【行业研究报告】派能科技-定增获批稳步扩张户储+大储产能，业绩持续超预期

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22541235127517573755营业收入1120206360831283820444应收票据及账款269654163734545501营业成本63314433988840213360预付账款7177208440700税金及附加47214572其他应收款102549103164销售费用223694193307存货190687142530034775管理费用4663146308491其他流动资产8339965011481709研发费用731563958341329流动资产总计281331785243990416603财务费用24-13-9-16-35长期股权投资00000资产减值损失-9-7-24-51-82固定资产22267981912231832信用减值损失-5-25-34-73-116在建工程8215466211031177其他经营损益-00000无形资产2124201612投资收益08333长期待摊费用24592900公允价值变动损益01000其他非流动资产52172172172172资产处置收益00-0-0-0非流动资产合计4011088170325143194其他收益713999资产总计3214426669461241819797营业利润313359140029594735短期借款56130000营业外收入00000应付票据及账款346829207443706949营业外支出13111其他流动负债7317951910941740其他非经营损益00000流动负债合计4751139259354648688利润总额312356139829574733长期借款0150142136118所得税3740166350560其他非流动负债68888净利润274316123326074173非流动负债合计6157150144126少数股东损益00000负债合计4801296274356088814归属母公司净利润274316123326074173股本155155155155155EBITDA363389157532305118资本公积22022207220722072207NOPLAT296307122625944143留存收益377608184144488621EPS(元)2281727归属母公司权益273429704203681010983少数股东权益00000主要财务比率股东权益合计273429704203681010983会计年度202020212022E2023E2024E负债和股东权益合计3214426669461241819797成长能力营收增长率36.6%84.1%195.0%111.0%59.3%现金流量表营业利润增长率89.8%14.7%290.3%111.4%60.0%会计年度202020212022E2023E2024EEBIT增长率105.8%2.3%304.6%111.7%59.7%税后经营利润274316122425984164EBITDA增长率99.7%7.3%304.8%105.1%58.4%折旧与摊销2746186289420归母净利润增长率90.5%15.2%289.9%111.5%60.1%财务费用24-13-9-16-35经营现金流增长率125.4%-223.8%378.4%62.4%96.1%投资损失0-8-3-3-3盈利能力营运资金变动-59-766-441-1308-1477毛利率43.5%30.0%34.4%34.6%34.6%其他经营现金流1477101010净利率24.5%15.3%20.3%20.3%20.4%经营性现金净流量281-34796715713080营业利润率27.9%17.4%23.0%23.0%23.2%资本支出14545680011001100ROE10.0%10.6%29.3%38.3%38.0%长期投资00000ROA8.5%7.4%17.7%21.0%21.1%其他投资现金流-0-1192111ROIC65.3%47.4%60.7%74.6%66.0%投资性现金净流量-146-1649-799-1099-1099估值倍数短期借款1575-13000P/E169146381811长期借款0150-7-6-18P/S4122842普通股增加390000P/B17161174资本公积增加19765000股息率0.0%0.0%0.0%0.0%0.0%其他筹资现金流-23-25591635EV/EBIT1138633169筹资性现金净流量2006-25-1291017EV/EBITDA1057629149现金流量净额2120-2052404821998EV/NOPLAT12896371811