> 数据图表想关注一下资产负债表（百万）2025-9-3资产负债表（百万）利润表（百万）2023A 2024A 2025E 2026E 2027E182373315559154257227668355 营业收入549 营业成本438 营业税金及附加564 销售费用1,307 1,429 1,542 1,724 1,906 管理费用0 财务费用2814863975602304153415571,562 1,679 1,790 1,972 2,154 利润总额1,778 2,014 2,107 2,270 2,434 所得税4 净利润01110244471151970177380251400737011146115451843800194578249387800011127115451843690232605254387864011109115451811 资产减值损失91 投资收益115 公允价值变动45 营业利润18 其他非经营损益0 归母股东净利润487 少数股东损益44350257695254387939 1,031 销售净利率281772 预测指标254387 毛利率货币资金应收和预付款项存货其他流动资产流动资产合计长期股权投资投资性房地产固定资产在建工程无形资产开发支出长期待摊费用其他非流动资产资产总计短期借款应付和预收款项长期借款其他负债负债合计股本资本公积留存收益归母公司股东权益少数股东权益股东权益合计负债和股东权益现金流量表（百万）P282023A 2024A 2025E 2026E 2027E945 1,151 1,328 1,49172548616108012267423-50-10311820421235004212352544377210-3-221238179341876838-12-4190204020416188-31916611510960160280348034836312-3315581139452110240296029631265-22672023A 2024A 2025E 2026E 2027E47.30% 48.57% 49.54% 50.21% 51.34%24.10% 22.45% 23.24% 23.68% 25.53%-12.07% 19.24% 21.74% 15.43% 12.24%1,374 1,416 1,483 1,559 1,650 销售收入增长率2520181512 EBIT 增长率-30.65% 24.38% 42.60% 18.51% 16.64%1,399 1,436 1,502 1,574 1,662 净利润增长率1,778 2,014 2,107 2,270 2,434 ROEROAROIC经营性现金流投资性现金流融资性现金流现金增加额资料来源：携宁，太平洋证券2023A 2024A 2025E 2026E 2027E EPS(X)332 PE(X)210-8531 PB(X)-245 -189 -201 -239 -289 PS(X)-12514175226242632828485174EV/EBITDA(X)-30.13% 11.10% 26.02% 17.61% 21.00%13.91% 14.99% 18.03% 20.17% 23.06%10.30% 11.10% 12.87% 14.24% 16.04%11.34% 13.35% 18.21% 20.59% 22.75%0.77 0.85 1.05 1.24 1.5037.55 27.08 31.09 26.44 21.855.27 4.05 5.61 5.33 5.049.14 6.07 7.23 6.26 5.5818.0136.4821.0623.4524.90请务必阅读正文之后的免责条款部分守正 出奇 宁静 致远太平洋证券综合其他
