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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E843.131544.462047.983089.444327.78减：营业成本573.011039.791376.852055.94201.55营业收入增长平75.2%832%32.6%40.1%4.386.6910.2415.45营业利润增长单25.5%101.0%44.6%598%37.4%销售费用28.8036.8652.52692435.3%942%47.8%59.8%37.4%管理费用65.0911135151.55219.35302.94EBITDA增长率23.9%70.7%39.7%392%29.2%研发费用7420121.85174.08253.3334622EBIT增长平19.3%84.0%26.6%63.1%39.3%10.5217.12-35.22-45.91-5142NOPLAT增长平23.8%802%26.6%63.1%39.3%-9.44-15.790.000.000.0057.1%2285%6.4%9.7%12.1%0.002.760.000.000.0019.3%335.9%7.3%10.8%13.4%-3.6311.6510.2415.45135.94273.26395.06631.4432.0%32.7%335%33.0%加：营业外净收支-0.400.000.000.0016.1%17.7%19.3%20.4%20.0%1355426137395.06631.4414.4%152%16.9y%17.9y%17.6%减：所得税14.0932.7248.3677.29106.17EBITDA/营业枚入27.5%25.6%27.0%24.9%126.49362.94580.11796.9217.8%17.9%17.1%185%18.4%2021A2022A2023E2024E2025E346.631989.492524.302799.64367628国定资产周转天数332252299108交易性金融资产0.001152761152.761152.761152.76390188343.09531.13606.631109.721294.603110446192.0239.52-16.7651.09应收怅款周转天数10010210010012.6634.0545.0967.3495.03123137120120255.66533.18384.72985.91948.45总资产周转天数842106411868747122651110.21110.21110.211102170912721021742594持有至到期投资ROE12.1%53%72%10.4%12.5%长期股权投资2.6310.6310.6310.6310.63R0A5.1%3.7%53%7.1%投资性房地产0.000.000.000.000.00 ROIC8.2%4.5%5.4%8.0%767.341065.341676.201477.421278.63332.43813.710.000.000.001.9%18%1.6%无形资产135.8613901139.01139.01139017.7%72%7.4%7.1%7.0%其他非流动资产212.68137.51137.51137.51137.511.2%1.1%-1.7%-1.2%2486.596640.486856.728151.568961.1510.8%10.2%75%7.3%7.4%175.9465.3365.3365.3365.33205.15368.68319.74708.23742.5556.0%282%254%30.4%28.2%169.52236.43146.02425.07380.91127.3%392%34.0%43.8%39.3%43.7698.9798.9798.9798.971565.236.774.354.88355.06519.48519.48519.48519.481.104.426.003.544.10其他非流动负债16.9869.1669.1669.1669.16利息保障倍数17.898.3576.44124.65173.701392531871.601741.142481.822530.154596123.96107.7281.7646.10DPS(元)0.000.700.000.000.00156.79209.05209.05209.05209.05166.73412.37775.311355.432152.350.6%0.0%0.0%0.0%1094.064768885669.736431.002021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.811.451.742.77126.49245.64362.94580.11796.92BVPS(元)6.6822.2223.9526.7330.54加：折旧和掉销81.67119.48202.85198.78198.780.074.663.1395288资产减值准备16.9331460.000.000.00PBX30.0494.60.00-2.760.000.000.00P/FCF83938284.574.57Ps0.014.611.27.43.63-10.24-15.45EV/EBITDA0.953.738.027.020.0-5.04-10.99-16.24-25.96-35.66CAGR(%)43820-14.75-477.60-83.41PEG0.01.30.70815734-2232529.14264.47859.57 ROIC/WACC-626.52-1937.7810.24154521.64REP47052363733-4.57-4.57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