本报告仅供Choice东方财富使用，请勿传阅。安信证券ESSENCE SECURITIES财务报表预测和估值数据汇总202120222023E2024E2025E202120222023E2024E2025E109,464.3127,554.0148.329.9170,821.9195,575.1减：营业成本8,983.410,093.511,350.912,391.313.982.5营业收入增长平11.7%16.5%16.3%15.2%14.5%营业税费15,304.518,495.820,359.623,417.428,770.312.2%17.6%18.7%16.6%15.1%销售费用2,737.43,297.73,593.43,854.64,136.312.3%19.6%17.8%17.5%15.5%管理费用8.450.39.012.29,865.910,792.111,801.011.2%17.0%19.0%16.5%15.3%研发费用61.9135.2141.9149.0156.511.1%17.1%19.0%16.7%15.4%(934.5)(1,391.8)1,188.6)(1,268.8)(1,156.2)OPLAT增长平11.1%16.8%19.8%16.7%15.4%0.00.00.00.00.074%3.6%1.1%24.1%23%2.2)0.00.00.00.0净资产增长率17.4%4.1%18.7%18.7%18.1%74,750.987,879.5104,348.7121,635.2140,041.2加：营业外净收支222.8)(178.0)229.1)(229.1)(229.1)91.8%92.1%92.3%92.7%92.9%74,528.087,701.5104,119.5121,406.1139,812.168.3%68.9%70.3%71.2%71.6%减：所得税18,807.522,326.428,134.030,472.935,092.847.9%49.2%49.8%50.8%51.2%52,460.162,716.473,852.386.750.2100,216.369.0%69.2%70.8%71.7%72.2%67.6%68.0%69.5%70.5%71.0%202120222023E2024E2025E国定资产周转天数554637332951,810.258,274.3100,812.5112,683.9160,444.8354308262262262交易性金融资产0.00.00.00.00.066861759060161333.252.867.152.489.8000000.0105.51,648.11,898.02,173.11021028480389.1897.41,940.41,157.52.338.1总资产周转天数770719676674678存货33,394.438,824.438,217.943.637.343.364.7投资资本周转天数434379322315308135,138.8118,457.2128,674.8141,707.4156,098.4持有至到期投资0.00.00.00.00.0ROE27.7%31.8%31.8%31.7%31.2%长期股权投资0.00.00.00.00.0ROA21.8%25.7%25.7%27.0%26.2%投资性房地产5.25.35.35353ROIC43.3%47.1%58.6%67.6%62.9%17,472.215,144.215,653.615,790.315,774.62,322.02,518.92,463.32,597.42,698.12.5%2.6%2.4%2.3%2.1%无形资产6,208.47.273.77,105.46,937.06,768.77.1%6.7%6.3%6.0%255,168.2254,364.8303,065.1336,343.6400,120.4-0.9%-1.1%-0.8%-0.7%-0.6%6,134.25,665.67,261.85,817.98941.40.00.00.00.00.022.8%19.4%19.7%14.1%14.7%51,780.043,400.052,302.841,341.649,615.729.6%24.1%24.6%16.4%17.2%长期借款0.00.00.00.00.03.814.414.526.396.22296.5334.4210.8280.6275.33.243.623.915.465.4858,210.749,400.159,775.547,440.158,832.3利息保障倍数(79.23)(62.31)(86.79)(94.87)(120.12)7,418.17,458.011,384.615,358.419,637.11,256.21,256.21,256.21,256.21,256.2PS(元)21.6819.0330.5735.9141.48留存收益187,234.7195,199.7230,648.8272,288.9320,393.851.9%38.1%52.0%52.0%52.0%198,957.5204,964.7243,289.6288,903.5341,287.112%1.1%1.8%2.1%2.4%202120222023E2024E2025E202120222023E2024E2025E净利润55,720.565,375.173,852.386,750.2100,216.3PS(元)41.7649.9358.7969.0679.781,479.61,611.11,914.62,097.52,283.3150.88157.23184.61217.76256.050.00.00.00.043.136.129.625.221.82.20.00.00.00.01191149.48.06.813.512.01,188.6)(1,268.8)(1,156.2)P/FCF52.533.430.240.022.7(58.3)(63.8)0.00.00.0P/S20.717.714.712.811.23,260.42.658.74,133.24,182.94,502.9EV/EBI TDA33.423.819.816.914.4(1,833.1)35,689.8)2,490.633,244.0)(4,301.7)CAGR(%)17.0%15.7%16.3%17.7%17.0%e譬着物产生现食流量64,028.736,698.681,202.158,517.9101,545.7PEG2.52.31.81.41.33.94.25.36.15.7REP4.73.83.02.12.1