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2021A2022A2021A2022A2023里2024E2025E1149.721227.001605.692104.02259543减：营业成本84033885.621152.221492.29184129营业收入增长平27.3%6.7%31.0%23.4%5.486.297.6510.0312.37营业利润增长单26.89%165%47.0%435%21.6%销售费用863274.64112.40147.281815830.9%13.7%502%43.5%21.6%管理费用39.3254.3064.2384.16103.82EBITDA增长率26.3%13.7%29.89%37.1%22.2%研发费用46.8751.7065.4685.77105.80EBIT增长平23.7%485%395%23.2%10.7610.894.66-1.72NOPLAT增长平6.4%50.8%39.5%23.2%0.090.740.000.000.0022.7%157.6%12.5%13.5%0.000.000.000.000.0030.5%12.4%15.8%16.6%-053-0.58-0.7611839137.97291.023538226.9y%27.8%282%29.1%29.1%加：营业外净收支1.000.000.000.0010.3%112%12.6%138%13.6%118.76138.97202.75291.02353829.4%10.1%11.4%12.5%12.3%减：所得税15.0219.1327.4633.38EBITDA/营业枚入13.0%13.9%13.89%14.4%14.3%10824123.07184.79265.25322.4811.3%11.4%13.0%13.8%13.89%2021A2022A2023E2024E2025E133.361050.821369.901154.241649.88国定资产周转天数3837261712交易性金融资产0.000.000.000.000.0012316916310937225424.93913.28737.473305865070.0079.360.000.000.00应收怅款周转天数11414211411411440.8817.7834.5744.775524153153431.01545.21719.14840.89总资产周转天数37960450114.4912.1612.1712.1712.17237572479411378持有至到期投资ROE23.4%83%11.1%13.8%14.3%长期股权投资2.832.432.432.432.43R0A8.6%4.9%6.5%7.9%8.4%投资性房地产0.000.000.000.000.00 ROIC15.7%65%8.9%11.1%12.0%118.41125.81112.8599.8986.932.0427.7827.7827.7827.787.5%6.1%7.0%7.0%7.0%无形资产29.8846.8746.8746.8746.873.4%4.4%4.0%4.0%4.0%其他非流动资产29.67312931.2931.2931290.9%0.3%0.1%0.1%1263.492532.132857.413362.4338582311.9%11.4%10.9%234.08366.79366.79366.79366.79257.70274.96457.73491.20679.6563.2%418%42.7%41.7%35.7784.36-17.55104.082.68172.0%71.1%74.5%71.7%3.844.644.644.641382.272.282262.33212726.7426.7426.7426.740.821.781.721.661.70其他非流动负债0.000.000.000.00利息保障倍数13.0610.938.101130132798.911052.161193.821435.281610.642.744.723.551.86-0.18DPS(元)0.000.100.000.00100.80134.40134.40134.40134.40183.72306.79491.58756.831079.3203%0.0%0.0%0.0%464581479.971663.591927.152247592021A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1071.191.371.972.4010824123.07184.79265.25322.48BVPS(元)10.9812.3514.331672加：折旧和掉销20.1430.1312.9%12.9612.960.026.324.216.913.9资产减值准备4.7718270.000.000.02.82.72.32.00.000.000.000.000.00P/FCF10.1211.7525.6825.680.02.82.11.70.530.580.760.94EV/EBITDA1.021.116.112.4880.690.87-1.68-2.05CAGR(%)-5852-25289122.50-492.1816224PEG0.01.90.50.48537-79.42345.34-189.22522.25 ROIC/WACC-29.06-6126-0.58-0.76-0.94 REP-256825.68-2568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