CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E2281.502893.523616.904513.89564236减：营业成本1465.801888.912314.822866.323565.9716.5%26.8%25.0%24.8%25.0%202927.8832.5540.6350.78营业利润增长单-39.0%100.9%393%358%35.6%销售费用505.41457.33557.00690.6386328-37.7%100.0%41.1%36.0%35.9%管理费用118.98130.86188.44225.69238.67EBITDA增长率9.7%585%27.7%26.8%29.1%研发费用55.19742890.42112.85141.06EBIT增长率883%36.4%32.3%34.4%20.968.8213.791.35637NOPLAT增长单-30.0%84.9%36.1%32.1%34.4%0.680.000.000.000.00-3.5%25.7%23.7%26.3%28.3%0.000.000.000.000.002.1%29.9%36.7%36.9y%36.6%0.961.051.45226169.79341.05645498753035.7%34.7%360%36.5%36.8%加：营业外净收支-821-4.507.4%118%13.1%143%15.5%167.1433285470.72640.99870806.89%10.4%118%14.0%12.7830.9844.7261.5483.60EBITDA/营业枚入13.8%172%17.6%17.9y%18.5%150.74301.49425.40786.108.3%12.4%13.5%143%15.49%2021A2022A2023E2024E2025E134.53202.94700.561009.47189851国定资产周转天数16211963交易性金融资产0.000.000.000.000.0023-132198.10161.42240.46261.08365.851101331661812150.007.6012.4912.5818.76应收怅款周转天数2059.74118.27138.89171.98213.96758259.13453.44446.77667.91718.85总资产周转天数3242285290293186035.4135.4135.4135.41227225222225持有至到期投资ROE17.3%26.6%27.3%27.1%26.y%长期股权投资0.000.000.000.007.2%12.3%13.0%145%15.2%投资性房地产0.000.560.560.5612.4%182%20.0%21.0%22.0%1009.68940.91998.39992.62973.3554.0214333293.33393.334933322.2%15.8%15.4%153%15.3%无形资产195.41200.19216.19232.19248.195.2%4.5%52%50%4.2%其他非流动资产413161.3665.0070.0075.000.3%0.4%0.0%0.1%2081822454.753278.093987.3828.3%20.6%21.0%203%19.4%528.42471.56471.56471.56471.56221.63269.10438.21437.61651.9957.6%532%52.1%46.1%43.4%19.967.8524.3034.02135.6%113.8%85.5%76.6%13.0813.0813.0813.080.580.921.071.602.00137.10137.10137.10137.100290.340.620.78其他非流动负债0.000.000.000.000.00利息保障倍数7.8027.4125.87342245981198211306.691708.551838.3910.5613.16137614.571567DPS(元)1.001.500.000.00129.36128.69128.60128.60128.60531.79704.601130.001708.652494.751.4%0.0%0.0%0.0%883.611148051569.532148.992936.192021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1212.403.314.506.11150.74301.49425.40578.65786.10BVPS(元)6.7588212.1016.602271加：折旧和掉销12423140.42148.52161.771752770.745.137.727.720.4资产减值准备2.630.860.000.0012.712.310.30.000.000.000.000.00P/FCF21.7913.5418.8618.8618.86P/S4.9484.4280.96-1.45-1.81-226EV/EBITDA36528.825.119.41423.620.370.600.811.10CAGR(%)185.88-33.71304.96-152.32206.57PEG0.50.908477.8942553896.95605.921185.71 ROIC/WACC-32231-25135-377.05-278.15-27781REP-205.04-96.78-22.28-1886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