CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2022A2023E2024E2025E2021A2022A2023E224E2025E12610.1913617201718.2320679.89减：营业成本8176.129266.92925.0811785.5914152.3727.8%80%26.3%202%36.1247.3347.6660.197238营业利润增长单22.5%23.89%273%165%销售费用757.23984.621332591646.5511.8%33.4%27.1%165%管理费用68%.12760.96855.961048.711276.91EBITDA增长率9.3%29.1%29.3%26.8%14.7%研发费用309.76319.44445.1858037695.45EBT增长率-19.4%29.8%285%18.7%财务费用64.80-110.8664.8950.7258.91NOPLAT增长平-178%312%285%18.7%-23.13-61.32-13137-25182-372.1720.7%15.1%10.5%19.8%12.0%23.61-5058-50.0030.0019.7%26.0%13.0%16.0%176.93408.52515.95620.401377511687.072089.052660.173098.9525.1%30.8%315%-19809500115.00135.0012.6%13.4%153%155%15.0%1458531667272184.052775.173233.9511.9%11.5%14.1%142%13.8%减：所得税16122222.63262.09333.02388.0712.9%14.4%172%173%16.5%1270.001419562405.522803.1910.1%11.8%14.1%14.4%221A2022A2023E2024E2025E4033.7148%3217724.588794.8712439.79国定资产周转天数504537や交易性金融资产13567023-9.771023102334711798271896.692795872718.773212983363446.6318.773.9324.739.73应收怅款周转天数4877.74128259425117.860.00存货周转天数11080852835.782812.571899.973338.073344.99总资产周转天数512529491474其他流动资产19.99134.13154.13174.13194.13477476487430持有至到期投资ROE12.0%10.6%12.5%13.7%长期股权投资2353.942544.522718922849262971.04R0A投资性房地产127.06122.16162.88217.179.3%10.0%1685.601756.981791.00113.75304.6028322253.86216.215.4%6.0%72%7.7%8.0%67129712.80781.1383893894.816.3%6.0%63%6.1%62%其他非流动资产103.7774.5174.5174.5174510.6%0.5%0.3%03%1307.15185795521464.4025434.9129050.9712.3%11.2%14.0%14.1%14.4%1806.901379.061479.061579.061679.06应付怅款1640.431366.882036.6322192828913037.5%26.7%283%28.8%51.7321.10135.99437.6060.1%36.4%39.4%42.6%40.4%2502.141.140.14-0.361.902.752.502.961015.45798.60598.601098.601198.601291932.072.272.420.000.000.000.000.00利息保障倍数18.46145413.9814.8715.406493876066.198364.73226.582554122.04334.73DPS(元)0.000.170.000.000.00股本1143.441202.501202.501202.501202.506946.7283662810111.1312516.6515319.830.0%0.%0.0%0.0%0.0%13624.53153982117803620686.232021A2023E2025E2021A2022A2023E2024E2025EEPS(元)1.131242.002.33净利润1270.001419561893.132405.522803.1992711.1412.5914.5916.92302.16328.59417.404%.49470.7427.015314.911.710.0资产减值准备67.4642211313725182331.7236150.5850.0030.0030.00 P/FCF111.75-44.04137.84166.59190.84Ps321.82.116-370.30-176.93-408.52515.95620.4024.411.5785.7273125.0828.8336.6342.69CAGR(%)-1398.0617.371723.45-2056.861216.71PEG0.40.418.633878504370.93 ROIC/WACC-1213.07-51437-680.03-62286-305.67REP1530.77-609.75-387.10-420.34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