深耕华为鲸鸿动能生态，前瞻布局AI与区块链

1 ◆ ◆ ◆ ◆ ◆ iFind 资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金9661093103412621631营业收入28863307395147015682应收票据及账款725932108512641497营业成本23102739307835664154预付账款2266495870税金及附加35567其他应收款83112130142171销售费用11911411994102存货3822424751管理费用169144166179199其他流动资产11791226127314171606研发费用123128138160193流动资产总计30133450361241905026财务费用-16 -26 2-4 -5 长期股权投资94496999110131036资产减值损失0-37 -207 -246 -298 固定资产4538302215信用减值损失24-96 -111 -132 -159 在建工程00001其他经营损益3467474747无形资产915019-12 -43 投资收益18238828282长期待摊费用11000公允价值变动损益-23 7000其他非流动资产565521521521521资产处置收益-0 102343434非流动资产合计16481577156115451529其他收益113131313资产总计46615028517357346555营业利润407286302498751短期借款258245000营业外收入72333应付票据及账款204292337371410营业外支出08333其他流动负债182174221254289其他非经营损益00000流动负债合计644711558625699利润总额414280302498751长期借款24151173所得税10-7 -0 -0 -0 其他非流动负债210101010净利润404287302498751非流动负债合计2625211713少数股东损益827575125188负债合计670736579642712归属母公司净利润322213226374563股本12771265126512651265EBITDA430282343534785资本公积37233671367136713671NOPLAT216127269459711留存收益-1063 -775 -549 -175 388EPS(元)0.250.170.180.300.45归属母公司权益39374162438847625325少数股东权益54130206330518主要财务比率股东权益合计39914292459450925843会计年度202320242025E2026E2027E负债和股东权益合计46615028517357346555成长能力营收增长率8.6%14.6%19.5%19.0%20.9%现金流量表营业利润增长率225.1%-29.7%5.5%65.1%50.7%会计年度202320242025E2026E2027EEBIT增长率223.9%-36.1%19.7%62.7%50.8%税后经营利润404287177379639EBITDA增长率251.9%-34.5%21.6%55.6%47.0%折旧与摊销3328393939归母净利润增长率187.5%-34.0%6.4%65.1%50.7%财务费用-16 -26 2-4 -5 经营现金流增长率-133.0%106.8%482.1%40.3%101.5%投资损失-182 -38 -82 -82 -82 盈利能力营运资金变动-513 -263 -128 -283 -394 毛利率20.0%17.2%22.1%24.1%26.9%其他经营现金流1530969696净利率14.0%8.7%7.6%10.6%13.2%经营性现金净流量-259 18103145292营业利润率14.1%8.6%7.6%10.6%13.2%资本支出40-8 011ROE8.2%5.1%5.2%7.8%10.6%长期投资19084000ROA6.9%4.2%4.4%6.5%8.6%其他投资现金流58125898477ROIC9.6%4.3%8.5%13.7%19.3%投资性现金净流量207217898376估值倍数短期借款186-13 -245 00P/E42.764.760.836.824.4长期借款15-9 -4 -4 -4 P/S4.84.23.52.92.4普通股增加0-11 000P/B3.53.33.12.92.6资本公积增加64-52 000股息率0.00.00.00.00.0其他筹资现金流-365 187-2 45EV/EBIT25.638.241.825.716.9筹资性现金净流量-100 101-251 -0 1EV/EBITDA23.634.437.123.816.1现金流量净额-145346-59228369EV/NOPLAT47.076.447.327.617.7