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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E7432.017885.159382.0510966.6512439.65减：营业成本5917.956454.197672.958964.2810061.45327%6.1%19.0%16.9%13.4%28.13482652.5454.8354.73营业利润增长单24.1%22.6%13.0%23.7%26.2%销售费用121.02143.19159.49184.24206.5029.2%17.9%143%23.7%26.3%管理费用226.50225.84243.93263.20273.67EBITDA增长率21.8%122%14.7%16.6%19.7%研发费用297.4328748300.23329.003483116.1%05%142%232%27.7%120.33-27.6918.3411.3016.06NOPLAT增长率20.4%36%14.6%232%27.7%24.07-2894-2.00-2.00-2.0047.1%19.6%14.7%15.4%021-13.00-10.00-10.0068.0%10.6%130%14.3%15.8%33.6140.7046.9154.8362.20739.04906231024.011266.4915988820.4%18.1%182%183%19.1%加：营业外净收支-1.98-2.00-2.00-2.009.%115%10.9%115%12.%737.06897.261022.011264.491596889.0%10.0%9.6%102%11.3%减：所得税66.63106.62118.55146.6818524EBITDA/营业枚入17.4%18.4%17.7%17.7%18.7%670.42790.65903.461117.811411.6411.4%10.7%102%2021A2022A2023E2024E2025E579391095254063.754515.96814439国定资产周转天数290296250213185交易性金融资产450.92502.33529.33559.33589332142212763.982616.573136.903604.944037.07290272374445398.44440.23510.44619.2065521应收怅款周转天数12212311023.01233628.4632.9837.117174551514.881124.471220.041519.05155528总资产周转天数561634620614619452022.9712.977.972.97430485468463471持有至到期投资ROE10.7%11.4%11.5%12.5%13.6%长期股权投资0.000.000.000.005.0%55%5.0%5.8%6.0%投资性房地产0.000.000.000.000.00 ROIC8.8%7.1%7.1%7.5%8.3%5899.596393.046417.206384.906296.7322339125.42106.610.6277.031.6%1.7%无形资产170.4918826198.26208.26218263.0%2.9%2.6%2.4%2.2%其他非流动资产344.65199.67199.67199.67199.571.6%0.4%02%0.1%0.1%134612114303.7718036.0119357.4223454.056.3%43%42%4.0%1294.832452233189.214066.334896.742041.691636222626.532353.623236.0753.4%515%56.5%53.7%55.8%2205.881773.662915.362562.813585.85114.7%1062%130.0%116.1%126.2%124.8546.9646.9646.9646.960.950.931.041.14123908.6189836798.36698.36598360.700.740.900.98其他非流动负债0.931231.231.23123利息保障倍数9249.2411.3610.8811257191.507366.9110195.6910399.2913084280.000.000.000.000.00DPS(元)0.190.000.000.000.00863.66862.69862.69862.69862.692182.092808.493711.954829.756241.400.6%0.0%0.0%0.0%0.0%6269.716936867840.328958.1210369.772021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.860.921.051.301.64670.42790.65903.461117.811411.64BVPS(元)7268049.0910381202加：折旧和掉销447.80609.15702.65756.29809.7635214.120.716.713.3资产减值准备52.34-9537-18.00-1800PB(X)421.62.42.119.42-02113.0010.0010.00P/FCF7731110.2584.62108.83134.45P/S35142.01.71533.61-40.7046.91-54.836220EV/EBITDA21.79.411.3997.00.000.000.000.000.00CAGR(%)420.43-164.871490.41-1431.011444.62PEG120.81.50.705792.541240.273121.84480.13-271031-1465.98-705.71-696.20-68736REP2021.03369.90552.36668.2959596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