CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E136536890.941593.681732.471811.93减：营业成本1035.421174.181249.551305.1421.8%-34.7%78.9%8.7%4.6%21.6716.1120.622156营业利润增长单108.5%5,469.7%118.8%92.0%16.6%销售费用69.6647.2071.7277.968154110.3%-3,458.7%119.4%92.0%16.6%管理费用194.0021021223.11242.55253.67EBITDA增长率162.8%-107.9y%9114%22.6%5.2%研发费用0.000.000.000.000.00420.9y%-458.1%1482%32.4%5.7%61.7265.8958.8342.9633.41NOPLAT增长平-296.5%-677.1%-146.6%32.4%0.130.50-0.506.7%-7.6%-2.6%0.000.000.000.000.0022.3%-184%4.8%9.4%0.086.771.591.73181571-306.4257.53110.47128.7924.2%26.3%28.0%加：营业外净收支0.022420.000.000.4%6.4%7.1%572-3088457.53110.47128.790.2%-30.1%3.0%5.4%6.0%2.64-40.819.2117.6820.61EBITDA/营业枚入20.0%10.9y%12.3%12.4%48.33108.194.8%-26.5%7.1%8.7%2021A2022A2023E2024E2025E398.0164.4053.14-311.78国定资产周转天数402605354340339交易性金融资产0.000.000.000.000.0052-3052-140461000271089.321124.12319.601190344135952971662080.000.000.000.000.00应收怅款周转天数231422250150215422.5523.4849.9852.2137654.95107.5616.3894.6921.33总资产周转天数925149681665其他流动资产332430.6130.6130.6130.616649735012397持有至到期投资ROE0.6%-259%4.8%84%长期股权投资5.054.990.2%6.8%14%3.0%3.1%投资性房地产0.000.000.000.000.00 ROIC1.4%-8.6%4.4%63%6.89%1503.461475.951546.721616.171684.055.8082614.6019.6723.735.1%53%45%4.5%4.5%无形资产133.9812539126.18126.97127.7514.2%23.6%14.0%14.0%14.0%其他非流动资产112656.0256.0256.0256.024.5%7.4%3.7%25%1.8%3755.703650.063570.563138.313457.7523.8%36.3%22.2%21.0%20.3%130.3634028280.28220.282602895521963.63993.34742.141070.5667.2%72.4%70.5%63.4%63.7%55.731535115.1293.14124.38204.6%262.8%238.6%173.6%175.4%1562.482.482.481.050.850.740.550.56958.00875.50775.50575.50375500.980.760.700.43其他非流动负债0.000.000.000.000.00利息保障倍数102-4.141.933504.762522.572644.002516.182202.3822.64442944.2944.294429DPS(元)0.000.000.000.000.00255.06255.06255.06255.06255.06361.12112.38160.71253.51361.690.0%0.0%0.0%0.0%0.0%1233.131006.051054.381147.181255372021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.030.980.190.360.427.41-2487348.3392.80108.19BVPS(元)4.753.773.964.324.75加：折旧和掉销206.94214.5260.3365.50241.096.350.143.0资产减值准备11.7760.670.500.500.50PBX3154.642380.000.000.000.000.00P/FCF645567.4158.8333.41P/S143.82.92.72.66.77-1.59-181EV/EBITDA9.9-214.933.024.725.34.32-19290.000.000.00CAGR(%)-64.05153.47438.48436.36PEG220.80.52.5189.95-29.92318.26634.18-23239 ROIC/WACC-29582-135.53-135.26-135.10REP-18.69106.59293.99-302.96-193.41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