宏川智慧-公司研究报告-并购拓产助力发展静待花开-230222（21页）.pdf

1、 1 Table_First!#$!%&#$!#$%&Table_First|Table_Summary !#$!#$%002930.SZ&!#$%&()*+,-!#$%&()*+,-.!#$%!#$%&()%&()%*+,-./012$34*56789*+,-./012$34*56789:56;?A3BC-DEF356G5HIJKLM9NOPQR4*G5STUVWXY#Z3HPQ3-DEF9_abScdefHgh3ij78kl3mnonpqrstuvwxSdtyz3cd|dt3S93x=?jN4356?j3cdH“3s”cdux”r9J3hSc?”r3xSQdt-st3cHNrf3kl-sc

2、d3ef.u.9 01?kl3dtx”r901?kl3dtx”r93Ruz3-D9X34*G5S56q*Gu8O?3r!qJ9hcd?Wxnodt3_abSrst3Snp3klv?22H1klG5HI59.7%3UHI20.9%3noV”r+13.0%9223kl566325.333*G8.32m2m1.83 m2!3811#3cd9 kldt3cd$%J&9kldt3cd$%J&91!kl(On)qcH*+,3h-.cd?q/”G5N+/,&012q&345I678S9S3:O5Idt9;9S?AB3jklH“JCz92!DEdF4G3HIJOKKLM3N56!q5,OEFqPQREFSTU

3、wVWX3cdFYZ&93!klNrr3-_a_o1=aSf1bc+3j-Sd9 ef/!g%ef/!g%hi-j*,-./S2klkl32023PEj20.0m9hinopq=4*G5HZr3PQklscdtklijH78ucd3v!cdwZKK2.3x$y+z|$%|cdef3klH“J9ekl2022/23/24j2.3q4.0q5.13D202330mPE3R.926.61367Dyz9%TUc,9 财务数据和估值财务数据和估值 2020A 2021A 2022E 2023E 2024E 营 业 收 入（百 万元）848 1,088 1,067 1,556 1,888 增长率（%）75

4、%28%-2%46%21%净利润（百万元）228 272 229 401 506 增长率（%）56%20%-16%75%26%EPS（元/股）0.50 0.60 0.51 0.89 1.12 市盈率（P/E）42.5 35.6 42.3 24.2 19.1 市净率（P/B）4.5 4.1 3.9 3.6 3.1 数据来源：公司公告、华福证券研究所 Table_First|Table_ReportDate!#$2023%02&22 Table_First|Table_Rating/0/01 1234523456 6.()*+,-21.43./0*+,-26.61.Table_First|Tabl

5、e_MarketInfo 12341234 总股本/流通股本（百万股）452/429 总市值/流通市值（百万元）9687/9186 每股净资产（元）4.99 资产负债率（%）66.82 一年内最高/最低（元）24.6/16.07 Table_First|Table_Chart 一年内股价相对走势一年内股价相对走势 团队成员团队成员 567 89:!#$%&S0210522050006() Table_First|Table_RelateReport;!#$%&()%*+,-./01234567%-30%-20%-10%0%10%20%2022-022022-032022-042022-0420

6、22-052022-062022-062022-072022-082022-082022-092022-102022-112022-112022-122023-012023-012023-02宏川智慧沪深300 ()*+!#$%&()2 *+,-./01234567(),-#$|./01 789:789:?A?A,A 1,BCDEFGHIJKLMNOPQRDEESTUVWXVYZ_abcdefbgWhijklmnop/qrXstuvwxyz22-24%lmOPQRDEES|W5+18.3%T+30.7%22%nES|W10%T+10.0%DE%UVW5 70%T75%T81%&VY5-2.0%