【行业研究报告】中集安瑞科-能源装备恢复强劲增长，化工装备略有压力

资产负债表2022A2023E2024E2025E利润表2022A2023E2024E2025E资产负债表2022A2023E2024E2025E利润表2022A2023E2024E2025E单位：百万元人民币单位：百万元人民币流动资产16,65517,82220,03423,379营业收入19,60222,00025,26328,796货币资金5,2235,6526,9989,362销售和管理费用(351)(386)(425)(467)按金、其他应收款项及预付款项1,6441,4801,3321,199财务费用(80)(89)(97)(107)应收账款3,4703,8174,1994,619营业利润1,4721,6301,9372,302其他应收款1,1021,2121,3331,466税前利润1,3981,5421,8402,195存货4,6365,1005,6106,171所得税(313)(308)(368)(439)非流动资产5,5596,1056,2676,543归母净利润1,0551,1781,3671,649固定资产3,7384,3644,5264,673EPS(元)0.530.600.690.83预付土地租赁费561561561561EBITDA1,8472,0682,3912,770在建工程327326326456其它793754754754主要财务指标2022A2023E2024E2025E资产总计22,21423,92726,30129,922成长性流动负债10,53611,04812,10313,434营业收入增长率6.4%12.2%14.8%14.0%短期借款368568768968营业利润增长率21.4%10.7%18.9%18.8%其他应付款项及应计费用2,0111,8101,6291,466净利润增长率19.4%13.7%19.4%19.3%应付账款3,8164,1984,6185,079其他4,3414,4725,0895,921盈利能力非流动负债2,1512,6123,0474,284毛利率17.4%17.4%17.3%17.4%长期借款77277477677净利率5.5%5.6%5.8%6.1%其他2,0742,3352,5703,608ROE11.5%11.9%12.7%13.9%负债合计12,68713,66015,15017,718股东权益合计9,1429,89810,79411,896偿债能力总权益9,52810,26711,15112,204资产负债率57.1%57.1%57.6%59.2%流动比率158.1%161.3%165.5%174.0%现金流量表2022A2023E2024E2025E速动比率114.1%115.2%119.2%128.1%净利润1,0851,2331,4721,756折旧和摊销375437454468营运能力(次)财务费用(80)(89)(97)(107)资产周转率0.880.920.960.96所得税(313)(308)(368)(439)应收帐款周转率4.874.887.006.19营运资金的变动2,5561,8692,5233,083经营活动产生现金流量2,5611,5612,1552,644每股资料(元)投资活动产生现金流量(502)(1,000)(600)(600)每股经营现金1.300.791.091.32融资活动产生现金流量405(546)(208)320每股净资产4.514.885.325.87现金净变动2,464151,3472,364现金的期初余额3,1735,6375,6526,998估值比率(倍)现金的期末余额5,6375,6526,9989,362PE