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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E3456330377145942051.7746151.8151043.90减：营业成本23957.3725682.5028456.2131535.1734940.97营业收入增长平2.6%9.1%115%9.7%10.6%1772520832231.28253.83280.74营业利润增长单72%152%17.0%20.5%销售费用5424.056334.747131.987291.997758.67-18.4%15.6%17.1%20.6%管理费用1166.941248.781438.171550.701623.20EBITDA增长率10.6%83%17.0%18.6%研发费用979.641015.971379.301458.401541.53EBT增长率-7.3%89%103%182%20.1%财务费用22.0878260.000.000.00NOPLAT增长率-9.0%10.0%10.0%18.1%20.2%-3.820.000.000.0014.8%12.8%13.3%14.3%0.0028.470.000.000.0011.6%132%153%15.5%16.2%-9631-14156-123.71-147.06-163312855.713061.453525.374123.294968.4330.7%31.9%323%31.7%31.5%加：营业外净收支-28.18-30.330.000.000.0084%9.7%2827533031.123525.374123.294968.436.89%6.7%7.0%74%减：所得税48891498.50585.58687.3182537EBITDA/营业枚入10.4%10.5%102%10.%11.6%2301.632499212889.763382.574078258.6%85%92%2021A2022A2023E2024E2025E4032.42399%.304278.337179.61810225国定资产周转天数3239399交易性金融资产0.000.000.000.000.0036493496430.487198.758041.378678.079808.461701870.00-3.739.74-262应收怅款周转天数6627535500.08438.84508.25574.58存货周转天数3974.554495.485085.985454.186227.30总资产周转天数267277828529040.9152.6952.6952.6952.69197207210216224持有至到期投资ROE13.y%13.5%13.6%14.1%长期股权投资984.931659.082145.682636.183155.99R0A8.5%80%85%9.5%投资性房地产14.5713.6511.469.5213.2%12.7%12.4%12.9%13.5%3077.233981.654489.444991.135424.761582.13873.16336.85-277.318813215.7%16.8%17.0%15.8%15.2%无形资产2233.452280.062561.502846.123090.013.4%33%3.4%3.4%3.2%其他非流动资产911.061037281037.281037.281037280.1%02%0.0%0.0%0.0%26996.40311922033799.3539228.64431050519.1%20.3%20.4%192%18.4%1237.84947.52742.66513.60282.403847.724873.034671.455896.555842.0637.2%385%31.1%671.961029.41644.271248.51870.9059.4%62.7%52.8%53.5%45.2%11.3915.7915.7915.7915.791671.731.941.972.27139.181051.461051.461051.461051.461211.231.371.67其他非流动负债0.00732573.2573.257325利息保障倍数33.6425.4210055.0812015.7611683.1213676.4413409.79361.9459852648.55701.95766.75DPS(元)0290.290.000.000.00股本1749.811754.001754.001754.001754.0012647.4614639.2317528.9920911.5724989.820.7%0.6%0.0%0.0%0.0%169413219176.4422116.2325552.2029695262021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1321.431.651.932.332301.632499212889.763382.574078.25BVPS(元)9.4710.59122414.171649加：折旧和掉销59752712.19709.24785.77866.8930.632.828.924.720.5资产减值准备58.6072.510.000.000.00PB(X)423.92.90.00-28470.000.000.00P/FCF84.30100.380.000.000.00Ps2.22.052.91115.62123.71147.06163.31EV/EBITDA19.020.318.915.612.937.0033.4150.0253.4064.81CAGR(%)13.09-112902-1283.58813.34-1972.06PEG3.81.8103169.762381852417.425139.433146.69-1986.68-2435.60-1930.53-2009.09-1992.85REP-99.71204.86-229.05-23120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