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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E75110.16109g3468133068.96151664.16167338.18减：营业成本69264.05101790.15122933.95139862.64153939.0419.8%45.6%21.7%14.0%10.3%1823.822242202661.383033.283346.76营业利润增长单26.7%43%-224%22%销售费用4339.764228.465149.775869.406475.9910.0%-24.7%4.7%管理费用3933.914167.805069.935778.40637558EBITDA增长率34.5%47.6%-2.0%0.5%研发费用988.701706.792075.882365.9%2610.48-2.7%-1.0%11.8%0.2%财务费用171.94-180.92100.00100.00100.00NOPLAT增长率-12%6.0%-13.9%8.1%0.4%688.973023.18-716.76-844.32-780.546.7%30.0%52%6.0%5.4%-2231318.6650.006.8%32.0%118142014317.3310113.2410616.4910876.987145395785.285913.626240277.0%8.0%加：营业外净收支91.496.9420.0020.0020.009.5%6.8%43%3.7%7236887462.515805285933.626260279.8%73%4.6%4.1%3.9%减：所得税-l54.12-53554-270.12-350.96-330.78EBITDA/营业枚入2.5%2.6%2.1%2.0%7334.928068.196078.996313.996608.425.2%-25%2021A2022A2023E2024E2025E24035.9139524.4348911.8056328.5363839.44国定资产周转天数84533交易性金融资产3225.644219.724219.724219.724219.7245-887222258408.0511325.5410760.8813831.4029530531331771.4397.934278.55-487.985330.91应收怅款周转天数27262759.971309.831467.141735.3518735878110.9612361.8313106.2615460.4716206.12总资产周转天数7125674976839.80152052715205.2715205.271520527530474412383366持有至到期投资ROE8.1%7.1%5.1%5.0%5.0%长期股权投资36904.5737788.3639991.9741535.6743409.32R0A4.8%42%2.8%2.9%2.7%投资性房地产1871.621019.90786.07218.29-18251ROIC-3.6%3.0%-2.4%17507.19192835319258.9119655.9819566.441730.361233.621124.59821.71615.765.8%3.9%3.9%3.9y%3.9y%无形资产15382.7916121.9817239.3318167.6119190.425.2%3.8%3.8%3.8%3.8%其他非流动资产1864.154086.224086.224086.224086.220.2%02%0.1%0.1%0.1%154196561900207521529596218264.892442138111.2%7.5%7.8%7.7%7.7%2296.436309.027685.7710380.4412416.15应付怅款15079.0916893.5126322.6920248.5232438.5240.0%35.7%40.4%383%42.2%866.55964.551870.041001.672353.4566.5%55.4%67.8%622%73.0%6848.178007.768007.768007.768007.761251.621.501591512702.124853.554853.554853.554853.550.861.031.051.081.10其他非流动负债2520.441845581845.581845.58184558利息保障倍数-8.73-12.07616018067772.4687006.0583690.40103048272335.479013.619010.028980.61896323DPS(元)0220.240.000.000.00股本10370.5910487.1610479.8410479.8410479.8456084.6961748.8467827.8374141.8280750.251.4%22%0.0%0.0%0.0%92594.7612224829128289.91134574.49141165.542021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.720.780.580.600.637334.928068.196078.996313.996608.42BVPS(元)8.7010.8011.3811.9812.61加：折旧和掉销5818.416759.886233.836742.656764.0021.114.118.317.616.8资产减值准备832.443657.82716.76844.321.71.0090.90822.31318.6650.0050.0050.00P/FCF444.48328.070.000.002.11.10.80.70.7-11814.20-1431733-10113.24-10616.49-10876.98EV/EBITDA79.534.630.726.424556.08-70.14-3.59-29.41-1737CAGR(%)-7549.904946.61490.541123.72PEG0.91.4-5589267859.303755.26164889-3833.79185.10966.791092.98REP728424277251342.972694.672035.71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