拟发可转债加码钙钛矿设备，平台化布局进入收获期

     1  5047.21 6005.04 9445.98 14642.03 19764.20 24.80 18.98 57.30 55.01 34.98 717.40 1046.87 1400.84 2209.48 3017.59 37.16 45.93 33.81 57.73 36.57 24.60 25.44 26.03 26.11 26.40 2.06 3.01 4.02 6.35 8.67 54.20 37.14 27.76 17.60 12.89 6.27 5.40 4.59 3.71 2.94 11.57 14.53 16.53 21.08 22.82 资产负债表利润表 会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金3991402785631241217704营业收入5047600594461464219764应收票据及账款327343996211942712725营业成本3806447769871081914547预付账款109301388602812税金及附加2130467196其他应收款134772112152销售费用71110151205267存货4033706872741096713949管理费用102124189256346其他流动资产2331713187321142352研发费用238286449695939流动资产总计1165217555243813563447694财务费用-7-21622-0长期股权投资7764615855资产减值损失-64-88-104-132-178固定资产333493556706921信用减值损失-63-96-94-132-158在建工程47201434534500其他经营损益0-0000无形资产15515012510075投资收益-1313131313长期待摊费用56300公允价值变动损益224000其他非流动资产514667644644644资产处置收益1-0000非流动资产合计11311581182320412195其他收益139118130130130资产总计1278319136262043767649889营业利润8171167156724723378短期借款1331480010001400营业外收入37555应付票据及账款2250499877991207616237营业外支出41222其他流动负债4275656790761406318973其他非经营损益00000流动负债合计653811879176752713936611利润总额8161173156924753380长期借款21111所得税103126169266363其他非流动负债4053535353净利润7141047140022093017非流动负债合计4154545353少数股东损益-4-0-0-1-1负债合计657911932177282719236664归属母公司净利润7171047140122093018股本348348348348348EBITDA8501009170326563623资本公积36633671367136713671NOPLAT706827140022093014 留存收益21923183445664649207EPS(元)23469 归属母公司权益6202720384761048413226 少数股东权益110-0-1主要财务比率 股东权益合计6204720384761048313225会计年度202120222023E2024E2025E 负债和股东权益1278319136262043767649889成长能力 营收增长率24.8%19.0%57.3%55.0%35.0% 现金流量表营业利润增长率40.7%42.7%34.3%57.8%36.6% 会计年度202120222023E2024E2025EEBIT增长率27.4%18.1%64.3%57.7%36.4% 税后经营利润7141047127120792887EBITDA增长率27.2%18.7%68.8%56.0%36.4%折旧与摊销4052132179243归母净利润增长率37.2%45.9%33.8%57.7%36.6%财务费用-7-21622-0经营现金流增长率303.7%7.4%216.3%-7.1%30.9%投资损失13-13-13-13-13盈利能力 营运资金变动434262302018602304毛利率24.6%25.4%26.0%26.1%26.4%其他经营现金流153316168145145净利率14.1%17.4%14.8%15.1%15.3%经营性现金净流13471448457942535566营业利润率16.2%19.4%16.6%16.9%17.1%资本支出241212400400400ROE11.6%14.5%16.5%21.1%22.8% 短期借款-180301486 长期借款2-10 普通股增加27-00资本公积增加247580其他筹资现金流-82-100-130筹资性现金净流2241209356 现金流量净额3006-554536 200 -00 0 -204 -43849 400 -0 0 0 -275 125 5292 P/E P/SP/B股息率 EV/EBITEV/EBITDA EV/NOPLAT 54.237.127.817.6 7.76.54.12.7 6.35.44.63.7 0.00.00.00.0 12.9 2.0 2.9 0.0 45.7 37.6 20.4 12.1 7.9 43.5 52.4 35.7 43.5 18.9 22.9 11.3 13.6 7.4 8.9 长期投资-348-1567000ROA5.6%5.5%5.3%5.9%6.0%其他投资现金流1717111ROIC24.4%24.4%40.4%128.2%183.7%投资性现金净流-571-1762-399-399-399估值倍数 数据来源：iFind，中航证券研究所