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教据汇总2021A2022A2023E2024E2025E2021A2023E2024E2025E1,925.32,436.53.252.63.716.54,286.6减：营业成本1,147.91,545.82,001.72,266.62,574.613.7%26.633.5%14.3%15.3%营业税费16.320.929.333.438.63.1%48.3%53.2%25.0%16.5%销售费用387.9331.0408.6476.5589.27.65551.5%25.0%16.5%管理费用65.073.0142.1122.0135.4EBITDA增长平-30.5%46.5%38.9%23.5%15.5%研发费用55.464.580.792.8106.7-39.5%59.42.622.16.0%-2.7-8.3-17.9-36.0-45.3NOPLAT增长单9.3%48.2%50.7%资产减值损失-13.526.2%45.1%-6.3%25.2%净资产增长单9.3%13.451.7%12.8%13.2%8.62.55.05.05.0270.0400.3613.2766.3892.4加：营业外净收支-8.81.340.4%36.638.5%390%39.9%261.2613.2766.3892.414.0%16.4%18.9%20.620.8%减：所得税39.857.792.0114.9133.911.5%14.1%0%1>177%221.4344.0521.2651.4758.6EB1TDA/营业收入18.621.5%22.4%24.2%24.2%13.617.1%18.3%19.7%19.8%2021A2022A2023E2024E2025死国定资产周转天数156127110121121197.0409.3858.61,455.91,452.7流幼营业资本周转天数576063交易性金融资产160.0410.0410.0410.0410.0流动资产周转天数2062248283155.9211.7279.1281.7365.12727271.00.30.6存货周转天数预付怅款26.825.042.133.952.4总资产周转天数429411411585.3933.6797.61,168.8投资资本周转天数28324021221320114.2150.1150.1150.1150.1可供出售金融资产ROE10.7%14.614.616.2%16.6长期股权投资ROA9.2%10.8%12.2%14.2%投资性房地产、ROIC16.9%19.9%32.4%27.4%33.9%国定资产842.5882.61.104.01,389.51,482.2276.1348.0348.6199.4119.820.2%13.612.612813.7%无形资产103.397.795.092.389.63.4%3.0%3.3%3.2%其他非流动资产36.741.039.93782.9%2.5%2.5%2,397.93.171.64.261.24,849.95,329.0-0.1%0.3%-1.0%-1.1%65.026.3%18.9%18.9%17.618.3%113.5235.8216.5295.7286.162.418.473.130.813.5%2516.2%1714.5%162.2412.9412.9413.0413.034.8%19.420.5%16.9%、1.24.132.324.134.004.9347.942.442.442.442.42.011.562.692.983.33323.6818.6691.5824.2772.3利息保障倍数96.64-50.23-33.20-20.28-18.70少数股东权益798.895.51.027.91,027.91.027.9DPS(元)0.070.100.150.190.221,275.51,443.62.541.92.997.83.528.830.3%30.3%30.0%30.0%30.0%2,074.32,353.03,569.74,025.74,556.70.3%0.5%0.7%0.9%1.0%2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E221.4344.0521.2651.4758.6EPS(元)0.220.330.510.630.74加：折旧和掉销96.1106.2131.8167.8190.32.022.293.473.924.43资产减值准备13.5PE(X)100.564.742.734.229.310.79.56.25.54.91.4-17.9-36.0-173.641.5-90.428.199.2-25-5.0-5.0P/s11.69.16.85.2EV/EBITDA52.736.828.822.719.6-93.5415.5-485.4274.6-524.4CAGR()43.3%30.2%36.3%43.3%30.2%178.2773.4144.71,052.8374.1PEG2.32.11.20.81.0-612.8-345.0-295.0-195.0 ROIC/WACC1.61.93.12.63.2-62.351.7649.7-160.5-182.3REP6.96.53.03.72.4本报告版权属于安信证券股份有限公司，各项声明请参见报告尾页。2