CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1051418812125286136252.73154189.88176076.68减：营业成本87648.7196409.61108469.65122051.201383582124.3%153%132%14.2%3972.434101854632.595242.465986.61营业利润增长单42.2%104.6%8.1%23.7%25.5%销售费用4645.655138.275777.126537.657465.65119.5%-03%23.4%25.3%管理费用3499.653532.464087.584625.70528230EBITDA增长率153.1%97.4%-32%16.4%19.1%研发费用3515.034315.444905.105550.846338.76219.5%300.8%12.9%20.9%23.6%财务费用-780.92-1017.31-800.00-800.00-800.00NOPLAT增长率-189.0%326.9%6.0%20.9%23.6%-101925-945.85364.22364.223.5%13.8%122%13.4%14.8%42.083570.000.000.004.5%12.7%12.5%13.7%15.1%1013.65-76896-1566.91-1541.90-1496.653730.527633.7A8248.4910202.0312807.7316.6%20.5%20.49%20.89%21.4%加：营业外净收支90.0974.52110.00110.00110.003.5%63%6.1%7.3%3820.617708268358.4910312.0312917.733.4%6.4%5.8%6.9%减：所得税216.39-36.43473.09583.66731.14EBITDA/营业枚入5.7%9.8%8.7%91%3552.467798.457771.859588.2812011.107.1%7.6%2021A2022A2023E2024E2025E519762453530.1876666.7181059.4410945728国定资产周转天数744422交易性金融资产195.80280.32280.32280.3228032-128-1081675.433068.412262.283770.1831185631630732935224267.6335849.6631704.5844742.9242556.08应收怅款周转天数32412574957843.34948.931075.723246852.875823.318438.567609.0510582.65总资产周转天数4344184113991147.801054.781054.781054.781054.78198196195196持有至到期投资ROE6.4%12.4%11.0%12.0%13.0%长期股权投资13245.3714406.6615567.9516729.2417890.53R0A2.6%53%4.7%53%5.8%投资性房地产6.656.426.205.973.3%12.3%12.4%13.49%21325.9619346.7616500.4013654.0410807.671460.181387.901315.621243.341171.064.4%42%42%42%4.2%无形资产4386.004446.394446.394446.394446393.3%2.9%3.0%3.0%3.0%其他非流动资产0.000.000.000.000.000.7%0.8%-0.6%0.5%135404.6214604856164842.61182038.21208685417.0%6.3%6.7%6.7%6.8%19.0029.0039.0049.0059.00应付怅款23650.6029449.6630293.0036930.08392745458.7%56.9%57.0%55.7%55.6%242922722072.7930092.1528604.4037934.47142.4%132.0%132.7%126.0%125.0%9519.97112163411216.3411216.3411216341201.281.351.44151600.0036.0036.0036.001031.181.23134139其他非流动负债7862388223882.23882.2388223利息保障倍数44.02163.67795383883099.7594008.41101475.64115936.261333190.70204.2551982DPS(元)0230.240.000.000.007632.159921.809921.809921.809921.8038882.9744907.6352679.4762267.7574278.851.5%0.0%0.0%0.0%5586624629488070834.2080562.5792749.152021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.360.800.780.971213552.467798.457771.859588.2812011.10BVPS(元)7306.347.128.099.30加：折旧和掉销4031.463916.652511.302511.3025113042.015.515.412.510.0资产减值准备1042.31978.10364.22364.2236422PBX32.11.91.71513-42.080.000.000.00P/FCF8.980.000.000.00Ps1.11.00.9080.7-1013.65768.961566.911541.901496.65EV/EBITDA10.85.93.9300.851.75-53.77113.55140.0917549CAGR(%)16097.49-6462313478.97-7107.7914439.09PEG6.10.10.50.422971.725666.3525311.01-148923-2184.49-2113.01-2068.91REP224.4310.0010.0010.00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