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2021A2022A2021A2022A2024E2025E100851989.741786.384072.245602.74减：营业成本722.65710.711349.863054.644215.86营业收入增长平55.7%1%805%128.0%37.6%3.725.929.6821.6630.60营业利润增长单25.1%-117.0%15.5%49.7%销售费用50.6650.6988.12204.05280.3244.6%-242.9%371.0%147.4%34.9%管理费用125.14144.96178.64366.5044822EBITDA增长率45.2%-216%1253%41.8%研发费用18.7122.3537.6886.20119.79EBT增长率39.7%-50.0%214.7%177.4%49.3%29.067.6610.0214.941855NOPLAT增长率58.7%209.9%-118%17.4%46.0%21.88-57.320.000.000.0018.6%0.5%16.7%19.3%24.7%0.190.060.000.000.0024.3%33%29.0%33.1%1.40-2.621.794.072.8037.03-631117.86336.51503.7928.3%282%24.49%25.0%24.8%加：营业外净收支057-3.762.99-4.99-4.983.7%83%9.0%36.46-10.07114.87331.5249881-33%5.8%73%7.8%减：所得税17.5822.2811.4933.1559.86EBITDA/营业枚入12.3%98%122%10.5%10.89%18.68-26.7072.37179.02241.427.y%4.0%7.0%85%2021A2022A2023E2024E2025E131.91333.19176.19419.48国定资产周转天数158162交易性金融资产0340.010.010.01001553531177.889558246.33531.57713381802251400.000.000.000.000.00应收怅款周转天数404.695.6511.3924.2934211079923829212.04446.19976.501348.00总资产周转天数4815563532132126.049.019.019.019.01404446267138123持有至到期投资ROE-33%7.4%155%17.3%长期股权投资0.000.000.000.001.2%-1.7%3.7%6.2%6.5%投资性房地产5823582868.0272.9278.63R0IC3.3%10.4%7.9%183%21.5%455.90432.97449.50445.03434.796.6727.0628.1435.3742.745.0%5.1%4.9%5.0%5.0%无形资产672568.1768.6869.2569.8612.4%14.6%10.0%9.0%8.0%其他非流动资产9.711.62103.64103.64103.640.8%0.6%0.4%0.3%1506.601548.731951.952867.443723.7920.3%20.5%155%14.4%13.3%238.96186.40188.94165.03145.17应付怅款164.40156.79294.81674.01927.0447.1%46.9%47.4%53.8%52.6%0.000.000.000.000.0089.1%882%90.0%1163%111.0%0.060.060.060.061.081.391.311.3615116.50780078.0078.0078000.610.920.630.580.70其他非流动负债0.000.000.000.000.00利息保障倍数3.652.3112.4623.1827.89710.03725.72924.401541.5326.01203651.38170.7236825DPS(元)0.000.000.000.000.00207.18309.58445.79445.79445.79198.50171.80243.33422.35663.780.0%0.0%0.0%0.0%0.0%79656823.001027.551325.921764862021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.060.090.230.560.7618.68-26.7072.37179.02241.42BVPS(元)2.593.073.634.39加：折旧和掉销442493.4482.1890.46202.356.422.816.9资产减值准备24.5253.410.000.00333.44.23.52.90.19-0.060.000.000.00P/FCF26.3517.1010.0214.941855P/S252.83.21.410-1.402.62-1.79-4.07-2.80EV/EBITDA23.029.219.8100020-5.6531.01119.3519753CAGR(%)-14.76106.95-196.90-216.81-14726PEG450.2020511516211.5211.63179.66402.97-60.98-273.82-125.72-12126REP-33.4018.7390.94-38.85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