CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E20441.60224795026367.0630425.5834662.00减：营业成本13978.3415374.1818066.2120880.1923750.7838.7%10.0%173%154%13.9y%142.76168.02197.08227.41259.07营业利润增长单27.1%0.1%17.3%销售费用1385.771678.891877.332196.732502.6029.2%0.9%17.8%15.2%管理费用1131.451335.731487.101703.831920.27EBITDA增长率24.6%2.4%11.0%13.7%15.2%研发费用907.761123.251197.061399.581587.5224.5%2.1%25.6%13.4%15.5%财务费用-115.48-247.40-85.70-259.93-376.14NOPLAT增长率26.1%-1.1%25.0%134%13.5%0.000.000.000.000.0019.8%37.0%14.5%15.7%5229-33.760.000.000.0020.8%14.6%18.7%192%18.5%20.5823.4327.4831.7136.123059893056.073655.144309.1231.6%315%314%加：营业外净收支15.0711.6111.6111.6115.0%13.6%13.9%142%14.6%3074.963067.683666.754320.7450652213.0%11.9%12.1%12.4%12.5%410.80385.17476.68561.70734.46EBITDA/营业枚入17.6%16.3%155%152%15.4%2665592688.433197.113767.3343403114.1%125%13.4%132%13.4%2021A2022A2023E2024E2025E6561.948269.8012592.2015946.6821227.13国定资产周转天数119109交易性金融资产1677.35803.05803.05803.05803.050271011.691356.801125.361675.4815403820121725626296206.07110.43394.93188.22476.13应收怅款周转天数14>1714835107.44126.25145.91165.9734635351463.131414.012170.631889.412744.63总资产周转天数3724164243143678.83199.75199.75199.75199.75300374365367373持有至到期投资ROE18.5%16.3%16.3%16.1%15.7%长期股权投资155410.5210.5210.5211.4%9.8%投资性房地产1334.171298581298.581298.5814.8%10.7%11.7%11.4%6648226688.966822.997401.868101.73347.461430241830.241930.241780246.8%75%7.1%72%7.2%无形资产1064.391060.621060.621060.621060.625.5%5.9%5.6%5.5%其他非流动资产2143.543964.233964.233964.23396423-0.6%1.1%-03%0.9y%23392.732861L0138568.94453368511.7%12.3%12.4%12.0%11.7%2389.134584.704844.705274.705759.702018251908.743039.392679.4638256138.4%42.3%39.4%38.y%139.9570.37273.19123.88327.7862.3%73.3%75.0%65.1%63.7%144.6398.1698.1698.1698.161361381.501.721850.005.125.125.125.121.231.47158其他非流动负债11849109.99109.99109.99109.99利息保障倍数21.6718.4512.7313.4614.268983.7812097.211700.5515208.8617646.010.165.659.66-1921DPS(元)1.750.000.000.00609.15609.15608.31608.31608319378.6911003.0714200.1817967.5122307.810.0%0.0%0.0%0.0%14408.96165138019601.0423360.0827690842021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)4.415.256.187.132665.592688433197.113767.33434031BVPS(元)23.6527.1032.1838.3645.49加：折旧和掉销710.86854.71537.34621.13700.1333527.622.218916.4资产减值准备1083199.790.000.000.00PBX3623.63.0-522933.760.000.000.00P/FCF144.22130.32278.17298.5232551P/S443.32.72.32020.58-23.43-27.48-31.71-36.12EV/EBITDA23.919.716.013.410.8-591-7.03-8.29-955CAGR(%)501.66-1378301674.69-192.691074.55PEG32.21.24045.972409.765641.494443.056383.63 ROIC/WACC-206513-7146.17-1098.09-1320.04-1262.68REP-187.04298532-121.01131.48159.49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