.66 其他应付款447.48692.72540.421,094.361,377.031,751.81 长期借款279.02406.84733.62541.62358.03196.83 其他负债335.14606.72545.06662.14752.28871.34 负债合计1,647.583,135.974,765.483,864.044,498.205,399.94 股本872.48872.44872.42872.42872.42872.42 资本公积11,998.2411,886.6311,852.1911,852.1911,852.1911,852.19 留存收益3,247.855,364.566,858.419,246.1112,369.0416,332.06 归属母公司股东权益16,118.5718,123.6319,583.0221,970.7225,093.6529,056.68 少数股东权益1,739.912,481.573,098.013,507.914,044.034,724.37 股东权益合计17,858.4720,605.2022,681.0325,478.6329,137.6833,781.04 负债和股东权益合计19,506.0623,741.1727,446.5129,342.6733,635.8839,180.98 投入资本(IC)3,957.066,256.3610,219.0910,383.1511,455.5412,986.02现金流量表 资本支出-6.67 281.42462.730.00-0.00 0.00 自由现金流1,053.54564.84-358.70 2,431.502,401.472,986.81 短期借款增加-863.77 492.321,356.34-1,848.66 0.000.00 长期带息债务增加124.77127.82326.78-192.00 -183.58 -161.20 股权筹资额0.000.000.00 支付普通股股利224.81371.050.00224.26293.31372.22 长期投资-2,211.63 -2,415.50 -2,342.78 751.25751.25751.25 经营性现金净流量933.851,349.591,251.452,917.763,154.924,020.52 投资性现金净流量-2,367.43 -2,782.68 -2,789.37 750.75750.75750.75 筹资性现金净流量9,339.12-163.09 809.25-2,306.16 -460.41 -495.06 现金流量净额7,858.05-1,655.75 -701.73 1,362.353,445.264,276.22 货币资金的期初余额2,037.099,959.968,378.427,858.149,220.4912,665.75 货币资金的期末余额10,123.898,544.367,858.149,220.4912,665.7516,941.97 企业自由现金流1,053.54564.84-358.70 2,431.502,401.472,986.81 权益自由现金流234.011,384.151,463.36353.532,232.792,860.30