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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E56099.1728822.4434125.9647088.9262229.60减：营业成本519573127041.5831096.2842278.2155549.79营业收入增长平6.4%486%18.4%380%32.2%2192097.65107.57163.99207.91营业利润增长单-34.3%-71.7%209.8%41.8%销售费用989.7632121409.51517.98684.5344.8%-794%322.7%66.1%36.4%管理费用28735263.67307.13376.71497.84EBITDA增长率35.%643%168.7%74.6%38.5%研发费用602.4643324511.89612.16808.98-39.0%269.9%853%42.7%-46.05-94.61-80.00-80.00-80.00NOPLAT增长率-35.7%-73.6%237.8%89.8%44.9y%-134.48-136.100.000.000.0042.3%3.1%6.6%14.1%19.6%30840.000.000.000.0058.5%102%172%21.0%75719.607.7316.3526.012038.96577821790.033250.774607.987.4%89%102%10.7%加：营业外净收支48318.6745.0045.0045.003.6%2.0%52%6.9%7.4%208727586.491835.033295.774652.983.0%18%4.4%5.9%6.4%减：所得税418.52333.32533.84693.90EBITDA/营业枚入2.7%62%7.8%82%1037.90213.72903.381500.763.5%5.0%6.7%7.2%2021A2022A2023E2024E2025E7819.7413154208894.3113583.3615353.66国定资产周转天数5643交易性金融资产80270.000.000.000.00165722295749.096070.781852.3410875.208054.06194348250263685.53369.69236.49844.94759.34应收怅款周转天数07413328257.99163.48244.69381.17735454999.513591.085644.747129.159847.36总资产周转天数23343634544.45146.71146.71146.71146.71101191172142129持有至到期投资ROE7.5%62%93%11.3%长期股权投资0.000.000.000.000.6%2.9%3.1%3.8%投资性房地产0.000.000.000.000.00 ROIC10.0%2.7%8.7%14.4%17.49%3222.384424.215259.466392.567281.17918.45714.95241.06-260.52653.511.8%1.1%12%1.1%1.1%无形资产875.55850.381014.921053.88113320.5%0.9%0.8%0.8%其他非流动资产75.40173.42173.42173.42173.420.1%03%-02%02%0.1%35477.79343715130772.7748742.2053380.652.2%1.7%1.9%1.7%600.00500.620.93-498.77-865.028123597129.916041.5113202.3913513.6857.8%57.5%47.7%613%57.3%5045.905604.923281.6310023.958388.19136.y%135.6%91.4%18.7%134.1%1619.711355351355.351355.351355.351481.421381480.000.000.000.000.001201.221.221.131.14其他非流动负债0.000.000.000.000.00利息保障倍数35.167.732050236197803614691.7229899.2130578581063.43851231449.562710.73462227DPS(元)0.300.000.000.000.001174.871174.871174.061174.061174.067846.607707.858611.2310112.0012159.540.0%0.0%0.0%0.0%149754314591.1616081.0518842.9922802.062021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.900.180.771.741037.90213.72903.381500.762047.55BVPS(元)118411.6912.4513.7315.47加：折旧和掉销234.50321.77398.99514.285783518882.422.01329.7资产减值准备100.01214.960.000.000.00PBX3141.31.412-30.840.000.000.000.00P/FCF555659.500.000.000.00Ps0.40403-19.60-7.73-16.35-26.01EV/EBITDA586.15.21.60.7630.85311.91598.331261.17191153CAGR(%)26.816051.964724.193097.29-1267.46PEG0.102032062.887030.18-2878.176308.73-45020-34856-870.21-1119.98-105686REP311128-1507.49511.51-499.69-36626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