财通证养CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E27647.7623620.613B12.6841483.955702835减：营业成本24600.7820483.4225972.4735469.2548714.00营业收入增长平4.3%283%37.5%98.1890.67121.25165.94228.11营业利润增长单-21.7%25.5%452%40.1%37.2%销售费用72925526.43788.131078.581482.74-20.4%24.1%46.1%39.7%37.5%管理费用873.181033.811303.451783.812509.25EBITDA增长率-21.3%12.3%30.5%32.5%33.8%研发费用397.8230558394.06539.2974137-33.0%153%563%37.5%16.90-90.93-44.73-58.34-8321NOPLAT增长率-32.8%3.7%65.1%36.2%39.4%42.56-38320.930.750.8417.5%3.8%102%13.6%17.6%2023-7350.000.000.0018.5%12.7%15.5%18.6%1554-23.91-6.82-25.6724.061173.601472.642137.622995.0341103211.0%133%143%145%14.6%加：营业外净收支2.140.030.020.074.2%62%7.1%72%7.2%1176.171474.782137.652995.054110393.6%4.7%5.6%5.7%减：所得税18850361.17433.05670.12876.18EBITDA/营业枚入5.6%7.4%7.5%72%7.1%900.751117961632.922280.603135383.7%5.0%6.1%6.3%6.3%2021A2022A2023E2024E2025E5041.984850.536759.438996.8817446.94国定资产周转天数61766550交易性金融资产0.00222122.2122.21222119331962781333121512514.836306.056021.11227203190109.6893.0375.48202.8619351应收怅款周转天数221.83239.79273.43369.49530.1904939.205514.766028.565794.523677.64总资产周转天数2712724221731323245.18245.18245.18245.18184224192159136持有至到期投资ROE7.7%8.8%11.4%13.7%15.y%长期股权投资19328198.16221.70235.91R0A4.1%5.0%6.6%73%8.4%投资性房地产393.13405.75415.78427.11437.79R0IC6.2%62%93%11.1%13.2%4626.684933.215400.955725.966084.1251657247.58-271.02530.972.6%22%2.6%2.6%无形资产892.97844.16809.38767.58729293.2%4.4%43%43%4.4%其他非流动资产136.31763988.14100.2888270.1%-0.4%-0.1%0.1%0.1%217813322217.2324599.6537516845.%62%6.8%6.8%6.9%889.55468.00286.69105.38-156.01应付怅款3558.433740.543138.187594.477405.7443.1%3889%44.1%45.0%109848809.431787.81576.802129.5375.8%63.4%789y%286.36232.17232.17232.17232.171.811.921.79374.8233121331.21331211011.061.161.29155其他非流动负债0.4716.105.627.399.70利息保障倍数22.4723.6236.5858.5097.428856.759545.0213723.2216892.18647.68660.70732.37776.70DPS(元)0.500.300.000.000.002017.602017.602017.602017.602017.605095.435809.877432.359718.8112859213.y%3.8%0.0%0.0%0.0%123865713360.4817385.4320624.652021A2022A2023E2024E2025E2021A202242023E2024E2025EEPS(元)0.480.550.811.13155900.751117.961632.922280.60313538BVPS(元)5826.297.108239.79加：折旧和掉销51636549.56410.72405.49446.3326.714.515.711382资产减值准备67.5568.890.93-0.750.84PBX3221.3151320237.350.000.000.00P/FCF46.0457.4350.7944.4436.70Ps0.80625.4418.746.8225.6724.06EV/EBITDA14.57.15.82286.91-4.3571.6744.3498.83CAGR(%)-1272.97420.34626.27145.015337.65PEG0.60.30.302174.431153912566.322583.80-735.08-265.96-385.49-134.67-72.26REP1015.62-261.49-217.53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