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2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E216142.4042406064647485.75884869.601057007.48减：营业成本187997.69351815.68537896.70704091.68819748.5038.0%962%52.7%36.7%19.5%3034.887267.119064.8015042.7819026.13营业利润增长单-34.6%365.1%76.8%57.5%41.5%销售费用6081.6815060.6823309.4930085.573805227-28.1%445.9%57.4%40.4%38.3%管理费用5710.1910007.3714244.6925661.223593825EBITDA增长率-14.5%1015%58.1%57.8%32.2%研发费用7990.9718654.4527841.8944243.4856021.40EBT增长率2254%783%813%33.6%财务费用1786.93-620.361065.79-2358.83NOPLAT增长率-43.6%2113%86.7%793%30.5%-857.48-1386.46-180.59266.734132419.6%22.9%298%31.5%4736126.100.000.000.0061.7%16.4%27.6%34.8%-57.13-791.90-323.746194.09-7399054631.99215418238093.1559988.0184881.4913.0%17.0%169%20.4%22.4%加：营业外净收支-113.99-462.0930.47-99.08-122.572.1%5.1%5.9%6.89%4518.0021079.7338123.6259888.9384758921.8%42%52%5.9%6.8%减：所得税550.743366.634574.837785.5612713.84EBITDA/营业枚入9.5%9.8%10.1%11.7%13.0%30451916622.4526168.0536732.8750791.783.0%5.0%58%7.7%8.6%2021A2022A2023E2024E2025E50457.105147126-34903.41136492.37150321.41国定资产周转天数10311497105交易性金融资产5606.0520626.9313116.4913116.4915619.9777-120362512838828.4987071.5160406.75104016.632812071441710.000.000.000.000.00应收怅款周转天数282036.588223.5710757.9312722.3816789.50存货周转天数55043354.7879107.20100191.70114947.42112760.49总资产周转天数41433529728303其他流动资产9757.1414188.7631188.7618378.2221251.9223612399104持有至到期投资ROE3.2%150%19.1%21.1%22.6%长期股权投资7905.0015485.4019293.8123903.2229235.96R0A1.0%3.4%4.6%45%5.3%投资性房地产87.50850181.0476.6573.03R0IC4.1%12.4%18.9%26.0%25.89%61221.3713188037172955.09230699.34303836.07202773144621.9463428.6473325.5684194.782.8%3.6%3.6%34%3.6%无形资产17104.9423223.5023885.5521984.2515110.872.6%2.4%22%2.9%3.4%其他非流动资产12521.0521045.3221045.3221045.3221045320.8%0.4%-0.1%0.1%0.2%295780.1549386065573928.38810454.76967046.426.3%55%5.7%6.4%6.8%10204.365153.105153.105153.105153.10应付怅款73160.17140437.31158394.19252325.96248631.4664.8%75.4%730%74.5%71.1%7331.463328.4212210.82-475.961186135183.7%306.8%270.4%246.5%3714.683902.483367.273661.483643.740.970.720.670.750.768743.527593.605893.604893.603893.600.600.380.250.430.48其他非流动负债7417.1826896.8526896.8526896.8526896.85利息保障倍数34116.07922124633191535.9437247181418989.76603412.776879593510360541741.2733111.7654365.06DPS(元)0.111.140.000.000.002911.142911.142911.142911.1431465.0047781.7773949.83110682.70161474.480.0%0.0%0.0%0.0%1042442112138984154938.62207041.99279087.072021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)1.065.7189912.6217.453045.1916622.4526168.0536732.8750791.78BVPS(元)32.6638.1447.1359.7577.19加：折旧和掉销141083820370.0127929.3335203.2345600.86252.945.028.120.0资产减值准备1245552375.98180.59266.7341324PB0826.75.4423.3-47.36-126.100.000.000.00P/FCF1907.64616.27409.07367.73371.02Ps1.81.1080.7-31.63769.18323.746194.097399.05EV/EBITDA37.117.312.144922.081090.667380.7315370.4921253.30CAGR(%)44205.8298811.71-60980.39189266.3227944.63PEG0.10.50.50.465466.68140837.661121.67284385.41154953.45-45403.99-120596.00-86567.28-112930.61-14079837REP1606252-19488.68-59.02-326.04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