MS Dividend: Morgan Stanley Yield Insights

Breakdown	TTM	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
营收	116,835	107,285	96,194	65,936	61,121	52,606
营收同比增长 (YoY)	11%	12%	46%	8%	16%	-2%
营收成本	52,588	49,664	45,527	15,726	4,707	6,778
毛利润	64,247	57,621	50,667	50,210	56,414	45,828
销售、一般及管理费用	38,629	36,037	33,831	32,250	33,048	27,517
研发	--	--	--	--	--	--
营业费用	43,147	40,025	37,966	36,121	36,746	31,410
其他非经营性收入 (费用)	--	--	--	--	--	--
税前利润	21,100	17,596	11,813	14,089	19,668	14,418
所得税费用	4,775	4,067	2,583	2,910	4,548	3,239
净利润	15,563	12,800	8,530	10,540	14,566	10,500
净利润增长	47%	50%	-19%	-28%	39%	23%
稀释后流通股数	1,590	1,611	1,646	1,713	1,814	1,624
股份同比变动 (YoY)	-1%	-2%	-4%	-6%	12%	-1%
每股收益 (摊薄)	9.78	7.95	5.18	6.15	8.03	6.47
每股收益增长率	49%	53%	-16%	-23%	24%	25%
自由现金流	-6,747	-2,100	-36,948	-9,475	31,663	-26,675
每股自由现金流	-4.24	-1.3	-22.44	-5.53	17.45	-16.42
毛利率	54.98%	53.7%	52.67%	76.14%	92.29%	87.11%
营业利润率	18.05%	16.4%	13.2%	21.36%	32.17%	27.4%
净利率	13.32%	11.93%	8.86%	15.98%	23.83%	19.95%
自由现金流利润率	-5.77%	-1.95%	-38.4%	-14.36%	51.8%	-50.7%
EBITDA	26,265	22,757	16,957	18,087	23,884	18,187
EBITDA 利润率	22.48%	21.21%	17.62%	27.43%	39.07%	34.57%
EBITDA 中的折旧与摊销	5,165	5,161	4,256	3,998	4,216	3,769
EBIT	21,100	17,596	12,701	14,089	19,668	14,418
EBIT 利润率	18.05%	16.4%	13.2%	21.36%	32.17%	27.4%
有效税率	22.63%	23.11%	21.86%	20.65%	23.12%	22.46%

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