财通证养CAITONG SECURITIES公司点评/证券研究报告公司财务根表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E215.778532.8512320.4713842.05减：营业成本5579.565602.426458.967441.568291.3917.4%7.4%262%14.5%12.4%3.704.976.467.39831-1973%25.4%24.8%销售费用2102.072013252475.942735.14304525-88.8%-965.8%2195%283%24.89%管理费用716.7479856861.19961.001038.15EBITDA增长率115.89%-360%17.4%研发费用602256.3559.2167.7676.13190.4%-110.4%1,3492%22.6%24.8%349.97281.440.000.000.00NOPLAT增长率54.8%-126.8%-1,014.0%22.6%24.8%-21.85-36.15-20.000.000.004.5%-88%5.4%6.4%7.5%19810.000.00净资产增长平1.2%6.6%8.8%102%11.5%69.92-0.960.000.000.00389.9337920883.181107.6113828239.5%343%40.0%40.1%加：营业外净收支-25.17-42.620.000.000.004.2%4.4%82%9.0%10.0%364.75-42183883.181107.61138282净利润单1.7%55%6.7%7.4%8.2%2055750.89158.97199.37248.91EBITDA/营业枚入22.0%152%11.0%113%12.1%6158533.14637.30817.421020527.5%0.8%84%9.0%10.0%2021A2022A2023E2024E2025E2277.911983.99-3572.12-823.79-1793.10国定资产周转天数88906336交易性金融资产5.075.075.0778-1061741282571.082569284009.292835.414854.612235621160.703.490.073.91应收怅款周转天数10010811100100预付怅款132.19134.40193.77148.83165.8321088150.45220.98119.91210.83157.68总资产周转天数728785545411127.6069.8669.8669.86投资本周转天数5835744796427可供出售金融资产ROE0.8%-72%7.9%92%10.3%长期股权投资968351002.151002.151002.151002.15ROA0.3%2.9%4.4%54%6.2%投资性房地产0.000.000.000.000.00ROIC2.1%52%6.0%7.0%国定资产2221.992110.131860.341604.471346.44105.68106.31106.31106.311063122.8%23.6%23.0%222%22.0%无形资产199.5030120301.20301.20301.207.8%9.4%80%78%7.5%其他非流动资产584.79167.97167.97167.97167.973.8%3.3%0.0%0.0%0.0%18928.07182798915252.0516385.97三费营业收入34.4%36.3%31.0%30.0%29.5%1447.111643.581643.581643.581643.58应付怅款999.251232.130.000.000.0053.6%552%378%356%33.1%0.150370.000.000.00115.6%123.0%60.8%552%49.5%0.0096.0096.0096.0096.000.840.720.611.01147661.0017.4617.4617.4617.460.740.640.430.811292.512.512.512.51利息保障倍数1.960.2510083.125422.835422.835422.8374036741.42828.33919.151032.54DPS(元)0.000.000.000.000.003914.253914.253914.253914.253914.25分红比单1850.081316.941954.252771.663792.180.0%0.0%0.0%0.0%0.0%8777518196.778920.989829.2210963.132021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.020.140.16021026净利润6158-533.14637.30817.421020.52BVPS(元)2.051.902.072282.54加：折旧和掉销1336311371.64284.79286.86289.03PE(X)392.544.434.627.7资产减值准备106.84194.8920.000.003.2353228429-19.810.000.000.00P/FCF359.49281600.000.000.00P/S332.82.6232.0-69.920.960.000.000.00EV/EBITDA16.921.031.224.621.197.6160.4286.090.82113.39CAGR%)232.60196.16-6550.101584.22-236125PEG0.2122078.061541.13-5521.102779.32236.2023188-31.00-31.00REP-361129-1589360.000.000.00谨请参阅尾页重要声明及财通证券股票和行业评级标准