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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E1577.782253.712289.403039.404314.40减：营业成本586.49954.50990.551440.552205.5531.9%42.8%32.8%41.9%14.7916.1816.4321.8130.97营业利润增长平41.0%-55.6%163.7%38.0%销售费用16828237.61343.41364.73517.7332.4%13%-759%322.1%38.0%管理费用134.75242.46274.73334.33431.44EBITDA增长率25.2%22%-272%26.9y%研发费用271.8748295595.24516.70647.16EBT增长率30.4%-10.6%-423%141.2%32.7%14.0462.427.75-1.166.60NOPLAT增长率30.0%7.4%28.2%32.7%731-5.850.000.000.00-0.1%14.1%16.7%30290.000.000.00净资产增长单117.4%12.9%15.8%13.0255.8150.170.000.004813839738176.26464.84641.2962.8%56.7%48.9%加：营业外净收支-26.93-14.070.850.000.0030.5%17.6%7.7%153%14.9%383301754127.4%19.5%4.6%14.7%14.3%减：所得税21.40-55.4469.6918.5925.65EBITDA/营业枚入31.9%21,8%15.7%22.7%20.3%433.06438.74105.72446.25615.6428.7%18.0%102%185%17.3%2020A2021A2022E2023E2024E1350.74881.021877.261200.482592.58国定资产周转天数17210061交易性金融资产124.6573.1673.1673.1673.1616316516965318.74460.91281.08670.36722.15流幼资产周转天数6094344404316.497376.7111.9814.55应收怅款周转天数65222224.92123.93128.61187.03286.36245262222442.9996720243.471517.201178.47总资产周转天数53458965777其他流幼资产271.4379.0679.2679.3679.36投资资本周转天数587541532458376ROE17.1%153%3.7%13.7%15.9%长期股权投资0.001.601.601.601.60 ROA13.6%10.4%2.5%9.8%投资性房地产0.000.000.000.000.00 ROIC17.0%13.9%142%16.1%国定资产229.291062.03944.99830.67716.050.000.000.000.000.0010.7%10.5%15.0%12.0%12.0%无形资产44.5346.5039.5041.5043.508.5%10.8%12.0%11.0%10.0%其他非流动资产70.8058.2558.2558.2558250.%2.8%0.3%0.0%0.2%3175.014201.434158.505162.626273.9820.1%24.1%27.3%23.0%22.2%0.00454.85484.85514.85544.852580932221280.01595.80745.1120.2%32.0%322%36.7%38.1%0.0013.330.5019.6225.3%47.0%475%58.1%61.6%0.070.490.490.490.494562.262.172230.000.000.000.003231.231.891.17155422761.9961.9961.9961.99利息保障倍数126.4332.5614.1031.9940.16642.011342551339.151897.012392.740.000.000.000.000500.100.000.000.00450.00450.95447.63447.63447.63925311139.051199.811646.062261.700.7%0.1%0.0%0.0%0.0%2533.002858882819.363265.613881242020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.980.970.230.991.36433.06438.74105.72446.25615.64BVPS(元)5.636.346.2485950.5687.52125.04125.32126.6269.981.9144.634224.8资产减值准备10.8817.4650.0050.0012212.55.44.7-30291.150.000.000.00 P/FCF3.0812.4316.5617.611861P/S19.515.96.65035-13.02-55.81-50.170.000.00 EV/EBITDA58.671.938.82121520.000.000.000.000.00CAGR(%)95.34-550.97826.65-1311.35592.84PEG2262.40.10.7-144831074.31-672.611615847.65-12.56-1238REP19927125.728.39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