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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4519.416623869278.1112748.641710888减：营业成本2743.214260.766056.568359.9811309.6543.1%46.6%40.1%37.4%34.2%营业税费38.3049.6269.5995.61128.32营业利润增长平37.0%36.5%32.5%32.8%31.7%销售费用535.17622.76835.031147.3814542537.4%37.2%32.6%33.0%31.7%管理费用300.00377.44556.69739.42958.10EBITDA增长单23.1%483%41.7%29.8%29.8%研发费用496.67692.27974.201338.611796.43EBT增长率22.3%46.6%29.8%29.8%-10.334.100.000.000.00NOPLAT增长平23.1%462%56.8%29.9%29.7%资产减值损失-13.70-17.18-19.00-22.00-25.0015.y%272%18.0%20.3%22.2%0.000.030.000.000.0013.5%16.0%202%223%24.0%90.8592.78127.49171.09638.95872.251156.031534.772021.9339.3%35.7%34.7%34.4%33.9%加：营业外净收支-538-1850.000.000.0014.1%132%12.5%12.0%11.8%633.58870.401156.031534.772021.9313.0%122%112%11.0%减：所得税44.4263.0984.28110.25146.40EBITDA/营业枚入13.0%13.1%13.3%125%581.66797931057.681406.7318522411.9%133%12.5%12.1%2021A2022A2023E2024E2025E1392.191386.863494.335025.85702637国定资产周转天数201712交易性金融资产2265.002275.812275.812275.812275.8122314649371044.201732.150.000.000.00流幼资产周转天数789639243207705.95752.660.000.000.00应收怅款周转天数70500276.34434.770.000.000.003352803034.643721.880.000.000.00总资产周转天数739636402237214其他流幼资产327.06413.92413.92413.92413.92投资资本周转天数378328276242220ROE12.9%152%16.7%182%19.3%长期股权投资2024681.89681.89681.8968189ROA5.6%6.1%13.8%153%16.6%投资性房地产80.8677.0477.0477.0410.6%122%163%17.6%18.6%国定资产245.4831328313.28313.283132821.77125.40125.40125.40125.4011.8%9.4%9.0%9.0%8.5%无形资产96.91115.03115.03115.03115.036.6%5.7%6.0%5.8%5.6%其他非流动资产37.4723.7823.7823.7823.78-0.2%0.1%0.0%0.0%0.0%10346.8813062.627644.4391759511176.4718.3%152%15.0%14.8%14.1%8428106.23106.23106.23106.231774.352318410.000.000.0055.7%59.3%152%12.7%10.4%455.78992.590.000.000.00125.9y%145.7%182%14.9y%12.0%325.08459.45459.45459.45459.451.715.737.149.000.000.000.000.000.000.875.346.760.000.000.000.000.00利息保障倍数141.8330.225765887746.511162.561162.5611625658.1872.2590.0411332DPS(元)0.360.750.000.000.00496.82499.57499.57499.57499571601262220343278.024684.756536.990.5%0.89%0.0%0.0%0.0%4581.005316.126387.877812.399687.912021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1.181.611.952.60797.931057.681406.731852249.1610.5811.66142617.6850.8184.490.000.0056.449.036.8280资产减值准备77.80853394.00107.00125.00PB3838.68.26.7540.00-0.030.000.000.00 P/FCF5.427.720.000.000.00P/S836.93.8-92.56-91.9992.78-127.49-171.09EV/EBITDA61.739.729.721.99.3814.0717.792328CAGR(%)490.66-528.45941.720.000.00 PEG1.71.51.51.10.9140.53360262014.611403.60-62.07-8251892.86127.9217153REP2489422.630.000.000.00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