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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E7861.49113780214549.2117944.0321892.01减：营业成本6168.978490.9610548.9212616.9014634.4073.7%44.7%27.9%233%22.0%9729142.17180.92223.67459.7313.1%752%582%332%519.09875.591018.451327.861751.3612.8%70.4%54.3%318%44.3%管理费用278.04499.61669.26861.311094.60EBITDA增长率9.1%40.3%122.1%22.5%37.1%研发费用379.00752.16727.461166.361488.666.5%39.9%212%39.1%32.51-297.49219.57164.04115.17NOPLAT增长率7.9y%45.9%130.9%19.9%37.6%-32.52-18.000.000.00投资资本增长平138.9y%16.9%253%92%21.3%874-13810.000.00净资产增长平142.7%16.7%215%28.7%32.1%2620-122.762.913.59438445.70780.951235.201644.892400.6321.5%25.4%27.5%29.7%33.2%加：营业外净收支3.43-6.45-1.94-1.665.7%85%92%11.0%449.13774491233.261643.232397285.2%65%83%37.6334.5598.66147.89239.73EBITDA/营业枚入6.3%10.9y%12.2%411.52701371081.861425.842057275.6%5.4%102%10.0%11.5%2021A2022A2023E2024E2025E3375.194323.196048.645904.807278.02国定资产周转天数2031252827交易性金融资产581.13652665.2665.2665266-6352648.67851221014.121315.061522.7612422182140.000.00242.49-92.95366.60应收怅款周转天数23422323预付怅款113.74116.91169.87188.45227.12776751558362067.452279.633006.613097.41总资产周转天数27926725242其他流动资产137.35120.59120.59120.59120.59投资本周转天数171139136120119可供出售金融资产ROE11.3%16.7%213%21.9%24.0%长期股权投资4.3833.9549.5072.0591.11ROA5.2%73%9.0%10.6%12.8%投资性房地产0.000.000.000.000.00ROIC11.0%13.7%253%27.8%31.5%国定资产431.54956.85978.091358.381620.2244428274.13364.13664.13864.136.6%7.7%7.0%74%8.0%无形资产141.37132.14128.40121.92116.813.5%4.4%4.6%48%5.0%其他非流动资产47.6498.6498.6498.6498.640.4%0.9%0.5%7970.769554.1612050.0913426.801603988三费营业收入10.6%95%13.1%13.1%13.5%0.000.0060.00440.00-840.002011.932091.073207.963009.334272.0553.8%550%56.7%50.0%44.7%1751.112463.872593.323562.543515.45116.6%122.4%131.0%100.0%80.8%7.739849.849.849841551.511.531541.630.000.00100.00-300.00-700.001.121.061.141.071.190.000.000.000.000.00利息保障倍数287.41328.53246.26-120.22-37574291.145259.126832.596713.96432383.05135.79205.2930557DPS(元)0.831.410.000.000.00150.08149.83149.83149.83149.83分红比单1025.081602.082471.803897.645954.920.5%13%0.0%0.0%0.0%3679.634295.045217.506712.848870392021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)3014.687.199.4813.67净利润41152701371081.861425.8420572724.2328.1133.7843255693加：折旧和掉销66.9795.63102.93146.3816358PE(X)57524.021.616.4资产减值准备5.45312128.000.000.00PB(X)7.1404.63.62.7-8.7413.810.000.000.00P/FCF1922-187.986.04-14.99-66.743313-2620122.76-3.594.38EV/EBITDA17.511.08554-0.02385752.7369.50100.28CAGR%)-178.43920.34739.4267.3760223PEG450.30.403263.7T21697.762007.111688.58-7566-233.48-847.41REP1602.7913354-481883326谨请参阅尾页重要声明及财通证券股票和行业评级标准