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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E1094642812755396150301.42175435.0420407833减：营业成本9157.39101992010837.1811782.6412433.95营业收入增长平11.7%16.5%17.8%16.7%16.3%15304.4718495.8221116.2024956.3429220.18营业利润增长单12.2%17.6%21.0%16.7%销售费用2737.373297.724357.164663.8352292212.3%19.6%19.7%18.0%17.0%管理费用8450279012.199086.5011149.4713600.55EBITDA增长率11.3%17.0%21.0%16.8%16.6%研发费用61.92135.19107.34137.25174.63EBT增长率11.1%172%213%17.1%16.8%-934.52-1391.81-1446.82-2384.44-2601.45NOPLAT增长平11.0%16.8%17.1%16.8%资产减值损失0.000.000.000.000.0017.7%4.1%22.7%83%9.4%0.000.000.000.0017.4%4.1%22.8%83%9.4%582663.8450.4678.5886.7974750888787952106304.65125225.25146129.7191.5%91.9%92.7%9329%93.8%加：营业外净收支-222.85-178.03-279.67-226.85-228.1970.4%70.8%72.7%732%73.2%74528.0387701.A49106024.98124998.401459015352.5%52.7%542%54.6%54.6%减：所得税18807.5022326.3526817.4531660.5237000.37EBITDA/营业枚入70.9%71.0%73.0%72.8%72.8%52460.1462716.47082.2388631.68103703.9769.5%69.6%71.7%718%2021A2022A2023E2024E2025E518102458274.3295778.9%104459.21126879.14国定资产周转天数58473830交易性金融资产0.000.000.000.000.003703132912752420.0020.94-27.4010.86-20297366206536125740.00105452176.62414.672194.46应收怅款周转天数0000389.1189738867.59829.21989.0112481288132713661407333943738824.3740305.4948337.0348032.42总资产周转天数794739689669621其他流动资产135138.82116333.56126803.58139464.87139464.87658588612568534持有至到期投资ROE27.7%318%313%37.5%长期股权投资0.000.000.000.0020.6%24.7%24.6%26.8%29.0%投资性房地产5245345.345.345.34 ROIC27.%31.4%31.1%35.9%17472.1719742.6219165.7518033.6716623.992321.992208331104.16552.08276.042.6%2.7%3.0%2.7%2.6%无形资产6208.367083.187868.238885.259777.548.0%73%62%6.5%6.8%其他非流动资产5484.944134.744548.225003.045503.341.1%-1.0%-14%255168.2025436480305059.29330816.28357087.409.7%88%82%7.8%0.000.000.000.000.00应付怅款2009.832408371747.402915.582113.6922.8%19.4%17.5%16.5%0.000.000.000.0029.6%24.1%212%21.4%23299.5514853.3214853.3214853.3214853.323814.415.065.480.000.000.000.000.000.901.861.79222其他非流动负债0.000.000.000.000.00利息保障倍数7188.0710448.74122382414299.2758210.6949400.125336.4258264.227418.147458.0211583.3116289.5221486.70DPS(元)21.6847.82259131.8035.181256.201256201256.201256.201256201869212219488629237419.17253642.15274076.121.1%2.8%15%18%2.0%196957512006469251622.87272552.05298183202021A2022A2023E2024E2025E2021A202242023E2024E2025EEPS(元)41.7649.9359.7770.56825552460.1462716.4475082.2388631.68103703.97BVPS(元)150.88157.23191.08204.00220.27加：折旧和掉销1581211688.451811.191820.911826.6949.134.629.124.621.113.0214.6914.6914.6914.69PB(X)13.611.09.1857.92240.000.000.000.00P/FCF135312.0210.0310.0317.014.512.410.7-5826-63.84-50.46-78.58-86.79EV/EBITDA33.524.019.616.71423260.392658.694125.304706.215197.18CAGR(%)7859.91-29126.70-10703.27-12021.24-3281.02PEG4.01.51264028.6836698.605562.45-1653.03-1852.01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