广厦环能(873703)首次覆盖报告：深耕高效换热器，业绩稳步增长.docx

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1125.32 1317.01 1475.43 1641.36

729.20 84980 94535 1045.22

157.18 203.19 232.52 261.42

5.13 7.61 7.61 9.52

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91.35 77.48 85.95 95.66

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O6 27.14 26.82 25.39 22.91

6.16 5.66 5.16 4.66

98.14 113.15 109.96 110.77

1256.75 1462.64 1615.94 1779.70

326.67 390.93 43836 484.30

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301.48 395.00 450.00 506.00

3.75 7.48 7.82 9.64

10.25 14.97 15.65 18.40

37.05 47.96 54.76 61.77

-0.99 -1.11 -1.14 -1.23

0.36 0.20 0.20 0.20

0.00 0.00 0.00 0.00

3.78 1.84 1.96 2.02

146.69 187.28 213.83 242.51

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146.98 187.28 213.83 242.51

21.34 28.09 32.07 36.38

I? 125.64 159.19 181.75 206.13

0.00 0.00 0.00 0.00

125.64 159.19 181.75 206.13

EBITDA 152.15 192.18 218.81 247.46

EPS 1.17 1.48 1.69 1.91

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1256.75 1462.64 1615.94 1779.70

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??t?fi?(??DJè) 202*A 2024E 2025E 2026E

152.08 151.82 173.60 187.36

125.64 159.19 181.75 206.13

6.16 6.01 6.12 6.17

0.08 0.06 0.14 0.19

-3.78 -1.84 -1.96 -2.02

17.42 -4.76 -18.25 -16.92

6.56 -6.84 5.80 -6.20

-122.48 -15.73 -1.04 0.02

T -4.43 -4.00 -3.00 -2.00

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-118.05 -11.73 1.96 2.02

270.04 -15.48 -77.01 -87.51

r? 0.00 0.00 0.00 0.00

r? 0.00 0.00 0.00 0.00

270.04 -15.48 -77.01 -87.51

299.64 120.61 95.55 99.86

23.96% 23.40% 23.23% 23.53%

ROE 13.51% 14.88% 15.47% 15.96%

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