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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E301.90320.70347.93611.92997.60减：营业成本17182158.18192.59301.98482.952.0%62%85%63.0%1.601811.743.064.99营业利润增长单14.6%24.1%-313%212.7%59.0%销售费用9.67114915.3124.4241.858.1%38.5%-35.8%212.8%58.9%管理费用292634.5952.6079.25140.01EBITDA增长率43.1%34.7%-205%121.7%48.1%研发费用233926.3831.3152.7087.8542.2%22.6%-22.9%167.y%59.6%13.5715.7617.4027.5444.89NOPLAT增长率40.9y%29.4%-24.9%167.9%59.6%031-1230.000.000.0030.4%93.7%17.9%242%25.5%0.000.000.000.000.0026.7%1185%85%24.4%31.2%-0.010.00-0.01-0.010.026153132.20210.1643.1%50.7%44.6%51.6%加：营业外净收支0230.070.030.100.1016.4%192%12.1%21.1%493361.6042.30132.302102618.4%11.4%202%19.7%减：所得税4.482.522.798.7313.88EBITDA/营业枚入27.9%35.4%26.0%32.7%29.7%418858.0137.22116.431850320.9%24.1%17.1%26.1%25.6%2020A2021A2022E2023E2024E42.84135.95343.52-15.35284.83国定资产周转天数183227321222165交易性金融资产0.000.000.000.000.0010427565339174162.53264.18133.83623.26564.463666256485294494.754.003.4811.4411.45应收怅款周转天数1722392062232142.0912218.6018.40255010211010610739.44572956.03125.1516182总资产周转天数641874110078462315.7819.6319.6319.6319.635089271007711547持有至到期投资ROE19.7%12.5%7.4%189y%23.1%长期股权投资0.980.981.461.712.07R0A7.1%6.0%32%7.7%9.5%投资性房地产0.000.000.000.000.00 ROIC13.6%9.1%12.5%15.9%199.78305.72371.71451.6647.7543.3635.5529.4622.513.2%3.6%4.4%4.0%4.2%无形资产6.305288.7210.459.7%10.8%15.1%130%14.0%其他非流动资产6.7651.3051.3051.3051304.5%4.9%5.0%4.5%587.43969581155.821509.451944.9917.4%19.3%245%21.4%22.7%173.48283.88390.17498.51605.83应付怅款104.1587.58126.20224.43324.0063.7%562%583%57.5%0.000.000.000.000.00175.2%128.4%139.8%135.5%182017.7417.7417.7417.740.871.211.031.071.147.9220.3020.3020.3020.300.660.970.850.90其他非流动负债0.000.000.000.00利息保障倍数5.034.73503.12879.931119.082.484.7611.902325DPS(元)0.000.000.000.000.0054.6372.8472.8472.8472.8444.75102.76139.99256.41441.440.0%0.0%0.0%0.0%21348466.46629.53825912020A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.770.930.511.602.5441.88580137.22116.4318503BVPS(元)3886.376.8811.02加：折旧和掉销21.30362930.7240.5341.650.070.7129.426.0资产减值准备7.1815.730.000.000.010.39.67.86.00.000.000.000.000.00P/FCF13.1916.400.000.000.00Ps0.014.913.87.90.010.000.010.010.02EV/EBITDA1944.154.627.017.52.971.072.287.141135CAGR(%)22.10-174.17179.17-505.6391.73PEG0.01.8020.462.62-52.70249.31-341.695031-14381-148.03-125.52-136.66REP0.05302.98106.29108.3410732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