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2023-05-05-财通证券-天宇股份-一季度业绩靓丽，盈利能力逐渐改善

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2023-05-05-财通证券-天宇股份-一季度业绩靓丽，盈利能力逐渐改善
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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2021A2022A2023E2024E2025E2021A2023E2024E2025E2545.012666.683230.003640.004310.00减：营业成本1612201979.142200.002410.002790.004.8%21.1%12.7%18.4%215117.9919.3821.8425.86营业利润增长平69.1%-142.4%437.4%42.4%35.8%销售费用322047.4353.3060.0671.1269.3%-158.1%3542%42.4%35.8%管理费用435.54379.20403.75440.44508.58EBITDA增长单-54.7%49.0%60.7%43.8%36.5%研发费用227.40231.10258.40273.00314.63EBT增长率-72.4%-125.4%727.7%43.8%36.5%17.98-10.010.000.000.00NOPLAT增长率-70.2%-1292%-613.1%43.89%36.5%25.39-96.470.000.000.0014.0%10.0%63%10.6%1297-29.940.000.000.004.6%-58%8.7%113%13.8%65.68-29.7116.1518.202155240.08-10183343.63489.2636.7%25.8%3389%35.3%加：营业外净收支-21.67-8.670.000.000.009.4%10.6%13.4%15.4%218.41-11050343.63489.268.0%9.4%118%13.6%减：所得税13.738.4541.2458.7179.74EBITDA/营业枚入15.7%10.1%12.9%14.9%204.68-118.95302.39430.55584.732.0%10.1%12.9%14.9%2021A2022A2023E2024E2025E476.75476.981744.482175.022759.75国定资产周转天数268320264235198交易性金融资产72.940.000.000.0012912832456.66366.640.000.000.004064132012212370.000.000.000.000.00应收怅款周转天数6000040.9228.710.000.000.0029032901598.502017.180.000.000.00总资产周转天数756825646533493其他流幼资产147.79332433.2433.243324投资资本周转天数623655575517ROE5.5%3.4%8.0%102%12.1%长期股权投资42.11385738.5738.5738.57 ROA3.5%1.9%5.8%7.7%9.4%投资性房地产0.000.000.000.000.00 ROIC4.4%12%5.7%9.3%国定资产1869.732340.412340.412340.412340.41556.36439.07439.07439.07439.071.3%1.8%1.7%1.7%1.7%无形资产374.75366.82366.82366.82366.8217.1%142%12.5%12.1%11.89%其他非流动资产31.49572757.2757.2757270.7%0.4%0.0%0.0%0.0%5800.606415755175.796191.0719.1%15.6%142%13.8%13.5%422.961066361066.361066.361066.36685.40648.860.000.000.0036.1%45.5%26.6%24.6%22.3%48725708.850.000.000.0056.4%83.6%363%32.6%28.6%0.860.540.540.540541511.581.962.4897.1214320143.20143.20143200560.351.551.932.450.000.000.000.000.00利息保障倍数12.572091392920.741378.401378.401378.400.000.000.000.000.00DPS(元)0.100.000.000.000.00347.98347.98347.98347.98347.981868.661714.902017.292447.843032.570.2%00%0.0%0.0%0.0%3709213495.013797.404227.944812.672021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0590.340.87124204.68-118.95302.39430.55584.7310.6610.0410.9112.1513.83加：折旧和掉销193.98255.980.000.0081.932.522.816.8资产减值准备30.4092.600.000.00452.52.612.9729.940.000.000.00 P/FCF26.91-4.070.000.000.00P/S3.33.023-65.6829.71-16.15-18.20-2155EV/EBITDA42547.528.619.01300.000.000.000.000.00CAGR(%)-336.84965.100.000.00 PEG0.10505-26223-48.701251.34412.35-802375208216.1518.2021.55 REP229.67519340.000.000.00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