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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E7951.968593209409.3410397.3211416.25减：营业成本2677.533089.663575.553847.014281.09-41.4%8.1%95%105%9.8%116.96133.60145.84161.16176.95营业利润增长平85.6%-105.6%855.7%25.6%16.1%销售费用2906.472879553255.633555.883790.20109.5%-110.9%483.0%25.6%16.1%管理费用432.09367.74395.19426.29456.65EBITDA增长率-11.6%3.5%-16.4%21.0%12.5%研发费用579.5384423959.751039.731118.79EBT增长率-10.3%2.6%-20.0%26.9%16.5%39.4230260.000.000.00NOPLAT增长率6.1%146.6%-68.0%26.9%16.5%-267.48-372.353.201.60-1.1%-1.1%5.4%7.9%8.5%-7988-1103.890.000.000.007.5%4.8%7.8%9.0%9.6%1757.96-21550.000.000.002732.05-152961452.0216857666.3%64.0%63.0%62.5%加：营业外净收支-9.410.000.000.00营业利润单34.4%-18%123%14.0%14.8%272354-160461155841452.0216857630.3%10.4%12.6%减：所得税315.92180.30173.38217.80252.86EBITDA/营业枚入22.8%219%16.7%183%18.7%235886256.51982.461234.221432.9016.5%15.7%115%132%14.0%2021A2022A2023E2024E2025E2303.893109.853202.584086.655202.01169136121107交易性金融资产1487.461124.961124.961124.961124.962421781921851294.63891.501214.981312.9%140959流幼资产周转天数4253923924250.000.000.000.000.00应收怅款周转天数59387465622977.7079.8690.1399.962171171547.881515.871665.621895.842069.72总资产周转天数759698669649其他流幼资产42.7148.9648.9%48.96投资资本周转天数689630592585ROE18.2%-2.1%73%84%长期股权投资483.571026.031199.731394.321639.93ROA14.3%5.7%7.1%投资性房地产0.000.000.000.007.7%19.3%5.9%7.4%国定资产3682.273549.283511.853443.613347.94167.85102.96-21.78-144.64-258.4636.6%33.5%34.6%342%33.2%无形资产474.54456.48477.32500.58516.155.4%43%42%4.1%4.0%其他非流动资产79.68101.90101.90101.90101.900.5%0.4%0.0%0.0%0.0%165415616430.2717255.6618702.4920295.6142.5%38.1%38.8%383%37.2%177.94184.480.000.000.00530.70575.36604.45691.05758.6319.5%22.9%20.9%20.4%19.6%197.88293.52272.91316.02352.5524.2%29.7%26.4%24.4%3.725.345.345.345344.994.385.185.721034.401376211376.211376.211376214.123.624.284.464.790.000.000.000.000.00利息保障倍数16.9620.533227.843760.503603.423816.0439762633256264.85264.8526485DPS(元)0.000.000.000.000.001512.671499.701499.701499.701499.7010221.7594722310454.6911688.9113121.810.0%00%0.0%0.0%0.0%13313.7212669.7713652.2314886.4516319352021A202242023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1570.170.660.820.962407.62-340.76982.461234.221432.0BVPS(元)8588.278.939.75加：折旧和掉销502.99531.59494.12534.44546.5310.122.117.615.1资产减值准备262.13372.29-3.20-1.60181.31.6151379.881103.890.000.000.00 P/FCF70.1266260.000.000.00P/S3.01.92.3-1761.7913.950.000.000.00EV/EBITDA12.913.010.3850.000.000.000.000.00CAGR(%)1279.81578.87-757.96-425.53-400.60PEG0.10.00.70.92801.162285.13715.421341.53-4283-126523-438.22-457.45-461.61REP-2483.29236.13-184.480.000.00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