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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E73820912851218.901550.281879.97减：营业成本334.37379.37498.30627.70751.0525.7%23.7%335%272%5505.0510.3613.1815.98营业利润增长单22.5%68.8%12.0%28.6%36.y%销售费用83.4688.3297.51124.02150.4025.2%65.7%142%28.6%36.9%管理费用3841125.0164.81143.57EBITDA增长率28.4%589%233%22.7%35.8%研发费用130.5616224207.21263.55319.5925.0%59.7%26.1%22.8%35.9%-17.11-26.16-37.62NOPLAT增长率27.1%57.1%282%22.8%35.9%3.81-2.88-5.00-5.00-5.0041.6%173.4%14.6%16.1%26.1%0.000.000.000.000.0038.y%177.5%13.4%152%25.7%1.4714.512.443.263.7616888285.1231925410.475618454.7%58.4%59.1%59.5%60.1%加：营业外净收支0.650.310.3103122.%312%262%265%29.9%168572857731894410.165615321.2%28.6%24.3%24.6%27.8%减：所得税11.8024.3122.3328.7139.31EBITDA/营业枚入22.2%285%26.3%25.4%28.4%156.05295.25379.695198221.5%262%25.3%28.4%2021A2022A2023E2024E2025E579.661373.821752.392146.552820.94国定资产周转天数交易性金融资产0.00185.00185.00185.0018500-26162.67179.47265.37297.67396.945808767927550.000.0010.003.9712.46应收怅款周转天数636.7530.4034.05415233.7753.6910.6369.02总资产周转天数53067872678346.58357.79357.79357.79357.79282624536489508持有至到期投资ROE28.1%16.7%188%20.5%长期股权投资6.033.523.523.5212.9%11.0%12.0%13.2%投资性房地产0.000.000.000.000.00 ROIC25.%14.9%16.6%18.9%2.322.894.264.890.000.000.000.000.0011.3%97%8.0%8.0%无形资产0.421.111.115.4%42%103%10.6%7.6%其他非流动资产0.000.920.920.920.921.2%1.9%-2.1%-2.0%-2.0%1210.192680.273157.803927.4515.5%12.0%16.2%16.6%13.6%0.000.000.000.000.00132.7714830220.88244.173122753.7%302%34.3%35.7%35.0%0.000.000.030.000.04116.1%43.3%52.1%556%30.1429.8329.8329.8329.831823.272.952.872.960.000.000.000.000.001.182.612.502.442.63其他非流动负债0.000.000.000.000.00利息保障倍数271.00751.53243.09118.40100.3765031672.73918.631128.621376.0548282011.3213.73DPS(元)0.002.001.001.001.0081.00108.00194.40194.40194.40444.13594.68801.351067.141586.951.9%0.7%0.7%0.7%559881553.611761.652029.192551.402021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1932.672.733.524.81156.0525855295.25379.69519.82BVPS(元)6.8514.31162218.6823.50加：折旧和掉销6.771.301.331370.039.952.140.529.6资产减值准备4.7017.0011.000.07.47.66.10.000.000.000.000.00P/FCF059-8.971.313.31531P/S12.622.717.914.7-14.51-3.26-3.76EV/EBITDA3538.942.533.723.60.721.361.752.40CAGR(%)48.86-21.39134.2496.28123.81PEG0.00.63.7082143H22541448.34490.43-324.480.130.95727.47-69.89-97.2214.69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