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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E11309.6611007.6214190.1516119.2217433.74减：营业成本7486.887364.028565.409330.459807.5515.2%3.4%13.6%营业税费124.45127.99163.19185.37200.49106.7%-19.6%375.0%44.9%34.2%销售费用896.32776.48909.641026.21927.50-13.2%18.7%1,144.2%34.0%2351.952347.972643.812841.462846.41EBITDA增长率193.5%31.7%研发费用17.9711.9615.4217.5218.94695.7%-510%452.4%36.6%28.9%5398747539287.14237.97143.61NOPLAT增长率466.4%-50.1%7363%36.6%28.y%-4.010.000.000.0037.8%2.9%1.1%3.7%5.6%57.16200.670.000.000.0027.8%2.1%93%12.7%15.1%227.1717227113.52128.95139.47573.92461.682192.893177.004262.6134.3%33.1%39.6%42.1%43.7%加：营业外净收支27.6133.1022.004.000.005.0%42%155%19.7%24.5%60153494.782214.893181.004262.612.6%22%11.7%14.8%18.3%309.17249.65553.72795.251065.65EBITDA/营业收入29.6%253%20.7%24.1%28.0%95.63113.491411.992027.882717.A28.1%4.1%17.6%212%25.3%2021A202242023E2024E2025E6738.436915.437344.6010299.6613217.15国定资产周转天数173126112106244.09241.86241.86241.86241.86-198-209-203-2101508.391854241537.271253.721355.96流动资产周转天数3053332692673030.000.000.000.000.00应收怅款周转天数4155433127预付怅款11321151.05256.96279.9129423433476.7667.8385.8993.569835总资产周转天数13771570121110991075440.7034622346.22346.2234622投资资本周转天数113213391029928898ROE0.6%0.7%7.9%102%12.0%长期股权投资549.89477.05468.59405.71357.65ROA0.2%02%2.9%4.0%5.1%投资性房地产0.000.000.000.000.00ROIC1.1%0.5%4.6%6.1%7.4%5125254917.834994.725079.285171.91519.35526.90553.23580.88609.927.1%6.4%6.4%5.3%无形资产6728.136851.436943.397056.827196.0020.6%213%18.6%17.6%16.3%其他非流功资产3200.571490.311553.001553.001553.004.7%4.3%2.0%15%0.8%48600.7847431.0748030.6450418.5053681.9233.2%32.7%27.1%255%22.5%869.02148810.000.000.001087.581315.431551.281689.841776.2564.0%63.8%61.0%58.1%54.7%0.000.000.000.000.00177.6%176.6%156.1%138.5%120.6%0.000.000.000.000.000.800.890.911.04120长期倍款7993.958058.117252.306527.075874.360.750.830.850.98162.60153.71150.91150.91150.91利息保障倍数3.131.775.888.8812.60310902130280.7829278.7729280.872934734753.26577.18826.361184.221663.77DPS(元)0.050.060.000.000.001070.041070.041070.041070.041070.042974.803031.574383.626411.509128.920.1%0.1%0.0%0.0%17510.5717150.2918751.8821137.6224334582021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.090.111.321.9025495.63113.491411.992027.882717.42BWPS(元)15.6615.4916.7518.65加：折旧和掉销2444.732337.16442.08459.58477.96PE(X)638.3550.034.424.017.9资产减值准备115741.410.000.000.00PB(X)3.73.82.72.457.16200.670.000.000.00P/FCF61820523.79425.45384.86P/S553.43.0-227.17-17227-113.52-128.95-139.47 EV/EBITDA23.728.221.5153196.73131.64249.18357.8647954CAGR%)-933.00-302.50261.951467.9071023PEG29.50.005052237.702530.444480.92-4022.73231.95-463.52-252.63-404.72REP92236-3558.11-1642.01-1273.22-1162.18谨请参阅尾页重要声明及财通证券股票和行业评级标准