CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1111.051462.031903.212332.012793.16减：营业成本1087391393.941694.422027.7622.2%302%225%19.8%6.748.1211.4213.9916.76营业利润增长单-19.3%48.7%363%33.69%21.7%销售费用127.78155.97199.84244.86293.28-17.8%46.8%42.4%352%22.5%管理费用67.3665.4995.16116.60139.66EBITDA增长率-14.6%40.0%292%27.2%18.6%研发费用24.0730.1935.2141.985028EBT增长率-19.1%453%422%30.4%20.5%-13.09-11.65-21.98NOPLAT增长率-83%355%49.1%30.4%20.5%-4.950.000.000.000.0010.8%45.3%16.4%17.2%0.000.000.000.000.002.5%102%45.7%16.5%17.3%1282.603.814.66559148.44202.32270.36329.0626.8%25.6%26.8%273%27.4%加：营业外净收支-8.616.19-9.00-9009.0%102%10.6%11.8%912414225193.32261.36320.067.6%83%9.1%10.1%10.3%731202119.3326.1432.01EBITDA/营业枚入10.6%113%112%11.5%124.66177.47239.93293828.1%10.4%10.5%2021A2022A2023E2024E2025E464.56395.99740.121002.281202.99国定资产周转天数75876754交易性金融资产0.000.000.000.000.004334346.059.972.7112.835.79250202223243240.000.000.000.000.00应收怅款周转天数17.709.8913.9416.942028存货周转天数8484170.46300.64349.86440.86505.43总资产周转天数336292284291284111.16882353.2373.239323293247276262256持有至到期投资ROE9.6%12.9%12.5%145%15.0%长期股权投资0.000.000.000.007.9%9.6%10.4%12.5%投资性房地产0.000.000.000.000.00 ROIC9.3%114%11.7%13.1%13.5%226.85349.78348.84346.65338.6926.7226.7836.78117816.7811.5%10.7%105%105%10.5%无形资产2938352839.2841.2843286.1%4.5%5.0%5.0%5.0%其他非流动资产1311.861.861.861861.2%1.0%-0.6%-1.1%1075721296.211702.442064.412348.1816.4%14.1%14.9%14.4%0.000.000.000.000.00应付怅款57.05100.3446.80132.0581.9917.3%24.3%16.0%19.4%16.8%0.000.000.000.000.0020.9y%32.1%19.1%24.0%20.2%1.749.4813.4814.4815482.784.684.134.940.000.000.000.000.001.413.012.723.27其他非流动负债0.000.000.000.000.00利息保障倍数814.581081331302.84185.68314.96272.93395396.9013.6710.19548-028DPS(元)0.150.000.000.00403.20403.20450.82450.82450.82220.54284.72462.19702.12995.941.4%0.0%0.0%0.0%0.0%890.03981251429.511664.731952.792021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0210.310.390.530.6584.94124.66177.47239.93293.82BVPS(元)2.192.403.153.684.33加：折旧和掉销27.6734.0026.9428.1928.9638.035.126.0212资产减值准备5260.440.000.00494.43.8320.000.000.000.000.00P/FCF0230.140.230.23023Ps3.93.32.722-128-3.814.66-5.59EV/EBITDA33.026.425.819315.6-1.00-2.63-3.484.70-5.76CAGR(%)72.11-63.61-54.862.74-8730PEG0.80.70.919281151.30270.48233.08 ROIC/WACC-81.00-32.13REP-49.72-54.65273.84-0.23-023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