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表(百万人民币)FY2024AFY2025EFY2026EFY2027E净负债比率(%)-38.38-50.94-66.09-76.50

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表(百万人民币)FY2024AFY2025EFY2026EFY2027E净负债比率(%)-38.38-50.94-66.09-76.50_第1页

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表(百万人民币)FY2024AFY2025EFY2026EFY2027E净负债比率(%)-38.38-50.94-66.09-76.50_第2页

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【民生证券】2025年三季报点评：Q3利润超预期，广告增速持续高于大盘-251116（3页）.pdf

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[资TA产B负LE债_表FIN (百AN万C人E民] 币) FY2024A FY2025E FY2026E FY2027E 利润表 (百万人民币) FY2024A FY2025E FY2026E FY2027E 流动资产合计 19,756 26,643 30,130 34,871 营业收入 26,832 29,900 32,681 35,869 现金及现金等价物 10,249 17,248 20,853 25,158 其他收入 0 0 0 0 应收账款及票据 1,227 1,728 1,889 2,073 营业成本 18,058 18,987 20,048 21,065 存货 0 0 0 0 销售费用 4,402 4,406 4,718 5,140 其他 8,280 7,667 7,387 7,640 管理费用 2,031 2,027 2,061 2,159 非流动资产合计 12,942 12,279 11,982 11,774 研发费用 3,685 3,605 3,693 3,744 固定资产 589 752 782 802 财务费用 -346 -281 -348 -431 商誉及无形资产 5,926 5,338 5,012 4,783 权益性投资损益 0 0 0 0 其他 6,427 6,189 6,189 6,189 其他损益 -402 -129 106 106 资产合计 32,699 38,923 42,112 46,645 除税前利润 -1,400 1,028 2,615 4,298 流动负债合计 14,763 15,369 16,469 17,678 所得税 -37 110 376 824 短期借贷 1,572 1,572 1,572 1,572 净利润 -1,364 918 2,239 3,474 应付账款及票据 4,801 4,932 5,208 5,472 少数股东损益 -17 -2 0 0 其他 8,390 8,865 9,689 10,634 归属母公司净利润 -1,347 919 2,239 3,474 非流动负债合计 3,832 8,532 8,382 8,232 EBIT -1,746 747 2,268 3,867 长期借贷 3,264 8,024 7,874 7,724 EBITDA 755 2,971 4,365 5,875 其他 568 508 508 508 EPS（元） -3.20 2.18 5.32 8.25 负债合计 18,595 23,901 24,851 25,910 普通股股本 0 0 0 0 主要财务比率 FY2024A FY2025E FY2026E FY2027E 储备 14,108 15,028 17,267 20,741 成长能力(%) 归属母公司股东权益 14,108 15,028 17,267 20,741 营业收入 19.10 11.44 9.30 9.75 少数股东权益 -4 -6 -6 -6 归属母公司净利润 72.07 168.27 143.53 55.14 股东权益合计 14,104 15,022 17,261 20,735 盈利能力(%) 负债和股东权益合计 32,699 38,923 42,112 46,645 毛利率 32.70 36.50 38.66 41.27 净利率 -5.02 3.08 6.85 9.68 ROE -9.55 6.12 12.97 16.75 ROIC -8.98 2.71 7.27 10.41 偿债能力资产负债率(%) 56.87 61.41 59.01 55.55

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