CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E19254194.65554.61627.85减：营业成本208.52213.70335.55372.96429.4730.4%1.1%184.y%132%17.0%4.434.3711.0912.5614.69营业利润增长单6.5%-142%31149%20.1%23.7%销售费用10227.5412.7614.4416.897.5%-112%299.4%18.5%23.7%管理费用40.9541.6238.8243.955141EBITDA增长率95.7%-1&,185.7%1,570.6%13.5%16.3%研发费用0.000.000.000.000.003.5%-15.7%3256%17.6%20.7%3.643.832.46-0.85-6.44NOPLAT增长率4.3%11.1%-336.9%6.0%20.7%-1.700.00-1.20-1.20-120-7.5%54%115%122%13.4%0390.000.000.000.00-5.1%62%12.6%13.3%14.5%0.490.000.550.630.73-64.06154.67185.7922981-8.3%395%41.5%加：营业外净收支0.17-1240.000.000.0033.3%27.9%29.6%31.3%-6423-74.40154.6722981-26.8%-29.5%20.6%22.8%减：所得税-12.61-17.0140.2150.1662.05EBITDA/营业枚入0.0%-73%37.7%37.8%37.6%-5739114.46135.63167.76-31.1%-35.6%282%293%30.2%2021A2022A2023E2024E2025E117.6667.44153.72408.2360932国定资产周转天数11621136381321260交易性金融资产0.000.000.000.000.0052431064.7454.85151.9586.01100.613932992313143790.000.000.000.000.00应收怅款周转天数1231031005050559122410.0711.1912.88存货周转天数19181610.9110.7118.3916.351883总资产周转天数20992007810806783其他流动资产3.665.405.405.405.4020001870732725703持有至到期投资ROE5.3%112%11.7%12.7%长期股权投资0.000.000.000.004.7%9.8%10.6%投资性房地产12.466.054.052.050.05 ROIC-4.6%11.4%10.8%11.49%612.94605.77579.28551.98523.8854.8259.6961.6963.6965.695.3%3.9%2.3%23%2.3%无形资产179.46179.08173.60168.13162.6521.3%214%7.0%7.0%7.0%其他非流动资产4205.065.065.065.061.9%2.0%0.4%0.1%1107.031070291230.771387.2515758828.5%272%9.7%92%8.4%0.000.000.000.000.00应付怅款85520.5136.7751.0958.8312.8%17.1%16.0%0.000.000.000.000.0014.6%18.1%20.6%20.0%19.0%0.050.050.050.050.053331.852.663534.3975.0075.0075.0075.0075.003.071.582.443.35其他非流动负债0.000.000.000.000.00利息保障倍数-1257-16.1827.8032.7039.47141.40164.09210.11230.96251830.000.000.000.000.00DPS(元)0.000.000.000.000.00266.67266.67266.67266.67266.67399.99342.60457.06592.69760.440.0%0.0%0.0%0.0%0.0%965.63906201020.661156.291324.052021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.190.220.430.63-51.62-5739114.46135.63167.76BVPS(元)3.403.834.344.97加：折旧和掉销59.8455.1052.8853.6854.4832.427322.1资产减值准备2.221.141.201.201.20 PB(X)3.03.23.60.390.000.000.000.00P/FCF4.954.305.6215214.95.95.1-0.490.000.55-0.630.73EV/EBITDA-3710.1-205.217.414.30.000.000.000.000.00CAGR(%)-7.8216.82-60.1486.10024PEG0.1150.93.58113.18281.28385-4785-21.27-21.16-21.00REP-43.05562562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