鄂尔多斯（600295）：下行周期中保持平稳经营

| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 30,554 | 28,403 | 27,006 | 28,045 | 28,981 | | (+/-)% | -16.0% | -7.0% | -4.9% | 3.8% | 3.3% | | 净利润(归母) | 2,904 | 1,847 | 2,054 | 2,244 | 2,491 | | (+/-)% | -38.6% | -36.4% | 11.2% | 9.3% | 11.0% | | 每股净收益(元) | 1.04 | 0.66 | 0.73 | 0.80 | 0.89 | | 净资产收益率(%) | 13.7% | 8.8% | 9.6% | 10.2% | 11.1% | | 市盈率(现价&最新股本摊薄) | 9.76 | 15.35 | 13.81 | 12.64 | 11.38 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 下行周期 ...