CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A202242023E2024E2025E2238.403187553352.894345.18544021减：营业成本996.191307.451676.442172.592720.11营业收入增长平87.1%42.4%52%29.6%25.2%13.40185516.7621.732720营业利润增长单145.3%24.6%-327%46.0%31.4%销售费用118.12168.50174.35225.95282.89142.2%-33.7%46.0%31.4%管理费用70.47762893.88121.66152.33EBITDA增长率140.0%373%-28.6%36.0%32.1%研发费用378.02625.83771.16955.941142.44EBT增长率142.3%35.0%-24.89%36.4%31.5%财务费用-3.49-41.88-33.04-36.59-47.09NOPLAT增长率139.0%35.0%36.4%31.5%52.38-174.45-50.000.000.0064.2%42.5%16.7%18.8%0.000.000.0060.5%43.5%16.5%17.0%19.0%109.5932.620.000.000.0073956921.27620.099056211895455.5%59.0%50.0%50.0%50.0%加：营业外净收支0.300.000.0033.0%28.9%185%20.8%21.9%739.26921.01620.0911895430.8%26.9y%17.0%192%20.1%减：所得税50.3062.7749.6172.4595.1630.6%29.5%20.0%21.0%22.1%69939873.67579.04845.671110.79EBT/营业收入28.0%26.6%19.0%20.0%21.0%2021A2022A2023E2024E2025E1186241651851829.282354.642759.95国定资产周转天数19272227交易性金融资产371.10527.99527.99527.99527.99711261051089291110.85261.70221.10383.3734435241673800.000.000.000.000.00应收怅款周转天数202012.554.018.3810.8613.6011915216039923701.921110.791011.801406.07总资产周转天数395417505454430其他流动资产37.6170.7770.7770.7770.77401402444400379持有至到期投资ROE29.1%252%143%17.8%19.7%长期股权投资275.02406.48406.48406.4822.y%20.1%115%143%15.6%投资性房地产0.000.000.000.000.00 ROIC23.89%22.5%14.4%18.6%113.70237.68204.25261.32398.891105164.9664.9664.9664.965.3%53%52%52%5.2%无形资产282242.0242.0242.0242.023.1%2.4%2.8%2.8%2.8%其他非流动资产20.6970.6170.6170.610.2%13%-1.0%0.9%4343.425893.427098.498.3%6.4%7.0%72%7.1%0.000.000.000.000.00应付怅款24720286.92458.16507.437015121.1%20.6%205%202%21.1%0.000.000.000.000.0026.8%25.9%25.7%253%26.8%0.530270.270.270274334.424.574.644.350.000.000.000.000.003.403.313.143.54321其他非流动负债0.000.000.000.000.00利息保障倍数280.92341.961034.151189.091499.79-15.78-36.835325DPS元)0.500.300.000.000.00股本236.09358.06358.06358.06358.061334.042088.982668.023363.694274.480.2%02%0.0%0.0%0.0%2404.463450.684021.164704.335598.702021A202242023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1.982.451.622.363.10699.39873.67579.04845.671110.79BVPS(元)10.189.6811.29132315.77加：折旧和掉销56.7492.1033.4342.9362.43156.370.491.762.847.8资产减值准备53.181753850.000.0030317.813.11129.40.660.110.000.000.00P/FCF9.74-21.750.000.000.00P/S32.619.412.29.7-10959-32.620.000.000.00EV/EBITDA105.164.176.555.7418-10.43-1544-8.56-12.50-16.42CAGR(%)104.90-13221-476.48-100.74-35150PEG2.815763.15947.90177.43525.930.00-100.00-200.00REP-457513.600.00-150.00-200.00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