财通证养CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2023E2024E2025E4386.034436.915985.687676.78962987减：营业成本1491.781656.912387.123034.713832.3420.3%12%34.9%283%25.4%营业税费41.9639.1055.3070.6787.49营业利润增长平3.7%-30.7%79.3%28.9%29.9%销售费用1102.321161.631197.141514.381832.407.1%-273%70.5%29.9%管理费用215.03208.72323.23291.72365.94EBITDA增长单8.2%-26.8%106.2%23.4%23.5%研发费用845.68938.741107.351535.361925.97EBT增长率2.7%-35.6%148.0%25.1%26.8%-1020-20.00-30.00-40.00NOPLAT增长平5.0%-32.0%135.0%25.1%26.8%资产减值损失-1888-19.17-22.00-25.00-30.0013.2%9.7%10.4%18.7%50.9220.140.000.000.0012.3%10.0%104%16.9%18.7%49.0986.7159.8676.7796.30936.09648281162.681498.7919472366.0%62.7%60.1%60.5%60.2%加：营业外净收支2.12-3.020.000.000.0021.3%14.6%19.4%19.5%20.2%93821645251162.681498.7919472319.7%14.1%180%18.6%减：所得税75.4518.6393.01119.90155.78EBITDA/营业枚入22.9%16.5%253%243%23.9%86153626.051067.531376.131787.8718.y%12.0%22.1%21.8%2021A2022A2023E2024E2025E1354.501340.152290.322129.763816.46国定资产周转天数475537交易性金融资产1403.121453511453.511453.511453.512632922071922984303852.994420.936380.017519.92流幼资产周转天数54760458253756199.9552.85196.39105.96264.58应收怅款周转天数234277249226049.6529.1071.3781.6895.011021009647421447.65819.06854.531238.57总资产周转天数71076867122599其他流幼资产332915.5015.5015.5015.50投资资本周转天数56561350145432ROE12.8%85%13.1%14.49%15.8%长期股权投资163.62222.44267.72306.67354.35ROA9.6%6.3%8.7%9.7%10.0%投资性房地产224.86237.77282.48345.36385.53ROIC11.2%7.0%14.8%15.9%17.0%国定资产568.82667.96764.57888.62977.711.050.00-88.63-162.25216.6825.1%26.2%20.0%19.7%19.0%无形资产186.94167.50159.15143.30128.764.7%5.4%3.8%3.8%其他非流动资产150.00150.00150.00150.00150.000.2%02%-0.3%-0.4%89363710002.0912309.7014210.8617836.1229.8%30.7%25.1%23.1%22.4%0.000.000.000.000.00885451159312013.381943.482996.4624.6%25.9%32.5%30.8%33.y%0.002.70-1.403.600.1032.6%35.0%48.8%45.7%53.3%30.1018.1218.1218.1218.123202.992.472.672.501260.000.000.000.002.902.772.222.422260.000.000.000.000.00利息保障倍数198.85208.512198.662591.994372.7160465116.1318.7020.8423.5927.18DPS(元)0.030.200.000.000.00933.58952.60943.70943.70943.704033.424635.785514.576890.708678570.1%0.89%0.0%0.0%0.0%6737.717410.108182.269561.1511352.602021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.930.671.1318986153626.051067.531376.131787.877207.768.6510.1112.00172.5919933187.56209.14204.19PE930.738.924.819314.8资产减值准备85.14116.90132.00145.00160.00PB33.43.22.823-50.92-20.140.000.000.00 P/FCF4.172.560.000.000.00P/S6.15.64.449.09-86.71-76.77-96.30EV/EBITDA32.116.01220.572.142.76358CAGR(%)675.17-823.96148.84-1530.45-150.37PEG430.40.70531784-11.051478.20125.82190898-10952-252.15-230.53-286.38-222.28REP-228.91-297.510.000.00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