勇立潮头，线性驱动再造新恒立

1 ◆ ◆ ◆ ◆ ◆ ◆ iFind 资产负债表利润表会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E货币资金6886812496881164514116营业收入8197898597931142013607应收票据及账款29912783290033824030营业成本48735220566365687800预付账款141156169197235税金及附加71828599118其他应收款2830263036销售费用124186186206218存货17661692187821782586管理费用275404411457544其他流动资产515209149160176研发费用650694744799952流动资产总计1232712994148101759221178财务费用-332 -369 -23 -30 -36 长期股权投资03333资产减值损失-55 -56 -66 -76 -91 固定资产28432855238720901888信用减值损失9-12 679在建工程3901144162016961405其他经营损益-0 0-0 -0 -0 无形资产436467368270171投资收益142888长期待摊费用1817181520公允价值变动损益71000其他非流动资产187415415415415资产处置收益00-0 -0 -0 非流动资产合计38744901481244893903其他收益105113117117117资产总计1620117896196222208125081营业利润26182815279133764052短期借款254201151201231营业外收入1317151515应付票据及账款13231297141216371944营业外支出22222其他流动负债15671602167519412306其他非经营损益00000流动负债合计31443099323837794481利润总额26292830280433894064长期借款521-1 -4 所得税280326320386463其他非流动负债375351351351351净利润23492504248430023601非流动负债合计379353352350347少数股东损益65578负债合计35233453359041294828归属母公司净利润23432499247929963593股本13411341134113411341EBITDA26932877389046125454资本公积33653365336533653365NOPLAT19522132245229643558留存收益79249686112691318215476EPS(元)1.751.861.852.232.68归属母公司权益1263014391159741788720182少数股东权益4852576472主要财务比率股东权益合计1267814443160311795120253会计年度202220232024E2025E2026E负债和股东权益合计1620117896196222208125081成长能力营收增长率-12.0%9.6%9.0%16.6%19.2%现金流量表营业利润增长率-14.3%7.5%-0.8%20.9%20.0%会计年度202220232024E2025E2026EEBIT增长率-27.3%7.2%13.0%20.8%20.0%税后经营利润23492504236328813480EBITDA增长率-24.4%6.8%35.2%18.6%18.3%折旧与摊销397416110912531426归母净利润增长率-13.0%6.7%-0.8%20.8%19.9%财务费用-332 -369 -23 -30 -36 经营现金流增长率-26.2%29.7%31.3%10.9%16.8%投资损失-14 -2 -8 -8 -8 盈利能力营运资金变动-476 -225 -63 -334 -443 毛利率40.6%41.9%42.2%42.5%42.7%其他经营现金流141353137137137净利率28.7%27.9%25.4%26.3%26.5%经营性现金净流量20642677351538994556营业利润率31.9%31.3%28.5%29.6%29.8%资本支出77513891020930840ROE18.5%17.4%15.5%16.7%17.8%长期投资625382000ROA14.5%14.0%12.6%13.6%14.3%其他投资现金流71-2044 -8 -8 -8 ROIC26.1%26.5%26.8%31.7%36.1%投资性现金净流量-80 -3051 -1028 -938 -848 估值倍数短期借款72-53 -50 5030P/E47.744.745.137.331.1长期借款-46 -3 -1 -2 -3 P/S13.612.411.49.88.2普通股增加350000P/B8.87.87.06.25.5资本公积增加19540000股息率0.00.00.00.00.0其他筹资现金流-1066 -824 -872 -1052 -1263 EV/EBIT34.927.737.830.925.3筹资性现金净流量949-880 -923 -1005 -1236 EV/EBITDA29.723.727.022.518.7现金流量净额3260-1073156419562471EV/NOPLAT41.031.942.835.028.6