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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4357354379.834592.005485.006457.00减：营业成本1827.931832.761964.002299.002664.008.4%05%4.8%17.7%38.73385440.8748.8257.4727.0%15.8%24.4%20.6%1279.791262.801276.581535.801827.3322.8%21.0%-19%24.3%20.6%管理费用280.18269.60270.93315.39364.82EBITDA增长率6.0%02%0.1%21.4%18.2%研发费用24337266.77266.34318.13374.515.5%0.6%252%20.8%0.07-26.7110.008.00NOPLAT增长率5.5%0.1%8.1%252%20.8%20.42-32.160.000.000.002.9%13.9%14.7%0.640.000.000.00净资产增长平8.0%113%13.4%14.7%15.4%2858493545.9254.856457758.65878.60864.321075.051296.4758.0%582%572%581%58.7%加：营业外净收支-28.796.711.000.700.7017.4%20.1%188%19.6%20.1%7298787189865321075.751297.17净利润单14.3%17.1%16.1%16.7%17.1%108.60124.51128.07159.21191.98EBITDA/营业枚入20.9%20.7%20.1%20.2%61933749.40735.04913.7911018816.4%162%16.89%17.6%18.1%2021A2022A2023E2024E2025E1266.971720.472875.403811.304925.71国定资产周转天数1351381212交易性金融资产500.640.000.000.000.0082404142565.42553.60591.30706.29831.45300365384122.493.612.523.01354应收怅款周转天数4764777预付怅款225222.2029.4634.4939.961171170170910.70890.50914.741070.771240.77总资产周转天数56461757634.5023.9223.9223.9223.92投资本周转天数477488524499487可供出售金融资产ROE12.8%13.7%12.9%13.4%长期股权投资193.60211.74211.74211.74211.74ROA9.2%11.1%95%10.3%10.8%投资性房地产23.8422.7522.7522.7522.75ROIC10.7%10.4%10.0%11.0%11.6%国定资产1616.181653.401519.361385.32125128367.90374.20374.20374.203742029.4%28.8%27.8%280%28.3%无形资产178.40177.18177.18177.18177.186.4%62%5.8%5.7%其他非流动资产7728175.10175.10175.10175.100.0%0.6%02%0.1%0.1%6728376738.177762.558871.151018558三费营业收入35.8%34.4%33.9%34.1%65.5937.4037.4037.4037.40310.60273.12333.61390.52452.5226.4%183%19.3%74.7081.6680.7194.48109.4835.9%223%24.3%23.2%3.043.903.902573.543.664.034.39313.14193.85193.85193.85193.852.602.903273.620.000.000.000.000.00利息保障倍数30.95113.051778321230.731517.861709.921919.16115.6649.9952.2054.95DPS(元)0.000.000.000.000.009892098920989.20989.20989202058.762659.783394.824308.615410.490.0%00%0.0%0.0%0.0%6244.697161.238266.422021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.630.760.741.11净利润6212674739737.25916.541105.19BVPS(元)4896.267.18830加：折旧和掉销193.84195.74134.04134.04134.04PE(X)21.114.919.015312.7资产减值准备8.674140.000.002.72.0232.00.640.000.000.000.00P/FCF14.840.000.000.00P/S2.63.02.522-285849.3545.92-54.8564.57EV/EBITDA13.810.812.695720.000.002.212.753.32CAG(%)-14021-23222283.65-114.68-124.82PEG0.90.70.6657.90609281098.83874.861042.68 ROIC/WACC204.68358.0756.1061.04-48413-4224H0.000.000.00谨请参阅尾页重要声明及财通证券股票和行业评级标准