CAITONG SECURITIES公司点评/证券研究报告公司财务根表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E2310.425125277925.0011070.001386750减：营业成本1017.712438.823705.755167.506459.73126.1%1218%54.6%39.7%25.3%23.9139.0763.4088.56110.94630.8%160.6%482%412%30.3%52.0180.75126.80177.1222188935.6%145.6%58.0%40.89%30.3%管理费用029134.81221.0304.43374.42EBITDA增长率263.89%109.8%44.0%30.8%研发费用744.671413.592377.503210.303882.90533.y%1452%372%45.1%31.4%-11.87-8859-197.08-207.19-23424NOPLAT增长率-5312%1422%382%44.9y%31.3%23.87-30.62-3500-50.00-50.0017.3%155.6%89%115%13.3%8977.790.000.00净资产增长平12.3%191.1%11.9%13.8%11.03-6.6422.1924.352635435.711135521683.072376.133096.7256.0%524%532%533%53.4%加：营业外净收支0.990.991.300.000.00222%212%215%22.3%436.711684.372376.133096.72净利润单21.9%212%214%22.2%0.9011.775.2111.0615.75EBITDA/营业枚入37.2%352%197%20.3%21.2%327.11803541269.451787.9923292219.5%216%192%19.9%20.9y%2021A2022A2023E2024E2025E1960.0911207.9111965.4213584.2615291.93国定资产周转天数171913交易性金融资产0.000.000.000.000.009183163142151272.56970.67560.201823.201248.47流动资产周转天数6110658656267.80272.54387.88719.12512.94应收怅款周转天数3443590预付怅款237.4093732555.86568.435813823116242302301124381095273810.732707.195446.91总资产周转天数1518113810617461983146.0746.0746.0746.07投资本周转天数11951378970774701可供出售金融资产持有至到期投资ROE6.1%4.7%10.4%长期股权投资0.000.000.000.000.00ROA3.1%3.7%5.1%6.7%7.6%投资性房地产0.000.000.000.000.00ROIC6.0%5.7%72%93%10.8%国定资产107.33271.94271.94271.94271.940.000.000.000.000.001.6%无形资产3817.884245.944255.944265.944275.943.y%2.6%2.8%28%2.7%其他非流动资产1410.041838.681838.681838.681838.680.5%-25%-1.7%1045735219342524763.1126877.9130581.66三费营业收入2.5%1.%25%2.6%150.00200.00228.33260.83294.86292.05342.45789.86387.18868.8840.1%16.9%19.6%17.1%17.1%0.000.000.000.000.0067.0%203%24.4%20.7%20.6%22.080.000.000.000.0024810.917.11832540.80479.80479.80479.80479.801489.105.187246.030.000.000.000.000.00利息保障倍数18.3637.54561168.6577.354195873704244853.934603.675226.43855.791586.712163.79291554DPS(元)0.000.040.000.000.002024.342324.342324.342324.342324.34分红比单85.91889.452158.903946.896276.110.1%0.0%0.0%0.0%62614918230.011909.1822274.2525355222021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.160.380.550.771.00净利润327.11803.541269.451787.99232922BVPS(元)2.677.347.888.659.65加：折旧和掉销409.12698.6340.0040.0040.00PE(X)0.0105.6165.8117.790.4资产减值准备25.1839.8945.1055.0055.00PB(X)5.5115-8.970.000.000.00P/FCF14.8027.3327.0732.1137.440.018.226.619.01526.64-22.19-24.35-26.35EV/EBITDA46.1128.188366.9110.5032120409.72577.08751.76CAGR%)-267.79-1928.63-1005.09-843.73-1472.34PEG0.00.72.92930-4326762.761624.10-83.41-1529.77-26.5123.65REP108257121.2620.39谨请参阅尾页重要声明及财通证券股票和行业评级标准