【行业研究报告】中来股份-背板龙头地位稳固，TOPCon产能释放在即，国资入主资源丰富

资产负债表利润表资产负债表利润表会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金24892987160523742842营业收入58209577160542374228419应收票据及账款18263868590383909593营业成本51498080132901961123193预付账款139216358535623税金及附加2027486877其他应收款2881132208273销售费用117162281432512存货16082736400556416354管理费用245340547802938其他流动资产156727378444598研发费用181292494748909流动资产总计624510616123821759320283财务费用-38-381189187长期股权投资255137187262382资产减值损失-462-65-64-95-99固定资产22492836280731223366信用减值损失-59-101-80-131-114在建工程418553860868776其他经营损益00000无形资产72108907254投资收益-82695782127长期待摊费用4748505060公允价值变动损益5-1-2719-25其他非流动资产28542706274929773215资产处置收益-801-63非流动资产合计58956388674473527853其他收益4126254033资产总计1213917003191262494528136营业利润-418642118518992629短期借款12133253122621641404营业外收入92134应付票据及账款422251287282913410167营业外支出99464其他流动负债15622159333647225353其他非经营损益00000流动负债合计699710540118451602016924利润总额-418635118218962630长期借款427651546449324所得税-5168154256342其他非流动负债6491181107511761301净利润-412468102816402288非流动负债合计10761832162216261625少数股东损益-9967102175249负债合计807212372134671764518549归属母公司净利润-31340192714652039股本10901090109010901090EBITDA-161887189027823693资本公积18511944194419441944NOPLAT-448448116117102385留存收益448852177932445283EPS(元)-0.290.370.851.341.87归属母公司权益33883886481362788317少数股东权益67974584710221271主要财务比率股东权益合计40674631566073009587会计年度202120222023E2024E2025E负债和股东权益合计1213917003191262494528136成长能力营收增长率14.45%64.56%67.64%47.88%19.70%现金流量表营业利润增长率-297.71%253.80%84.52%60.26%38.41%会计年度202120222023E2024E2025EEBIT增长率-318.97%230.93%117.73%52.79%36.73%税后经营利润-41246898315262167EBITDA增长率-134.73%649.32%113.09%47.20%32.74%折旧与摊销295290589795976归母净利润增长率-424.19%228.09%130.92%58.11%39.11%财务费用-38-381189187经营现金流增长率290.63%-439.74%261.96%-38.11%120.71%投资损失82-69-57-82-127盈利能力营运资金变动5-2222198-1203-555毛利率11.52%15.63%17.22%17.40%18.39%其他经营现金流413404604436净利率-7.09%4.89%6.41%6.91%8.05%经营性现金净流量344-1168189211712584营业利润率-7.18%6.71%7.38%8.00%9.25%资本支出473265959999996ROE-9.25%10.33%19.26%23.34%24.51%长期投资-344-226000ROA-2.58%2.36%4.85%5.87%7.25%其他投资现金流176-36380-204-198ROIC-9.03%11.96%18.00%23.23%24.24%投资性现金净流量-641-854-879-1203-1194估值倍数短期借款-1462040-2026938-759P/E-47.9537.4416.2110.257.37长期借款238224-105-97-125P/S2.581.570.940.630.53普通股增加3110000P/B4.433.873.122.391.81资本公积增加-27193000股息率-----其他筹资现金流305-245-264-40-38EV/EBIT-46.2631.3313.519.356.60筹资性现金净流量4382112-2395801-923EV/EBITDA-130.7021.109.306.684.86现金流量净额125137-1382769468EV/NOPLAT-47.1341.7715.1410.877.53