PDF《瀚蓝环境（600323）》

2016 2017 2018E 2019E 2020E 少数股东权益 715.27 773.24 798.15 816.59 838.58 成长能力 股本 766.26 766.26 766.26 766.26 766.26 营业收入 9.93% 13.87% 19.45% 11.64% 15.17% 资本公积 1,738.14 1,738.14 1,738.14 1,738.14 1,738.14 营业利润 22.46% 41.41% 18.10% 8.33% 20.01% 留存收益 4,020.74 4,519.72 5,130.18 5,799.44 6,612.29 归属于母公司净利润 26.23% 28.25% 23.50% 12.20% 19.21% 其他 (1,700.90) (1,699.45) (1,738.14) (1,738.14) (1,738.14) 获利能力 股东权益合计 5,539.52 6,097.92 6,694.60 7,382.30 8,217.14 毛利率 32.39% 31.63% 31.80% 32.00% 32.00% 负债和股东权益总 计13,272.67 14,112.69 16,012.78 17,066.29 18,061.86 净利率 13.78% 15.52% 16.05% 16.13% 16.69% ROE 10.54% 12.25% 13.66% 13.77% 14.60% ROIC 7.77% 9.80% 10.45% 11.69% 15.64% 现金流量表(百万元)

2016 2017 2018E 2019E 2020E 偿债能力 净利润 556.12 697.33 805.53 903.78 1,077.39 资产负债率 58.26% 56.79% 58.19% 56.74% 54.51% 折旧摊销 568.69 605.68 547.83 577.19 602.99 净负债率 28.57% 39.89% 33.57% 15.57% -1.86% 财务费用 212.91 186.36 203.00 211.00 182.00 流动比率 0.59 0.71 1.13 1.35 1.66 投资损失 (1.34) (9.26) (100.00) (28.00) (25.00) 速动比率 0.52 0.65 1.06 1.29 1.59 营运资金变动 226.99 (55.60) 7.96 966.83 (190.28) 营运能力 其它 (384.84) 84.43 24.91 18.44 21.99 应收账款周转率 12.35 11.14 7.20 7.86 12.00 经营活动现金流 1,178.53 1,508.92 1,489.24 2........