CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E5496586502397945.049676.1011769.58减：营业成本1484.601718.951958.292327.902763.0731.7%183%222%21.8%21.6%60.3975.3494.38111.12137.11营业利润增长单4.8%-25.6%70.4%253%25.7%销售费用557.93617.09770.67938.581118.1110.7%66.1%27.4%25.4%管理费用6814587023969.301161.131412.35EBITDA增长率-10.7%35.1%415%27.6%22.6%研发费用2139.302346282923.783560.804295.90-15.8%31.9%452%283%26.0%财务费用0.9115.89-14.70-13.96-18.12NOPLAT增长率-12.4%33.1%41.4%302%25.9y%-1186-58.75-21.90-31.53-42.0828.5%132%210%25.8%25.4%41440165740.00-20.00-20.0023.4%20.3%21.3%26.4%26.2%275.8425854397.25483.80588.48151055112371915.302399.453016.6573.0%73.6%75.4%76.5%加：营业外净收支0.830.600.000.000.0027.5%173%24.1%24.8%25.6%1509.721124581915302399.453016.6527.1%172%23.4%24.4%25.2%19.594.7657.4637.765024EBITDA/营业枚入17.2%19.6%22.7%23.8%24.0%1091.091812.082308.062894.2315.1%16.8%20.0%21.0%21.8%2021A2022A2023E2024E2025E1727.702872.634403.525763.44887182国定资产周转天数11291878675交易性金融资产1991.521497.711497.711477.711457.71-133762.92922.54837.891409.721345.973343343373890.640300.640.690.87应收怅款周转天数42434311.8613.8116.6119.0122.7399106466.9954139459.20820.39696.77总资产周转天数7226946356196138.6721.9221.9221.9221.92452432428442456持有至到期投资ROE25.7%16.0%21.7%216%21.2%长期股权投资1110.951270.541406.681629.2512.1%8.4%12.1%12.6%13.3%投资性房地产127.52139.55153.73167.8412.0%14.1%165%17.1%17.2%1679.521617.841896.112274.892431.5926.36124.12124.12124.12124.1210.2%95%9.7%9.7%9.5%无形资产376.46404.43502.74616.65696.7112.4%13.4%122%12.0%12.0%其他非流动资产112.820.000.000.000.000.0%02%-02%0.1%0.2%12079.9113004.5815033.9718253.3121803.4322.5%23.1%21.7%21.3%1780354.9979.1389.9460.57503.76556.39458.18786.15751.3748.5%42.5%39.7%372%33.7%0.000.000.000.0094.4%74.0%65.8%59.3%50.7%3052630526305.26305.26305260.921.291.481.78228.45115.83115.83115.830.821.021.19134166其他非流动负债0.000.000.000.000.00利息保障倍数78.8152.28394.20401255530.126793.6573373752029662.70708.46762.0983427DPS(元)0.100.130.000.001461.561900.011899.061899.061899.064019.484525.976111.238449.2811383.510.2%0.0%0.0%0.0%6215327474.469067.9711459.6614466.062021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.770.570.951211521463.541091.091812.082308.06289423BVPS(元)3.903.594.405.637.17加：折旧和掉销114.79181.19216.13264.47254.7480.771.046.636.629.1资产减值准备42.82113.9171.5316.011.310.17.962-414.40165.740.0020.0020.00P/FCF14.8742.974.025.074.52Ps16511.810.68.772-275.84-25854-397.25483.80-588.48EV/EBITDA58.344.534326.926.5928.7345.7553.6372.18CAGR(%)50.10-177.41535.83-192.76700.78PEG750.713956.791138192269.392048.133447.80 ROIC/WACC-423.4328623-474.29-693.95-30555REP-174.08-48152264.21-3388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