本报告仅供Choice东方财富使用，请勿传阅。安信证券ESSENCE SECURITIES财务报表预测和估值教据汇总2021A2022A2023E2024E2025E2021A2023E2024E2025E22,836.927,937.232,020.136,483.940,839.8成长性减：营业成本18,420.920,915.823,533.926.729.729,721.333.9%22.3%14.13.9%11.9%营业税费235.4258.7296.5337.9378.2142.1%79.7%17.0%14.8%13.5%销售费用426.6441.2544.3656.7776.0139.4%87.4%16.3%14.8%13.5%管理费用739.91,010.81,120.71,313.41,470.2EBITDA增长率67.5%44.0%23.1%14.513.254.9352.2437.8612.6145.7%65.8%21.8%13.5%12.4%176.983.9152.794.633.4NOPLAT增长伞126.4%74.9%17.3%13.5%资产减值损失-20.56.06.06.06.0投资资本增长单-7.4%8.0%5.5%5.0%-22.032.7净资产增长率14.0%27.3%29.0%22.3%307.924.424.424.424.42,871.25.160.26.038.16.932.27,866.5-74-74毛利单19.3%25.1%26.5%26.7%27.2%2,825.25.152.86.030.76,924.87.859.118.5%18.9%19.0%19.3%减：所得税449.0746.5904.61,038.71,178.910.3%15.8%16.0%16.16.4%2,351.14,406.35,126.15,886.16,680.3EBITDA/营业枚入19.6%23.1%24.8%25.0%25.4%13.418.2%19.3%19.3%19.3%2021A2024E2025既国定资产周转天数1651271181101013.396.24.333.66.823.510,303.214,370.0流动营业资本周转天数2379交易性金融资产175.6175.6175.6175.6流功资产周转天数103113125146169403.8440.2527.2575.1658.765140.8215.0190.4263.4预付怅款252.6342.1327.1432.9412.2总资产周转天数3152932922963072,964.24,068.53,844.55,143.14,850.4投资资本周转天数195156144135127560.5411.7411.7411.7411.7可供出售金融资产ROE22.1%32.629.4%27.1%25.2%长期股权投资23.218.918.918.918.9R0A11.4%18.0%18.7%18.0%18.0%投资性房地产ROIC19.9%37.6%42.7%44.9%47.8%国定资产9,737.09,911.711,054.611,280.311,585.01,314.81,746.11,136.21,096.31,198.11.9%1.67%1.8%1无形资产1,139.61,109.41,169.41,322.81,469.53.2%3.5%其他非流功资产1,129.21,791.51,706.71,660.71,624.21.1%1.0%1.1%1.2%1.5%20,921.224,490.227,410.332,610.937,037.80.8%0.3%0.5%0.3%704.11.070.51,072.51,102.71,005.9四费/营业收入7.0%6.5%6.9%7.1%应付怅款1,740.11,840.41,852.72,044.92,288.9542.01,315.0774.41,98.71,040.049.2%44.8%36.4%33.5%28.4%其他流动负债2.599.62.446.52.446.52,446.52,446.597.0%81.2%57.3%50.3%39.64.194.03.676.03,208.23,101.73,104.91.361.492.012.403.12其他非流动负债519.9625.7625.7625.7625.70.830.881.382.4010,299.710,974.19,980.010,920.210,511.9利息保障倍数17.3360.5940.5474.32236.72股本3,098.63,042.53,042.53,042.53,042.5DPS(元)0.400.400.470.530.617,701.610,677.514,387.918,648.323,483.551.8%27.627.6%27.610,621.513,516.117,430.321,份0.826,526.03.8%3.8%4.4%5.1%5.7%2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E2.376.14.406.35.126.15,886.16,680.3EPS(元)0.771.451.932.201,442.91,404.31,762.12,077.12,453.3BVPS(元)3.494.445.737.138.72资产减值准备20.56.0PE(X)13.77.36.35.54.822.0-32.73.02.41.81.51.2193.8152733.4 P/FCF10.210.08.86.35.5-307.9-24.4-24.4-24.4-24.4P/S1.41.21.00.90.825.1EV/EBITDA5.64.63.52.72.0-252.1-121.4-420.6-381.4-128.1CAGR(%)35.3%14.9%72.1%35.3%14.9%3,669.65,655.06,596.07,51.99,014.5PEG0.40.50.10.20.3-322.1-1,738.2-2,275.6-2,375.6-2,975.6R01C/WA003.36.37.27.58.0-1,570.9-3,094.0-1,830.4-1,796.6-1,972.0REP0.60.40.30.20.2