全球互联龙头，崭新成长周期

1 刘一楠 分析师 SAC 执业证书：S0640524100002 联系电话： 邮箱：liuyn@avicsec.com ◆ ◆ ◆ ◆ ◆ ◆ ◆ 资料来源：ifind，中航证券研究所 资产负债表利润表会计年度2023202420252026E2027E2028E会计年度2023202420252026E2027E2028E货币资金5743.576843.308478.989550.8811000.8912539.46营业收入2285.743638.915456.327213.649396.7412015.79应收票据及账款294.25387.79567.53691.72901.061481.40营业成本939.221523.612060.962507.603076.043900.09预付账款3.134.39132.89296.45386.17493.80税金及附加5.546.336.6512.9416.8521.55其他应收款3.894.144.258.7011.3414.50销售费用89.9696.01120.23158.70187.93216.28存货482.39352.20896.14996.171584.372008.81管理费用173.13196.26526.29634.80751.74901.18其他流动资产1768.891869.48954.281383.571589.132305.78研发费用681.81763.47915.031009.911127.611321.74流动资产总计8296.139461.3011034.0812927.5015472.9518843.75财务费用-180.26 -240.50 -228.32 -247.05 -281.90 -323.17 长期股权投资70.71109.2291.9691.9691.9691.96资产减值损失-192.53 -44.44 28.42-72.14 -93.97 -120.16 固定资产621.91627.11749.80768.36865.661020.82信用减值损失0.14-0.46 -0.92 -0.56 -0.73 -0.94 在建工程226.80507.42590.73725.61777.15695.37其他经营损益0.00-0.00 0.000.000.000.00无形资产137.49133.75113.4379.6045.7611.93投资收益90.9848.6097.0178.8678.8678.86长期待摊费用111.75180.46136.6368.310.000.00公允价值变动损益-87.33 23.8925.8930.0030.0030.00其他非流动资产1232.761199.641031.52977.04922.57868.09资产处置收益0.000.000.000.000.000.00非流动资产合计2401.412757.612714.072710.892703.112688.16其他收益84.4491.58115.8997.3097.3097.30资产总计10697.5412218.9113748.1515638.3818176.0521531.91营业利润472.041412.892321.783270.214629.936063.18短期借款0.000.000.000.000.000.00营业外收入1.360.010.000.460.460.46应付票据及账款131.12211.15208.23316.98388.84493.00营业外支出1.180.281.210.890.890.89其他流动负债260.06468.72561.41717.36880.391115.43其他非经营损益0.000.000.000.000.000.00流动负债合计391.17679.88769.641034.341269.231608.43利润总额472.221412.622320.573269.774629.506062.75长期借款2.2028.8019.3615.9312.368.61所得税21.0771.88190.93193.77274.35359.29其他非流动负债97.54113.7387.9987.9987.9987.99净利润451.151340.742129.643076.004355.145703.46非流动负债合计99.75142.53107.35103.92100.3496.60少数股东损益0.24-71.04 -105.93 -104.79 -148.37 -194.31 负债合计490.92822.41876.991138.261369.571705.03归属母公司股东净利润450.911411.782235.573180.794503.515897.77股本1138.741144.791146.431146.431146.431146.43EBITDA397.341312.902263.053375.914755.376154.52资本公积5432.395625.976114.026114.026114.026114.02NOPLAT201.57957.301723.772815.774062.145371.63留存收益3620.284632.685663.287397.049851.7713066.47EPS(元)0.371.161.832.613.694.83归属母公司权益10191.4111403.4412923.7214657.4817112.2120326.91少数股东权益15.21-6.93 -52.57 -157.36 -305.73 -500.04 主要财务比率股东权益合计10206.6211396.5112871.1614500.1216806.4819826.88会计年度2023202420252026E2027E2028E负债和股东权益合计10697.5412218.9113748.1515638.3818176.0521531.91成长能力营收增长率-37.76% 59.20% 49.94% 32.21% 30.26% 27.87% 现金流量表营业利润增长率-66.63% 199.32% 64.33% 40.85% 41.58% 30.96% 会计年度2023202420252026E2027E2028EEBIT增长率-78.09% 301.46% 78.50% 44.47% 43.83% 32.02% 税后经营利润451.151340.742129.642882.464161.615509.92EBITDA增长率-71.31% 230.42% 72.37% 49.18% 40.86% 29.42% 折旧与摊销105.38140.79170.79353.19407.78414.94归母净利润增长率-65.30% 213.10% 58.35% 42.28% 41.58% 30.96% 财务费用-180.26 -240.50 -228.32 -247.05 -281.90 -323.17 经营现金流增长率6.16% 1