CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4386.034436.915985.687676.78962987减：营业成本1491.781656.912076.942662.273337.7620.3%12%34.9%283%25.4%营业税费41.9639.1055.3070.6787.49营业利润增长平3.7%-30.7%672%34.7%30.0%销售费用1102.321161.631358.751718.822174307.1%-273%34.7%30.0%管理费用215.03208.72371.11383.84423.71EBITDA增长单8.2%55%44.9%27.4%23.4%研发费用845.68938.741346.781727.282166.72EBT增长率2.7%-98%585%29.9%26.9y%-1020-7.59-20.00-30.00-40.00NOPLAT增长平5.0%50.1%29.9%26.9%资产减值损失-19.17-22.00-25.00-30.0013.2%9.7%13.4%15.9%17.8%50.9220.140.000.000.0012.3%10.0%13.5%16.0%17.y%49.0986.71119.71153.54192.60936.09648281083.801459.521897.6866.0%62.7%653%65.3%65.3%加：营业外净收支2.12-3.020.000.000.00营业利润单21.3%14.6%18.1%19.0%19.7%93821645251083.801459.521897.6819.7%14.1%16.7%175%18.1%减：所得税75.4518.6386.70116.7622.9%214%22.9%22.8%22.4%86153626.05995.101340.07174237EBT/营业入18.y%16.9%19.8%20.1%20.3%2021A2022A2023E2024E2025E1354.501340.152120.732113.573390.19国定资产周转天数4755交易性金融资产1403.121453511453.511453.511453.512632922312442142984303852.994420.936380.017519.9254760456153453699.9552.85196.39105.96264.58应收怅款周转天数23427724925326049.6529.1062.1071.6582.7510210099847421447.65654.46813.74100923总资产周转天数710768661612585其他流幼资产332915.5015.5015.5015.50投资资本周转天数565613515465437ROE12.8%85%15.2%长期股权投资163.62222.44267.72306.67354.35ROA9.6%6.3%83%95%10.1%投资性房地产224.86237.77282.48345.36385.53ROIC11.2%9.8%12.9%14.5%15.6%国定资产568.82667.96764.57888.62977.711.050.00-88.63-162.25216.6825.1%26.2%22.7%22.4%22.6%无形资产186.94167.50159.15143.30128.764.7%62%5.0%4.4%其他非流动资产150.00150.00150.00150.00150.000.2%02%-0.3%0.4%89363710002.0911966.2514143.8517168.2529.8%30.7%28.6%27.0%26.6%0.000.000.000.000.00885.451159311601.121870.1324322724.6%25.9%28.6%29.1%30.5%0.002.703.50-02832.6%35.0%40.89%422%45.5%30.1018.1218.1218.1218.123202992.802.822.771260.000.000.000.002.902.772.552.572530.000.000.000.000.00利息保障倍数198.85292.132198.662591.993427.054116.9052354316.13187020.6923.382687DPS元)0.030.000.000.000.0093358952.60952.60952.60952.604033.424635.785630.886970.958713.320.1%0.0%0.0%0.0%0.0%6737.717410.108407.199749.9411495812021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.930.671.0414118386153626.05995.101340.071742.37BVPS(元)7207.768.80102112.04加：折旧和掉销172.5919933187.56209.14204.19PE930.738.932.023.8183资产减值准备85.14116.90132.00145.00160.00PB33.43828-50.92-20.140.000.000.00 P/FCF4.172.560.000.000.00P/S6.15.65.33349.09-86.71-119.71-153.54-192.60EV/EBITDA24.821.717.01321220.572.693.49CAGR(%)675.17-823.96-245.68-1340.92-514.86PEG430.50.70.631784-11.05951.26202.44-10952-252.15-170.67-209.61-12598REP-228.910.000.000.00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