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2023-04-25-财通证券-有友食品-利润率修复，新渠道放量有望实现环比加速

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2023-04-25-财通证券-有友食品-利润率修复，新渠道放量有望实现环比加速
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CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1219.671024.421293.901524.471730.06减：营业成本82992704.38871.521010.931141.7511.6%-160%26.3%17.8%13.5%112610.0512.2914.4816.44营业利润增长单-2.7%-295%30.4%15.2%销售费用111.8894.99142.33152.45173.01-30.1%39.3%29.8%15.0%管理费用622347.0262.1173.1783.04EBITDA增长率3.7%-18.7%283%14.3%研发费用3.123.323.884.575.19-224%29.4%32.3%15.4%-227-1600.000.000.00NOPLAT增长单-23.0%30.5%323%15.49%0.000.000.000.000.007.8%23%102%13.5%13.7%2394540.000.000.007.6%-22%102%13.6%13.7%35.457.0232.3538.114325254.08179.14247.06322.22371.1932.0%312%32.6%33.7%34.0%加：营业外净收支4.803.084.704.604.6020.8%175%19.1%21.1%21.5%2588918222251.76326.8218.0%15.0%16.5%182%18.5%39.0528.6237.7649.025637EBITDA/营业枚入19.8%192%19.5%21.1%21.3%21984153.60214.00277.80319.4217.5%162%16.6%18.6%19.0%2021A2022A2023E2024E2025E163.36268.16667.64941.761313.59国定资产周转天数9014112410998交易性金融资产1102.09936.63936.63936.63936.633733822241931600.460.881.271.271614775334674644890.000.000.000.000.00应收怅款周转天数000040.0334.1941.8348.5254.801280275.96249.310.000.000.00总资产周转天数59673260157056911.477227.227.22722570663579558559持有至到期投资ROE11.6%83%10.4%11.9%12.1%长期股权投资118312.7513.7514.7515.75R0A10.4%75%10.9%10.y%投资性房地产20.5720.0025.0025.0025.00R0IC9.5%7.5%89%10.4%10.5%301.13394.88440.07454.26466.05112.9030.7750.7730.7715.779.2%93%11.0%10.0%10.0%无形资产550153.5252.0750.6249.175.1%4.6%4.8%4.8%其他非流动资产1.170250.250.250250.2%02%0.0%0.0%0.0%2118.412047.632276.032548.6129238414.1%13.7%14.8%14.8%0.000.000.000.000.00应付怅款62.0339.8781.1759.23993410.3%92%8.7%9.5%0.000.000.000.000.0011.4%10.1%11.0%9.5%10.5%8.897.597.597.597598.709.508.4810.189.410.000.000.000.000.006.927.668.239899.16其他非流动负债0.000.000.000.000.00利息保障倍数1095.64217.18188.12226.07220.86276.670.000.000.000.000.00DPS(元)0.650.460.000.000.00309.05308.53305.49305.49305.491092.861048.661262.661540.451859.873.7%3.7%0.0%0.0%0.0%1901231859502049.962327.752647.172021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.720.500.700.911.05219.84153.60214.00277.80319.42BVPS(元)6.156.036.717.628.67加：折旧和掉销27.5630.4737.2738.2640.6624424.919.014.612.7资产减值准备0.640350.000.002.92.12.00.000.000.00P/FCF0.000.000.000.000.00Ps453.73.123-35.45-7.02-32.35-38.114325EV/EBITDA21818.213.597750.000.000.000.000.00CAGR(%)38.732638277.75-10.9347.76PEG0.50.50824758491.97262.41359.98 ROIC/WACC-46030112.68-68.9511.85 REP-62.18206.90-23.540.000.00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