【行业研究报告】深圳机场-公司简评报告：疫情扰动依旧，但是环比向好

-20-1169192458应收账款545438682760折旧摊销505112312701332其它应收款36274248财务费用126143130188预付账款0000投资损失-57-63-51-57存货7101010营运资金变动379764-2223-222其他403201389451其它-83131113非流动资产22174252432559425408投资活动现金流-2658-4143-1581-1103长期投资8489109611017资本支出1577413015701090固定资产20144211272272922772长期投资-1210000无形资产282289315307其他-3025-8273-3151-2193其他900291715891312筹资活动现金流282710342693-472资产总计26330267872802728125短期借款-137211782823-173流动负债3749537564226174长期借款10676000短期借款0117840013828其他-6477-143-130-299应付账款11212018现金净增加额1019-2296442138其他3739417724022328主要财务比率20212022E2023E2024E非流动负债10678106781067810678成长能力长期借款10676106761067610676营业收入10.31%-12.45%50.89%10.51%其他2222营业利润-119.26%-10066.31%120.83%138.01%负债合计14428160531710016852归属母公司净利润-222.68%-3338.21%115.35%144.78%少数股东权益14294053获利能力归属母公司股东权益11889107051088711221毛利率8.33%-30.88%13.87%21.08%负债和股东权益26330267872802728125净利率-1.04%-40.91%4.16%9.22%利润表（百万元）20212022E2023E2024EROE-0.29%-11.06%1.67%3.97%营业收入3306289443674826ROIC0.69%-5.23%1.33%2.40%营业成本3030378837613808偿债能力营业税金及附加816498111资产负债率54.79%59.93%61.01%59.92%营业费用1161213净负债比率63.11%102.34%122.33%115.81%研发费用0000流动比率1.110.290.380.44管理费用140114185199速动比率1.000.250.320.37财务费用126143130188营运能力资产减值损失0000总资产周转率0.130.110.160.17公允价值变动收益0000应收账款周转率6.066.616.416.35投资净收益57635157应付账款周转率285.53182.10188.45209.79营业利润-11-1152240571每股指标(元)营业外收入10789每股收益-0.02-0.580.090.22营业外支出251087每股经营现金0.410.40-0.330.84利润总额-27-1155240573每股净资产5.805.225.315.47所得税-61448115估值比率净利润-20-1169192458P/E-420.41-12.2379.6532.54少数股东损益14161013P/B1.221.351.331.29归属母公司净利润-34-1184182445EBITDA60511216412093EPS（元）-0.02-0.580.090.22