【行业研究报告】雅克科技-前驱体放量可期，LNG板材强势增长

资产负债表利润表资产负债表利润表会计年度202020212022E2023E2024E会计年度202020212022E2023E2024E货币资金5401357163012511295营业收入22733782453561628014应收票据及账款80480696614582116营业成本14662808314442295428预付账款617194128166税金及附加1014162229其他应收款3557506889销售费用5776113142184存货54782798413241699管理费用249360408524681其他流动资产4729395129168研发费用7396127185256流动资产总计20343410382043585533财务费用16-35-1-1长期股权投资00000资产减值损失-7-3-5-7-9固定资产10021278191726513030信用减值损失-3-4-3-4-5在建工程333236567409266其他经营损益00000无形资产294269242262268投资收益10780686868长期待摊费用1845362718公允价值变动损益-8-89000其他非流动资产22432057207420522050资产处置收益3-8-2-2-2非流动资产合计38903886483854025632其他收益812999资产总计592472968658976011165营业利润50041878811251497短期借款156245000营业外收入11111应付票据及账款4314385958001027营业外支出612777其他流动负债321390132314861686其他非经营损益00000流动负债合计9091074191822862713利润总额49640778211201492长期借款951081008359所得税8266127182242其他非流动负债6249494949净利润4133416559381250非流动负债合计157157149132108少数股东损益066512负债合计10661230206724182821归属母公司净利润4133356499331238股本463476476476476EBITDA638573101014331872资本公积29544070407040704070NOPLAT4384476679451257留存收益12961439195827043694EPS(元)0.90.71.42.02.6归属母公司权益47135985650472508241少数股东权益145818792103主要财务比率股东权益合计48576065659173428344会计年度202020212022E2023E2024E负债和股东权益合计592472968658976011165成长能力营收增长率24.0%66.4%19.9%35.9%30.1%现金流量表营业利润增长率率31.3%-16.3%88.2%42.9%33.1%会计年度202020212022E2023E2024EEBIT增长率37.4%-21.1%94.8%42.2%33.2%税后经营利润4133415978801192EBITDA增长率35.0%-10.2%76.4%41.9%30.6%折旧与摊销126169223314381归母净利润增长率41.2%-19.0%93.8%43.8%32.6%财务费用16-35-1-1经营现金流增长率-40.7%59.5%392.3%-58.2%34.7%投资损失-107-80-68-68-68盈利能力营运资金变动-255-224717-550-704毛利率35.5%25.8%30.7%31.4%32.3%其他经营现金流4110717171净利率18.2%9.0%14.4%15.2%15.6%经营性现金净流量1973141545646871营业利润率22.0%11.1%17.4%18.3%18.7%资本支出5775741175878612ROE8.8%5.6%10.0%12.9%15.0%长期投资-240-105000ROA7.0%4.6%7.5%9.6%11.1%其他投资现金流309252925555ROIC12.2%9.7%12.5%16.6%17.8%投资性现金净流量-508-654-883-823-557估值倍数短期借款3489-24500P/E77.295.349.234.225.8长期借款9513-8-17-24P/S14.08.47.05.24.0普通股增加013000P/B6.85.34.94.43.9资本公积增加-961116000股息率0.26%0.31%0.41%0.59%0.78%其他筹资现金流-33-57-135-186-247EV/EBIT54.194.139.528.321.4筹资性现金净流量11174-388-203-270EV/EBITDA43.566.430.822.117.1现金流量净额-320803274-37944EV/NOPLAT63.385.046.633.525.4