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2023-06-20-财通证券-万兴科技-定增全面拥抱AIGC，加速多模态、大模型之路

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2023-06-20-财通证券-万兴科技-定增全面拥抱AIGC，加速多模态、大模型之路
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CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1029.161180121588.662084.52274880减：营业成本46.4853.4375.7699.57131235.4%14.7%34.6%312%2.742.455.495.69营业利润增长单66.5%51.9%85.1%43.1%销售费用482.41580.05714.90875.501127.01-77.7%47.7%268.8%66.3%45.2%管理费用146.45139.14177.93229.30302.37EBITDA增长率48.3%48.8%118.7%68.0%41.9%研发费用328.11347.80413.05516.96659.71-70.2%86.0%209.5%74.8%44.3%10.1819.1611.50-8.04-15.72NOPLAT增长率62.6%2315%74.9%41.1%0.00-2.720.000.000.0051.%14%17.3%26.3%29.2%0.000.000.006.2%0.4%25.0%35.7%36.8%12.3342512.4217.4516.4648.0873.02221.90410.835878595.5%955%952%952%95.2%加：营业外净收支-0.160.000.000.004.7%62%14.0%19.7%21.4%47.927180221.90410.83587854.8%5.4%13.4%20.1%7519.0916.5936.44EBITDA/营业枚入7.2%9.4%152%195%20.9y%27.934126152.16253.05367343.7%6.0%13.8%184%20.1%2021A2022A2023E2024E2025E459.8634535601.231024.021607.97国定资产周转天数9895036交易性金融资产201.52212.78212.78212.78212.7828322013834.9245.1142.7761.4675.982572012092392630.000.000.110.060.14应收怅款周转天数101013.0022.7030.0240.5200.000.000.000.000.00总资产周转天数4564693753453294.6519.3214.3214.321432446395344331324持有至到期投资ROE3.2%4.7%14.6%19.5%22.1%长期股权投资70.6155.8055.8055.8055.80R0A1.8%2.7%11.4%13.1%投资性房地产0.0012.5112.5112.513.1%50%14.0%19.4%21.2%14323317.67302.10287.24272.130.000.000.000.000.00492%45.0%42.0%41.0%无形资产37.4442.8539.8536.8533.8514.2%118%112%110%其他非流动资产160.048.658.658.651.0%15%0.7%0.4%0.6%1542.711532251776.842212.722806.4062.1%62.5%56.9%52.6%51.4%0.000.000.000.000.004.647.575.3913.0343.0%42.4%323%27.0%0.000.000.000.000.0075.4%73.5%61.0%47.7%36.y%0.951.401.401.401.403.923.234.065.126.400.000.000.000.000.003823.053.894.96623其他非流动负债0.000.000.000.000.00利息保障倍数3513.8912.1738.305527663.17649.23673.26714.90757.17-027-0.6660.00201.1938526DPS(元)0.000.000.000.00129.96129.90137.65137.65137.65442.47484.90637.0680.111257.440.0%0.0%0.0%0.0%0.0%87954883.021103.581497.822049.232021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.321.842.6727.934126152.16253.05367.34BVPS(元)6.777.589.4212.08加：折旧和掉销36.2239.7322.56250.591.8137.282556.8资产减值准备0.502.750.000.008.14.320.016.112.54.55-19.420.000.000.00P/FCF11.9322.1318.0010.0010.00Ps3.213.110.07.5-1427-12.42-17.45-16.46EV/EBITDA95.435.085.549.934.121.1623.0460.65141.19184.07CAGR(%)72.11-3.7516.7510.6914.43PEG1.90.5121310738255.78417.98579.55 ROIC/WACC-8136-1343814.8114.39 REP271.40-10.25-10.00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