财通证养CAITONG SECURITIES公司点评/证券研究报告公司财务根表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E347.0544526636.72986.92133234减：营业成本106.59134.80173.89260.84339.0931.8%283%43.0%550%35.0%2.983.757.6411.8415.99营业利润增长单132.1%-803%907.8%512%40.0%销售费用72.95131.81135.62214.4229525208.2%61.9%363.1%51.0%41.6%管理费用70.4084.35128.62199.36269.13EBITDA增长率86.4%64.4%260.0%43.4%35.6%研发费用493596.54101.88157.91213.17137.6%-115.1%1,109.8%60.0%40.1%1.90-6.190.000.000.00NOPLAT增长率190.7%-1216%-700.0%59.9%4.07-6.450.000.000.00132.6%2.7%7.7%10.8%13.8%0.037.750.000.000.00131.1%18%7.89%110%14.0%0.910.000.000.0057.771137173.152423369.3%69.7%72.7%74.5%加：营业外净收支-0.065.620.000.000.0016.6%18.0%17.5%18.2%57.7116.98114.54173.152423317.2%15.8%154%16.1%减：所得税-2.06-8.1113.9721.3027.38EBITDA/营业枚入26.1%73%183%16.9%17.0%57.0421.72100.57151.85214.9516.8%-2.0%14.0%14.4%15.0%2021A2022A2023E2024E2025E766.82230.17321.89388.76482.49国定资产周转天数15914188032交易性金融资产46.03443.40443.40443.40443.4018054037426822769.07127.89104.67148.71189.8110488356124664100.000.000.000.000.00应收怅款周转天数73105524.617237.4811.4814243334873503709724179.81166.75245.12343.74总资产周转天数1419119787364054311.8923.0123.0123.0123.011333804575484持有至到期投资ROE4.6%1.7%73%10.0%12.4%长期股权投资6.743233.233.233.23 ROA4.2%15%6.6%10.8%投资性房地产0.000.000.000.000.00 ROIC4.8%-10%5.6%80%10.0%15123171.68152.78133.88114.9831.8766.4499.94115.1421.0%29.6%213%21.7%22.2%无形资产62.1264.7180.7197.71115.7120.3%18.9%202%20.2%20.2%其他非流动资产5.4012.6212.6212.6212.620.5%1.4%0.0%0.0%0.0%1349241460311523.021730.711981.23472%41.9%42.4%0.000.000.000.000.00应付怅款1539499729.0651.4563.176.7%122%92%114%0.000.000.000.000.007.2%13.9%102%12.8%13.3%0.860310.310.3103116.907.8111.538498.130.000.000.000.000.0015.186.389.646.766.19其他非流动负债0.000.000.000.000.00利息保障倍数188.17-14.00036178.46140.61196.45232.021026138413.8413.841384DPS(元)0.000.000.000.000.00133.34133.34133.34133.34133.34122.50118.88219.45371.30586250.0%0.0%0.0%0.0%0.0%1258881281841382.411534.261749212021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.430.160.751.1416159.7725.10100.57151.85214.95BVPS(元)9.369.51102611.4013.01加：折旧和掉销323127.2024.2026.50883402.186.457340.4资产减值准备72911.140.000.004.06.96.47500.030.000.000.00P/FCF0.270540.000.000.00Ps14513.78.80.910.000.000.00EV/EBITDA472263.872.249.936.40.000.000.000.000.00CAGR(%)25.505.46-70.58-106.92PEG0.40.21066.15-41.90133.2310547-13550-46035-41.50-38.60-4080REP658.790.000.000.00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