2023中报点评：“自主数据源+AI大模型+营销网络”构筑公司护城河，Q2环比显著改善

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ “”“” ” 利润表（百万元）2022A2023E2024E2025E 营业收入2457.053441.814691.456345.78 减:营业成本1276.501828.652481.913304.20 营业税金及附加5.177.8210.6614.42 销售费用236.95313.21422.23571.12 管理费用265.46354.51478.53640.92 财务费用40.5298.98132.81185.29 资产减值损失-2.79-1.74-2.37-3.21 加:投资收益0.795.485.485.48 公允价值变动损益0.180.000.000.00 其他经营损益0.000.000.000.00 营业利润277.81340.55484.46712.41 加:其他非经营损益0.000.000.000.00 利润总额273.25336.05479.96707.90 减:所得税9.2410.0814.4021.24 净利润264.01325.97465.56686.67 减:少数股东损益-0.04-0.21-0.30-0.44 归属母公司股东净利润264.05326.18465.86687.11资产负债表（百万元）2022A2023E2024E2025E 货币资金1718.572030.672767.953744.01 应收账款和预付款项2118.812971.194049.965478.09 存货839.341002.001223.951538.94 其他流动资产16.1519.2426.2335.48 长期股权投资24.3425.2126.0726.94 投资性房地产0.000.000.000.00 固定资产和在建工程660.86717.53825.81971.43 无形资产和开发支出55.0839.8924.699.50 其他非流动资产433.04423.44400.00400.00 资产总计5968.607419.169596.4812538.01 短期借款869.051243.571966.612930.79 应付账款和预收款项462.43701.401019.961448.42 长期借款1153.461304.081639.752078.67 其他负债319.09373.29465.37583.54 负债合计3259.234413.626167.938485.55 股本185.64261.19261.19261.19 资本公积1641.891566.341566.341566.34 留存收益868.171164.551587.862212.21 归属母公司股东权益2695.702992.083415.394039.74 少数股东权益13.6713.4613.1612.71 股东权益合计2709.373005.543428.554052.46 负债和股东权益合计5968.607419.169596.4812538.01现金流量表（百万元）2022A2023E2024E2025E 经营活动现金流净额-488.00125.92150.27217.36 投资活动现金流净额-290.88-210.18-296.34-396.34 筹资活动现金流净额1477.29396.36883.351155.04 现金流量净额700.40312.10737.28976.06报表预测