协鑫能科(002015)主业盈利能力提升，“光储充算”一体化持续发力

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ 资产负债表利润表会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E货币资金37693167320935634062营业收入1068310144106961187613540应收票据及账款32283899361640154578营业成本906479388018883210044预付账款339232266295337税金及附加7074768496其他应收款536542586651742销售费用100124134143149存货401412439484550管理费用6298709319501083其他流动资产494721572635724研发费用2232343641流动资产总计876889738689964310993财务费用855690483487482长期股权投资25282907317335404007资产减值损失-18 -72 -47 -52 -59 固定资产1380913386115281043110054信用减值损失-32 -41 -33 -36 -41 在建工程14042526410550175096其他经营损益0-0 000无形资产17902534256030243362投资收益596906267267267长期待摊费用2943472525公允价值变动损益20000其他非流动资产16081524209221122137资产处置收益3-30 222222非流动资产合计2116922920235042415024681其他收益22897505050资产总计2993731893321933379335674营业利润7221276128015941883短期借款24753164341034103231营业外收入741232323应付票据及账款7941070104411501308营业外支出1160343434其他流动负债37535066426846895330其他非经营损益00000流动负债合计70229300872292499870利润总额7181257126915831872长期借款83427308730873087308所得税62295205255302其他非流动负债23882420245524772495净利润656962106513281571非流动负债合计107319727976397859803少数股东损益-24 5381101120负债合计1775319027184851903419672归属母公司净利润68090998412271451股本16231623162316231623EBITDA26092961567266317735资本公积74418046804680468046NOPLAT1077872146017281965留存收益12701306206730174139EPS(元)0.420.560.610.760.89归属母公司权益1033510975117361268613808少数股东权益18501891197220732193主要财务比率股东权益合计1218412866137081475916001会计年度202220232024E2025E2026E负债和股东权益合计2993731893321933379335674成长能力营收增长率-5.6%-5.0%5.4%11.0%14.0%现金流量表营业利润增长率-52.7%76.9%0.3%24.5%18.1%会计年度202220232024E2025E2026EEBIT增长率-34.4%23.8%-10.0%18.2%13.7%税后经营利润65696279010531296EBITDA增长率-23.6%13.5%91.6%16.9%16.6%折旧与摊销10361013392045615381归母净利润增长率-32.3%33.7%8.2%24.7%18.2%财务费用855690483487482经营现金流增长率-55.8%145.4%108.3%28.0%17.7%投资损失-596 -906 -267 -267 -267 盈利能力营运资金变动-1011 231-498 -74 -51 毛利率15.2%21.7%25.0%25.6%25.8%其他经营现金流-12 289318316311净利率6.1%9.5%10.0%11.2%11.6%经营性现金净流量9292279474760777152营业利润率6.8%12.6%12.0%13.4%13.9%资本支出15203228421448285432ROE6.6%8.3%8.4%9.7%10.5%长期投资-1079 245-200 -300 -400 ROA2.3%2.9%3.1%3.6%4.1%其他投资现金流721632169169169ROIC5.5%3.9%6.3%7.1%7.7%投资性现金净流量-2528 -1351 -4245 -4959 -5663 估值倍数短期借款2846902451-179 P/E15.411.510.78.57.2长期借款-1033 -1034 000P/S1.01.01.00.90.8普通股增加2710000P/B1.01.00.90.80.8资本公积增加3511604000股息率0.00.00.00.00.0其他筹资现金流-607 -1941 -705 -765 -810 EV/EBIT21.216.613.211.29.9筹资性现金净流量2425-1681 -460 -764 -989 EV/EBITDA12.810.94.13.53.0现金流量净额828-75341354499EV/NOPLAT31.037.115.913.511.8