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2021A2022A2023E2024E2025E2021A2023E2024E2025E413.0728.91,020.01,191.51,345.4成长性减：营业成本352.6622.0855.6987.41,109.059.8%76.7%39.7%16.8%12.9%营业税费1.44.24.7148.7%65.0%31.5%21.0%销售费用7.410.514.316.718.835.3%171.461.7%31.9%21.2%管理费用11.317.122.423.824.2EBITDA增长率41.3%60.4%32.3%32.7%21.5%5.710.114.316.718.859.7%77.1%32.2%30.619.2%8.15.3-2.1-5.0NOPLAT增长伞31.9%77.2%72.8%30.619.2%6.1-11.17.07.58.0投资资本增长单-16.590.8%48.2%17.7%17.8%0.2-2.0净资产增长率12.7%80.4%30.1%30.1%28.0%4.33.23.03.03.026.064.7106.7140.3169.8-1.7-1.5-1.5-1.5毛利单14.614.8%16.1%17.1%17.624.363.2105.2138.8168.36.3%8.9%10.5%减：所得税3.47.815.820.825.24.9%7.69.9%10.620.455.389.5118.0143.0EBITDA/营业收入15.5%14.1%13.3%15.16.3%10.9%11.0%10.4%11.612.2%2021A2024E2025E国定资产周转天数1138795132.2121.8153.0178.7247.6流动营业资本周转天数-33-28-19-17交易性金融资产23117215715716363.790.1136.6128.2170.8应收帐款周转天数46384040401.54预付怅款17.825.531.534.339.6总资产周转天数41131929230279.6119.1166.1163.1206.6投资资本周转天数765766747723.023.623.025.327.812.4%20.1%8%24221%可供出售金融资产ROE12.4%20.1%24.4%24.4%22.8%长期股权投资5.57.79.711.713.7ROA3.7%7.7%11.611.6投资性房地产ROIC30.9%65.5%59.3%52.3%52.9%国定资产142.3214.5278.8333.0376.541.926.032.236.639.61.4%11无形资产10.513.615.818.020.02.7%2.3%2.2%2.0%1.8%其他非流功资产53.380.181.788.195.41.4%4%569.7723.5928.61,017.01,237.72.0%-0.7%-0.1%-0.2%0.4%75.917.942.817.9四费/营业收入7.9%4.4%4.9%4.64.2%应付怅款108.3107.4177.8151.4218.380.5134.2151.0178.1191.570.7%58.3%57.7%49.8%47.2%其他流动负债61.890.578.786.695.2240.8%139.9%136.5%99.2%89.4%12.617.826.27.07.00.971.091.131.221.3763.454.159.565.572.00.730.750.760.840.96402.5421.8536.0506.4584.15.56-15.12-120.89-32.702.226.626.626.626.6股本16.023.623.623.623.6DPS(元)0.11150.9253.0342.4603.412.3%0.0%0.0%0.0%0.0%167.2301.6392.6510.6653.60.2%0.0%0.0%0.0%0.0%2021A2022A2023E2024E2025E2021A2022八2023E2024E2025E净利润20.955.489.5118.0143.0EPS(元)0.872.353.805.016.0722.627.930.242.354.5BVPS(元)7.0011.6715.5320.5426.61资产减值准备6.311.4PE(X)63.023.214.410.99.00.22.04.73.52.72.07.9-22-0.9-5.0 P/FCF16.2-20.241.937.616.4-3.2-3.0-3.0-3.0P/s3.11.81.31.11.00.50.1EV/EBITDA21.812.68.45.94.46.3-31.8-4.112.5-7.878.1%37.2%79.4%78.1%37.2%37.581.9111.7167.7181.7PEG0.80.60.20.10.2-72.2-97.3-100.03.16.55.95.25.321.7-14.816.8-42.0-12.8REP571.30.90.80.6