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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E139898019970.9926009.7332591.624047184减：营业成本3895.515010.586054.987095.148464.8817.6%42.8%302%253%24.2%2503313729.994533.505758.947082.57营业利润增长单44.6%66.0%52.1%32.49%31.0%销售费用2276.163160.093723.904356.395011.0656.4%72.6%48.8%32.8%31.7%管理费用1089.081166661274.321379.841528.76EBITDA增长率37.6%62.1%50.3%35.1%35.3%研发费用16.6722.9929.8935.87412539.2%63.6%34.7%31.3%财务费用-68.02-33.12-132.53-123.92-136.71NOPLAT增长率41.8%69.1%47.5%34.9%32.0%0.000.000.000.000.0027.5%552%37.1%35.9%34.8%0.0027535516.6127.5%54.9%372%36.0%34.8%48.7872.16130.0050.0050.004234887029.4610695.2414158.9118553.0472.2%74.9%76.7%7829%79.1%加：营业外净收支1.7461.0621.4828.0936.8830.3%352%41.1%434%45.8%4236.627090.5210716.7214187.0018589.9222.3%270%30.7%32.5%34.5%减：所得税1120.751700.852722.053586.554626.92EBITDA/营业枚入31.2%35.4%40.9%44.1%48.0%3079235313.617908.9410501.14138328730.1%3450%42.8%45.3%2020A2021A2022E2023E2024E4606.716145.804966.684905.565154.16国定资产周转天数4657132交易性金融资产0.006030.538036.0310042.6412050.561131261591.6812531.7110.1912.414123973550.000.000.000.000.00应收怅款周转天数00000116.69162.98191.76226.73269.70存货周转天数5625425325406353.558189.0010050.5010932.2514462.40总资产周转天数470448462450447308.36241.95241.95741.95741.95263285300326354持有至到期投资ROE31.5%34.9%37.8%36.8%35.y%长期股权投资39.4376360.000.0015.6%17.7%215%235%24.89%投资性房地产16.0315.4715.6515.5930.89%33.6%36.1%35.9%35.1%1762.442246.603977.915103.2714651.14527.11246.822986.145821.3516.3%15.8%14.3%13.4%12.4%无形资产338.95363.24350.03365.88396327.8%58%4.9%3.8%其他非流动资产139.51117.31117.31117.31117310.5%02%-0.5%-0.4%0.3%1977853299545636751.1844680.5155883.0523.6%215%18.7%172%15.8%0.000.000.000.000.001454.931779.802245.482500.6431655949.1%480%41.8%34.9%29.9%856.511032.451281.191433.801812.7096.5%922%53.7%42.6%403.90711.66711.66711.66711.661.771.852.042.370.000.0013.2313.2313230.941.171.17128134其他非流动负债0.000.000.000.000.00利息保障倍数60B.276949.1212059.3116241.1021332.379713.60143678015372.41156152116696.50287.98364.03449.77549.0867921DPS(元)0201.801.802.393.15871531220.111220.071220.071220.0787083713499.1019211.9126797.1236788.910.1%0.6%0.7%0.9%1.2%10064.9415586.7621378.7829065.3039186562020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)2544.376.4811343079.235313.617908.9410501.1413832.87BVPS(元)112212.4817.1523.37加：折旧和掉销151.7718125268.58408.161102.52148.072.241.331.123.6资产减值准备-167-30.00-8.1233525.315.6850.00-27.53-7.93P/FCF-47.30-1.020.860.860.86Ps23.419.314.01120.11-82.71-130.00-50.00-50.00EV/EBITDA73.853.630.322.416.536.6376.0685.7399.31130.13CAGR(%)-930.652607.09-1113.19-1206.594349.67PEG2.61.00.80.90.72009.827518.499155.0110611.92-73980-6494.10-6301.35-6520.71REP-1369.40183.19-2203.52-2914.78-3842.60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