财通证养CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E5104816387.636937.298236.39952483减：营业成本2884.413845.994185.924919.945655.709.4%25.1%18.7%15.6%48.1348.5657.6566.67营业利润增长单16.2%3.9%6.8%23.89%销售费用543.16597.44686.38798.93914.3821.3%2.6%6.4%23.8%18.8%管理费用266.40337.87360.74420.88476.24EBITDA增长率10.5%11.9%22.5%研发费用156.1718454201.18234.74266.70122%6.8%23.9%18.7%42.60-45.91-47.72-58.076694NOPLAT增长率15.2%10.9%6.4%23.9%18.7%0.000.000.000.000.0011.3%13.7%72%9.5%10.0%0.911800.000.000.0011.3%13.5%7.1%9.5%9.%72.48-25.60-13.87-16.4719.051441371539.672264.0143.5%39.8%39.7%40.6%加：营业外净收支2.42-159-0.70-0.7027.2%22.6%222%23.1%23.8%1384.471439.781538.9722633123.4%192%19.7%20.2%减：所得税189.08211.37230.85285.85339.50EBITDA/营业枚入27.4%24.5%23.9%24.7%25.1%1192.621223351301.581611.781914.2024.8%222%22.8%23.4%2020A2021A2022E2023E2024E2023.702410.042939.973396.33392324国定资产周转天数8870655650交易性金融资产112.91163.80263.80313.80363.8018251514292.34353.41342.46454.95467.612542462562430.000.000.000.000.00应收怅款周转天数181864.47783783.7298.40113.11好768.831073.051019.921221.39129225总资产周转天数370341348323308159.89144.80114.8084.8054.80311282279257245持有至到期投资ROE27.6%24.9%24.8%28.1%30.3%长期股权投资521.91482.62432.62402.62372.62R0A21.1%19.0%18.7%20.7%22.5%投资性房地产5.075.955.955.9525.1%245%24.3%275%29.7%1230.601226.831241.291264.86130537562394.84114.84134.84154.8410.6%9.4%9.7%9.6%无形资产257.8525532248.32241.32234325.2%53%52%5.1%5.0%其他非流动资产0.000.000.000.000.00-0.8%0.7%-0.7%0.7%0.7%6436206972.887803.578489.7215.0%13.9%14.4%14.1%13.9%0.000.000.000.000.003992538525428.68527.98524.6123.2%23.3%242%258%25.1%0.000.000.000.0030.2%30.4%34.8%33.4%45.7965.7895.78125.78155.782.782.962.982.903.070.000.000.000.000.002.002.072.232.192.37其他非流动负债0.000.000.000.000.00利息保障倍数3133.552558.482265.471312851500.901684.722015.5321278723.71278134.3542.4552.07DPS(元)0.500.600.600.700851592.111592.111592.111592.111592.112545.042972.343318.663810.444374.642.7%2.5%23%2.7%3.3%4346.804935305288.165788.046361862020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.760.770.821201192.621223351301.581611.78191420BVPS(元)2.723.083.303.613.96加：折旧和掉销134.76146.72142.54153.44166.4924.631.631.425.421.4资产减值准备6205.585.576.937.12PBX36.97.97.87.16.50.91-1.800.000.000.00P/FCF1.440.480.730.98Ps58595.043-72.4825.6013.8716.4719.05EV/EBITDA19823.222.91852.775.076.548.109.62CAGR(%)87.92191.71243.961.1214.49PEG1212.34.91346.251713.861797.62-402.06-26480-233.19-225.53-257.84REP-65121-79680-134598谨请参阅尾页重要声明及财通证券股票和行业评级标准2