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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E156597.6921614240419278.87628583.5591898125减：营业成本12625138187997.69354956.79527144.04765855.4222.6%38.0%94.0%46.2%2154.423034.886708.4610057.3414703.70营业利润增长单206.4%67.1%54.6%销售费用5055.616081.6812997.6419486.0928488.42162.3%-28.1%443.2%70.6%52.8%管理费用4321.495710.1910062.6915086.0122055.55EBITDA增长率50.2%-145%49.0%47.2%研发费用7464.867990.9715094.0422629.0133083.3286.7%268.1%70.6%58.1%3762.611786.93-1800.00-1800.00-1800.00NOPLAT增长率87.1%2672%70.89%58.0%-906.53857.48199.78328.7326425-13.0%19.6%3.8%26.3%512747360.000.000.003.0%61.7%19.5%30.1%35.8%-272.81-57.13420.63-398.38-752.197085.774631.9942717.99660435919.4%13.0%153%16.1%16.7%加：营业外净收支-203.19100.00100.00100.004.5%2.1%6.1%6.8%7.2%6882594518.002665.3542817.9966143593.8%18%5.4%6.0%6.3%减：所得税868.62550.743183.845265.558169.64EBITDA/营业枚入15.4%9.5%83%8.4%423427304519142.4728228.2443118.937.4%3.0%5.7%65%7.0%2020A2021A2022E2023E2024E14445.0350457.1046010.84102901.46152579.78国定资产周转天数127103578交易性金融资产0.025606.055606.055606.055606.0517741216.433625128108167.00108345.12208192.872602812672312600.000.000.000.000.00应收怅款周转天数986262724.352036.583904.525798.588424.417231396.3643354.7896655.95111273.09190814.33总资产周转天数456414289273其他流动资产7312.948525.478525.478525.478525.47272236126100持有至到期投资ROE7.4%32%15.1%205%23.8%长期股权投资5465.597905.009827.4112008.3314059.99R0A2.1%1.0%3.7%5.0%5.2%投资性房地产942287.5082.8077.0971.89 ROIC8.7%4.1%145%20.8%26.1%54584.6261221.376934.5468559.2671186.636111.77202773125078.5434561.9341704243.2%3.1%3.1%3.1%无形资产11804.1717104.9419332.2623096.3026091.982.8%2.4%2.4%2.4%其他非流动资产108.4212521.0512521.0512521.0512521.052.4%0.8%-0.4%03%0.2%2010173229578015449588.45559946.31832877.728.4%6.3%5.1%52%53%16400.6910204.36-4859.65-15489.81-28336.9042982.6173160.17145729.85179637.94292854.3367.y%64.89%723%71.0%73.6%8925.697331.4651828.0136029.339161324183.7%260.8%245.3%278.3%2484.643714.683714.683714.683714.681050.971.011.0514745.508743.528743.528743.528743.520.620.600.590.650.69其他非流动负债5270.327417.187417.187417.187417.18利息保障倍数3.713.41136563.4119153594324978.11397783.53612740.987579.6491745415113.5824437.773929280DPS(元)0.150.110.000.000.002728.14291L14205.632905.632905.6328904.8631465.0047701.8075930.04119048.970.1%0.0%0.0%0.0%0.0%64453911024421124610.35162162.78220136.742020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)1471.065.689.7014.814234.273045.1916542.4728228.2443118.93BVPS(元)20.8532.6637.61473162.12加：折旧和掉销12518.68141083811085.4511352.421226051132.2252.946.427217.8资产减值准备1858.431245.55-199.78-328.73-26425PBX3938.27.0425127-47.360.000.000.00P/FCF3123.801907640.000.000.00Ps3418120.8-26.71-31.63420.63398.38752.19EV/EBITDA23.637.121.212.9801779.70922.085939.049324.1914855.03CAGR(%)214413444205.823697.6549722.7520110.11PEG0.80.10.40345392.6765466.6837329.8398443.47-1444425-45403.99-24596.70-30922.69-28033.69REP-28907.421606252-17179.38-10630.17-12847.09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