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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E3317323214.702704.803123.353595.15减：营业成本1964.511973.991743.591951.03222535营业收入增长平-3.1%15.5%15.1%18.44173414.5916.851939营业利润增长单-93.69%-12970%106.6%190.0%销售费用255.88284.35240.73234.25266.04-118.4%-608.0%-483%110.5%124.4%管理费用705.3269951588.55662.15737.00EBITDA增长率-39.0%-584%3.0%154.1%31.7%研发费用304.92417.88351.60343.57359.5167.0%-2903%-283%80.0%202.8%-137.57-12924-94.13-95.88-86.73NOPLAT增长率-93.1%-1226.8%283%-80.0%-202.8%-26.19-358.72429.914.914.91-1.7%23%-7.1%0.5%2.0%-108511330.000.000.00-1.7%32%-74%0.89%1.7%-6.576.3873531.0637183545.1436.011044140.8%355%375%38.1%加：营业外净收支252016.9819.0019.0019.000.%-202%12%562635485-526.14123410.3%-12.9%-22.7%2.1%4.0%减：所得税45.19585386.789.07-20.36EBITDA/营业枚入7.3%3.1%3.9%97%-6758166.402.4%-72%-12%1.1%2020A2021A2022E2023E2024E5117.745046.645138.694685.485435.93国定资产周转天数4462交易性金融资产142.92142.92142.92-16670.46629.06459.34793.26650.067077317816940.451.430.151.670.43应收怅款周转天数717373137353.15302426.7129.8934.0966231891357.13-189.99423.17328.96总资产周转天数116711811340128101045.4947.7447.7447.7447.74100810171122977866持有至到期投资ROE0.8%59%-9.7%1.0%2.2%长期股权投资377.4935832339.14319.96300.78R0A0.6%-4.6%-7.4%0.7%1.6%投资性房地产47.6340.6933.7526.810.2%2.0%-2.7%05%0.5%301.96387.44456.83520.84579.47144.50220.38296.26372.14448.027.7%88%75%7.4%无形资产97552923.38871.23819.09766.9421.3%218%218%212%20.5%其他非流动资产3.101251.251.251254.1%4.0%-3.5%3.1%10592819631.1710214.9124.8%26.5%272%25.6%25.5%0.351.192.042.883.72244.26271.04184.11325.19255.7313.5%155%14.7%16.89%17.6%10.426.128.497.8510.7915.6%18.4%17.3%202%36.4436.0536.0536.0536.054614.194.444.024.070.000.000.000.000.004313.854.463643.77其他非流动负债0.000.000.000.000.00利息保障倍数8.65-21.95-28.49-5.625.711430.241632.621418.721672.061794.61758.7680981906.31896.2287358DPS(元)0.040.030.000.000.001071.111499562099.382099.382099.383015.482494.171739.761813.931980.340.1%0.1%0.0%0.0%0.0%9162.578870368212.458276.538420302020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.050.32-0.340.040.08-67.5847847-709.4274.17166.40BVPS(元)5.383.483.523.59加：折旧和掉销163.86252.31298.12303.50308.87773.0344.5资产减值准备61.74369.58434.919.919.91PBX3405.37.87.610.85-11330.000.000.00P/FCF-106.48-156236.816.97Ps13.421.218.415.9159.866.575.536.387.35EV/EBITDA377.1502.0199.178.6565.0896.50-10.09-22.64CAGR(%)-8334164.6772.17-735.46343.14PEG7.0203.9521588185.51-363.8180087-1407.17-730.69-62.51-63.35-6429REP-25.65127.63-30.95-26.051387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