【行业研究报告】纽威股份-工业阀门龙头业绩拐点已至，受益能源转型与自主可控

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387439461532624营业收入36323962418948325670应收票据及账款16801959195121842485营业成本23812858299133773850预付账款4659576678税金及附加2727333844其他应收款2016172023销售费用262300302338408存货14991541188521282321管理费用165146155169215其他流动资产143148300329367研发费用130150168184238流动资产总计37744161467152595897财务费用54-4-504059长期股权投资1314141414资产减值损失-8-2-25-5-6固定资产9841265122212341132信用减值损失-9-36-25-5-6在建工程283168184100100其他经营损益-0-0-0-0-0无形资产162158152163166投资收益6-25000长期待摊费用00000公允价值变动损益01000其他非流动资产134143167166165资产处置收益0-3-1-1-1非流动资产合计15761747173916781577其他收益1715131313资产总计53495908641069377475营业利润620434553689855短期借款626813923965901营业外收入130233应付票据及账款10251329139315271688营业外支出51011其他流动负债7297098469591105其他非经营损益00000流动负债合计23802850316134513694利润总额628433554691858长期借款06542所得税94548099123其他非流动负债6469696969净利润534380475592735非流动负债合计6475747371少数股东损益62456负债合计24442925323635243765归属母公司净利润528377471587729股本750749749749749EBITDA78255476310421267资本公积797807807807807NOPLAT573380432625784留存收益13051371155917932083EPS(元)0.70.50.60.81.0归属母公司权益28522927311433493639少数股东权益5456606470主要财务比率股东权益合计29052983317434133710会计年度202020212022E2023E2024E负债和股东权益合计53495908641069377475成长能力营收增长率18.8%9.1%5.7%15.4%17.3%现金流量表营业利润增长率15.1%-29.9%27.2%24.6%24.1%会计年度202020212022E2023E2024EEBIT增长率26.5%-37.0%17.6%44.8%25.4%税后经营利润534380463580722EBITDA增长率25.4%-29.1%37.7%36.5%21.6%折旧与摊销100125258311351归母净利润增长率15.8%-28.5%24.8%24.7%24.1%财务费用54-4-504059经营现金流增长率645.1%19.9%-42.0%69.0%34.2%投资损失-625-000盈利能力营运资金变动-81117-286-270-240毛利率34.5%27.8%28.6%30.1%32.1%其他经营现金流-2648151515净利率14.7%9.6%11.3%12.3%13.0%经营性现金净流量575689400676907营业利润率17.1%11.0%13.2%14.3%15.1%资本支出253370250250250ROE18.5%12.9%15.1%17.5%20.0%长期投资152-109000ROA9.9%6.4%7.3%8.5%9.7%其他投资现金流7-0-3-3-3ROIC16.7%10.8%11.7%15.7%18.3%投资性现金净流量-94-479-253-253-253估值倍数短期借款-17818611042-64P/E14.720.616.513.210.7长期借款06-1-1-1P/S2.12.01.91.61.4普通股增加0-1000P/B2.72.72.52.32.1资本公积增加-410000股息率4.4%2.4%3.6%4.5%5.6%其他筹资现金流-267-368-234-393-497EV/EBIT14.720.917.111.99.4筹资性现金净流量-450-167-125-352-562EV/EBITDA12.916.211.38.36.8现金流量净额1348227192EV/NOPLAT17.523.620.013.911.0