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2024E2025E787.19936.4H1222.951818.202623.14减：营业成本666.69868.041271.78179424营业收入增长平27.4%19.0%30.6%48.7%44.3%6.017.179.7814.5520.99营业利润增长单31.5%-12.5%35.6%销售费用39.0239.7152.5978.18112.8033.1%33.1%59.6%57.9%管理费用43.0349.7966.0498.18141.65EBITDA增长率26.1%-2.0%19.4%47.5%50.0%研发费用372636.3748.9272.73104.93EBT增长率31.4%30.0%582%57.4%-1813.001.681.62221NOPLAT增长率31.2%-3.7%27.1%582%57.4%-307-4.68-5.00-5.0050017.5%-11.5%16.7%22.8%29.3%1.012.002.002.004.%0.9%16.7%22.8%29.4%1391.832.733.93162.6514239193.08308.16486.6235.0%28.8%30.1%31.6%加：营业外净收支-1.17-0.600.000.000.0020.7%152%15.8%16.9y%18.6%16147141.79193.08308.16486.6218.0%13.5%13.7%14.7%16.1%减：所得税19.6415.5925.1040.066326EBITDA/营业枚入26.3%21.7%19.89%19.7%20.5%1418312620167.98268.104233620.1%16.1%16.0%17.1%18.6%2021A2022A2023E2024E2025E149.5421.03758.48124757国定资产周转天数179146116交易性金融资产51.0163.5963.5963.5963.5923347266.61344.7762.88543.19331.1942228736031915.509.92-8.5610.58应收怅款周转天数112118604.985.1315.6222.8932.3093988168.94177.34290.26392.16574.71总资产周转天数5905124493354.182.012.012.012.01527392351290260持有至到期投资ROE14.0%12.5%14.3%22.7%长期股权投资0.000.000.000.0010.1%10.0%12.8%14.1%投资性房地产0.000.002.004.0012.2%145%18.7%22.7%38527373.33389.72404.91418.9041.47702490.24110.24130245.0%42%43%43%4.3%无形资产29.70305347.5364.5381535.5%5.3%5.4%54%5.4%其他非流动资产328172817.2817.2817280.2%0.3%0.1%0.1%0.1%1408.821257.151793.102101.0530038510.2%9.9%9.8%9.8%9.8%121.030.000.000.000.00157.70158.60275.42360.47536.6627.y%20.0%345%314%37.y%54.4536.55252.79171.13426.9538.8%25.0%52.7%45.7%61.0%0.090.010.010.010.013.091.992.242.030.000.000.000.000.001.932.311.481.60149其他非流动负债0.000.000.000.000.00利息保障倍数1567.801262.79393.7325122619.20659.051138.480.000.000.000.000.00DPS(元)0.500.320.000.000.00270.72270.72270.72270.72270.7244327434.11602.09870.191293.5522%0.0%0.0%0.0%1015.091005.921173.901442.001865362021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.520.470.620.99156141.8312620167.98268.10423.36BVPS(元)3.753.725.336.89加：折旧和掉销48.72524346.6147.8149.0133.731.124.015.09.5资产减值准备2.306.505.005.005.00PBX34.73.93.42.822-101-227-2.00-2.00-2.00P/FCF0.10-1.040.000.000.00Ps6.04.23.32215-139-2.73-3.93EV/EBITDA22.719.413.5102520.000.000.000.000.00CAGR(%)-220.34-120.73629.86-581.27496.09PEG100.70302-22.2068.0684561-5887-108.17-107.27-106.07REP14331132.570.000.000.00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