CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E28089575.50772.69101351减：营业成本195.18211.62350.37478.76639.4540.4%-80%122.8%34.3%1341.082.563.464.43营业利润增长单152.4%-3842%296.4%38.7%33.2%销售费用7.8710.0018.4223.182027106.2%-2,499.9%2012%53.4%33.3%管理费用382670.0051.8069.549122EBITDA增长率1,487.3%-134.3%1.030.9%342%27.1%研发费用14.4020.1427.0430.41187.2%-389.4%336.6%38.4%29.6%财务费用3.463.980.000.000.00NOPLAT增长单-173.3%-460.6%305.7%38.4%29.6%-2.72-8.95-12.00-7.00-7.0082.6%0.7%123%144%16.6%0390.000.000.0089.1%14.4%16.5%18.7%1.454.724.6312.4321.62-61.46120.68167.40222.97毛利平30.5%18.1%39.1%38.0%36.y%加：营业外净收支0.314.482.21-2.847.7%-23.8%21.0%21.7%22.0%2131118.86165.19220.13-248%175%18.1%18.4%4.6818.4225.6134.12EBITDA/营业枚入17.7%6.6%27.6%27.6%26.7%318-76.4077.3311865158.117.2%-22.6%24.0%24.8%24.5%2021A2022A2023E2024E2025E256.971833917.55584.64247.09国定资产周转天数1531693交易性金融资产188.7697.3997.3997.399739141187256182758686.62441.03106.28645.887946494604690.000.000.000.000.00应收怅款周转天数1121131311377204.6711.2414.531801919551.1761.87118.88125.93205.88总资产周转天数110815097386716其他流动资产14.1713.2713.2713.27132711731267639544483持有至到期投资ROE0.4%-113%102%13.4%15.1%长期股权投资178.79188.06188.06188.0618806ROA0.3%-7.4%8.4%投资性房地产0.000.000.000.001.7%63%14.0%15.6%117.56119.30113.79107.0799.1632002510.2520.2530252.8%3.9%32%3.0%2.0%无形资产17.0616.9116.9116.9113.6%27.1%9.0%9.0%9.0%其他非流动资产0.070.400.400.400.401.2%1.5%0.0%0.0%0.0%1135.781030.031329.541552.4518836417.7%325%12.2%12.0%11.0%53.9195.7095.7095.7095.70353153.42126.6390.70204.9728.2%255%34.0%342%35.6%0.000.000.000.000.0039.3%515%55.3%0.361.861.861862.041.921.761.922.010.000.000.000.000.001801.581.431.62其他非流动负债0.000.000.000.000.00利息保障倍数626-8.09320.1826284451.92530.24670.4284.6293.09116.19137.1316503DPS(元)0.000.000.000.000.00159.93159.94159.94159.94159.94162.0085.60172.94296.59459.700.0%0.0%0.0%0.0%0.0%81559767.19877.621022.211213222021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.020.490.480.740.993.18-76.4077.33118.65158.11BVPS(元)4.574.214.765.536.55加：折旧和掉销29.50413920.5221.7222.92639.346.230.122.6资产减值准备5.8115.7218.0020.0023.00PBX3333.3474.0340390.000.000.00P/FCF5.194.840.000.000.00P/S8.78.635-4.724.63-8.11-12.43EV/EBITDA45.8-126.323.214.612.713.4512.3023.1020.9427.90CAGR(%)20.5235.48-279.78410.79-544.48PEG6.00.20.773.7526.49-323.62 ROIC/WACC-287.64-152.09-20.43-13.94 REP366.0746290.000.000.00谨请参阅尾页重要声明及财通证券股票和行业评级标准2