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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E2273.293108.134739.716543.508734.48减：营业成本1417.051760.592648.473759.904999.08营业收入增长平16.8%36.7%52.5%38.1%33.5%18519.0547.4065.448734营业利润增长单160.1%120.1%11.3%37.6%39.7%销售费用236.66296.05379.18523.48698.76161.0%1055%15.7%38.0%38.1%管理费用153.00202.61284.38392.61524.07EBITDA增长率129.9%582%36.4%39.5%研发费用330.7239759497.67588.92698.76EBIT增长平23.4%167.4%79.0%37.6%40.4%-7.42-70.860.000.000.00NOPLAT增长平24.6%1486%86.4%38.9y%-2860.000.000.0016.5%219.4%10.7%13.3%257.46293.700.000.0016.5%2190%84%10.7%13.3%27.01143.14142.19196.31262.03514821133281261.801736.6424252337.7%43.4%44.1%425%42.8%加：营业外净收支-2.13-0.46-3.400.000.0022.6%365%26.6%26.5%27.8%512.701132821258.401736.6424252321.7%32.5%24.7%24.7%25.5%减：所得税20.39121.5588.09121.57194.02EBITDA/营业枚入14.0%23.5%24.4%24.1%25.2%492.20101L421170.3116150822312110.3%20.1%23.6%235%24.8%2020A2021A2022E2023E2024E1131.678658.869732.2511391.6513806.10国定资产周转天数29交易性金融资产1505202510.612510.612510.612510.61294203146104278.87508.61676.32959.561224.066741612121010489391054895.89220.09216.14366.15应收怅款周转天数469.1020.8526.4837.6049.992732892802802801063.861762.252357.593491.14428521总资产周转天数83713051345111197070.6412925129.25129.251292570216391165934793持有至到期投资ROE11.3%7.7%9.7%11.8%长期股权投资42427554.50554.50554.50554.50R0A85%6.0%6.3%7.4%投资性房地产7.457.037.037.035.1%4.0%6.9%8.6%10.5%182.95218.36182.03145.70109.3613.9440728407.28407.284072810.4%95%80%8.0%8.0%无形资产28927572.86572.86572.86572.866.7%6.0%6.0%6.0%其他非流动资产144.16133.80133.80133.80133.800.3%23%0.0%0.0%0.0%58008821713.1625362.6216.8%13.8%14.0%14.0%14.0%0.000.000.000.000.0042222734.631001.591463.231813.9424.7%16.7%19.1%23.0%25.3%0.000.000.000.000.0032.8%20.0%23.6%298%33.8%62.7852.0352.0352.0352.033415.344.693.943.630.000.000.000.000.002484.593.943.172.91其他非流动负债0.001.101.101.10利息保障倍数897.06962.141431.572792.793569.484987.576405820250.180.180.180.18DPS(元)0.000.000.000.000.00534.8661624616.24616.24616.2436.841048272218.573833.656064.870.0%0.0%0.0%0.0%0.0%43693113940.2015110.5116725.5918956802020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.921.761.902.623.62492.201011.421170.311615.08223121BVPS(元)8.1722.6224.5227.1430.76加：折旧和掉销83.821050436.3336.333633171.371.955.440229.1资产减值准备17.180.800.000.000.00PBX31935.64.33.934-257.46-293.700.000.000.00P/FCF22.6731.150.000.000.00Ps37.125.113.79.97427.01-143.14-142.19-196.31-262.03EV/EBITDA261.794.947.733.92320.110.150.000.000.00CAGR(%)508.42322.00-133.257.99146.90PEG3.508846291016.26934.601463.0953685-6230.06138.79196.31262.03REP0540.000.000.00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