申港证券SHENGANG SECURITIES东鹏饮抖(605499.SH)季报点评2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E697885051035913113285272465014588664133882490560587365879810192158235725122731营业税金及附加774143172应收账款2525344049营业费用13691449180221522517其他应收款1816202530管理费用252302354403预付款项5712785103123研发费用4344526170340394509605731-1141996887其他流动资产105834150742889资产减值损失00004939462355365322511911765长期股权投资00000237058521909223221151954177215291854249031123817无形资产323357348338329营业外收入222200000营业外支出17211920其他非流动资产13865146179215151418382473309477901187010550112081153232139552866434156392582651521193144119452431298662431822200103500000应付账款53662679496611531193144119452431298600000EBITDA201324652820342442393939393.113.604.866.08137100100100100长期借款2600002021A2022A2023E2024E2025E0000035526805649259265251营业收入增长40.72%21.89%25.32%23.02%19.87%00000营业利润增长45.54%21.31%34.29%24.97%22.66%实收资本（浅股本）400400400400400归属于母公司净利润增长46.90%20.75%35.02%24.98%22.87%20802080208020802080未分配利润1558239834274778639844.37%42.33%43.16%43.84%423850646164926217.10%16.94%18.25%18.54%779011870126561348614514总资产净利润(%)15.31%12.14%18.44%21.69%25.90%ROE(%)28.15%28.44%31.55%32.15%32.24%2021A2022A2023E2024E2025E2077202832342394310146%57%51%44%36%净利润11931441194524310.831.080.781.011.24折旧掉销1822202312442500.741.020.700.911.10-1141996887应付怅款减少-120-10-91.150.870.871.001.12预收怅款增加0000037334536135273214应付账款周转平16.7914.6315.0114.9014.84117136539长期股权投资减少000003.113.604.866.087.472370465852-0.451.140.1013071764-3928-2131-2232每股净资产（最新掉薄）10.6012.6315.4118.9023.1600000长期借款增加-276-26000PE56.3548.6936.0823.49400000P/B16.5513.8511.389.287.57资本公积增加16920000EV/EBITDA34.6828.8924.8320.08-18045538敬请参阅最后一页免责声明2/4证券研究报告