CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E3897594777.716078.697942.97991352减：营业成本2829263440.054218.835491.706852.5717.0%22.6%272%30.7%24.8%22.90412351.6767.528426营业利润增长单86.7%-19.6%89.7%36.8%31.5%销售费用194.33240.01297.86385.23465.9446.5%-202%85.4%36.7%32.5%管理费用240.16328.87413.35532.18654.29EBITDA增长率22.0%172%53.9%27.6%28.0%研发费用280.50326.72455.0611.61748.4724.3%17.0%70.9%29.7%29.4%69.07100.64170.5191.25134.39NOPLAT增长率42.6%13.8%68.89%29.7%29.4%25.98-33.830.000.000.0049.6%23.4%12.7%142%25.2%15574520.000.000.0078.6%13.7%13.3%20.7%89.42-1.6860.799.53198337937305.09578.78791.871041.1527.4%28.0%30.6%30.9%加：营业外净收支-1.10-1.80-4.030.909.7%6.4%95%10.0%10.5%3782730329576.78787.841040257.5%4.8%7.0%73%7.8%减：所得税76.03149.96204.84270.46EBITDA/营业枚入12.8%12.3%14.89%14.5%14.89%268.40214.14396.94542.71719.288.8%84%113%113%11.7%2021A2022A2023E2024E2025E1102.90858251096.05-53.981571.75国定资产周转天数107106交易性金融资产4.870.000.000.000.00758146822.091213.40914.732202.961658.8430229219923820.000.00146.635.53137.48应收怅款周转天数2632420315841.1850.33642011513611191059.361530.02860.332726.661785.49总资产周转天数41944339936435265.8360.6060.6060.6060.60372375332290291持有至到期投资ROE122%8.6%14.0%16.0%17.5%长期股权投资20.9473.9998.65124.875.2%32%7.0%投资性房地产33.7717.6923.5920.5216.10 ROIC6.7%62%92%105%10.89%1144.231385291920.692160.102405.74120.5538652442.85509.72639.445.0%5.0%4.9y%4.7%无形资产124.87200.65267.53322.26388.066.2%6.9%6.8%6.7%6.6%其他非流动资产76.62134.9682.6298.07105211.8%2.1%2.8%1.1%1.4%5149.486615.066848.959198.01102150412.9%14.0%145%12.7%12.7%457.40813.091038.041262.991531.52679221031.44651.381813.651258.6552.4%57.9%53.9%592%55.7%12843224.8368.34380.58199.44110.1%137.4%116.y%145.3%125.6%0.441241.241.241241811.411.331.20849.911045.351045.351045.351045351.160.810.950.550.82其他非流动负债0.000.000.000.000.00利息保障倍数7496.505.937218.722698373828.503691.485687.05252.60288.12318.00358.2940880DPS(元)0.660.310.000.000.00207.81208.84208.84208.84208.841036.231208.811549.852102.122829581.1%0.0%0.0%0.0%2451.122786.563157.483750.034527.992021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1401.041.902.603.44268.40214.14396.94542.7171928BVPS(元)10.5811.9613.5916231971加：折旧和掉销182.13211.51255.72314.1641.745.530.622.416.9资产减值准备30.5235.350.000.000.00PBX3554.04.33.63.015.57-4.520.000.000.00P/FCF62.5674.53116.26124.13132.77Ps312.12.01.51289.4260.799.53-1983EV/EBITDA25.119.014.912.895232113.1229.8840.2950.51CAGR(%)-297.49-24152263.11-1392.5362025PEG0.90.40.60513132175.06964.68-416.42-294.48-802.76-89506-751.37-89040REP7993733426159.308.2168820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