CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E86354464168410787.3813531.9215572.49减：营业成本7037.905388568127.749997.3611333.8120.8%-25.7%68.1%254%15.1%65.0551.7080.91101.49116.79营业利润增长单144.7%-821.9%279.1%28.8%销售费用821.0265803970.861217.871401.52109.1%-1,6709%2242%48.8%28.4%管理费用655.02661.00539.37676.60700.76EBITDA增长率37.5%46.8%2422%43.5%31.5%研发费用9.3512.6510.7920.3023.3680.4%-220.89%7643%43.5%31.5%财务费用194.01216.62185.23195.61196.34NOPLAT增长单42.7%-331.1%-5573%43.5%31.5%-38.71-87.090.000.000.000.6%4.0%58%7.0%8.17-0.790.000.000.000.6%6.0%73%10.1%66.89106.80135.3277.86546.72979.291438.021877.7618.5%16.0%24.7%26.1%27.2%加：营业外净收支17.527.2110.097.610.%-85%9.1%10.8%12.1%93.25541.19986.501468.111885370.5%-7.4%55%6.5%7.3%50.7769.47394.60587.24754.15EBITDA/营业枚入6.7%4.8%112%12.8%212333355414.33616.60791861.5%25%98%112%12.89%2021A2022A2023E2024E2025E1391.09119665586.11542.76576.75国定资产周转天数195258153122106交易性金融资产0.000.000.000.000.001201022104.932164.632364.362595.162559.86267348238や2110.000.000.000.000.00应收怅款周转天数123304.9723922365.75549.85736.70存货周转天数1122150.772123.713249.063996.454530.69总资产周转天数738999636125.66191.04191.04191.04191.04617836517436406持有至到期投资ROE0.3%6.4%8.7%10.1%长期股权投资2777.192762.423062.423562.424262.42R0A0.1%-1.9%22%3.0%3.6%投资性房地产10.83188.54188.54188.540.4%0.9%42%4619.854534.934534.934534.934534.93260.79842.71842.71842.71842.719.5%10.3%9.0%9.0%9.0%无形资产1225.60188.551188.551188557.6%10.3%5.0%5.0%4.5%其他非流动资产283.87239.35239.35239.35239.352.2%3.4%1.7%1.4%1.3%174494317564.7518786.0220481.4221964.9719.3%23.9%15.7%15.4%14.8%3416.423709.513709.513709.513709.51应付怅款1205.871071.081336.071643.401863.0950.6%53.9%53.7%532%51.3%165.000.00189.28232.82263.94102.4%116.8%116.1%105.1%95.0363.1563.1563.1563.150.870.940.981.031.08617.571257.021257.021257.021257.020.530.580.480.460.45其他非流动负债0.000.000.000.000.00利息保障倍数0.620.624.756.828826.149461.9310091.3010905.8311258.162275.072083212260.782525.042864.41DPS(元)0.000.000.000.000.00723.84723.84723.84723.84723.843896243562.693977.024593.625385.480.0%0.0%0.0%0.0%0.0%8623308102838694.739575.5910706812021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.03-0.460.570.851.0942.48591.90880.86113122BVPS(元)8.778.328.899.7410.83加：折旧和掉销449.40468290.000.000.00354.327.3183143资产减值准备71.56122.710.000.0012181814-8.170.790.000.000.00P/FCF211.74256.46222.57222.57222.57P/S1.70.80.766.895.96-106.80-135.32-77.86EV/EBITDA20.853.016.48.70.000.00177.57264.26339.37CAGR(%)267.87-56917424.22-39723PEG320.10.40590453312.16-201.97533.81871.09ROIC/WACC-81621-60735-354.59-61453REP736.97-222.57-222.57-22257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