本报告仅供Choice东方财富使用，请勿传阅。安信证券ESSENCE SECURITIES财务报表预测和估值教据汇总2022E2023E2024E2020M2021A2022E2023E2024E1,006.31,598.92,598.73,475.34,182.9成长性减：营业成本795.41,057.81,497.81,932.22,201.7-13.0%58.9%62.5%33.7%20.4%营业税费10.917.628.646.0-7.8%244.65122.7%40.3%27.9%销售费用11.214.320.834.854.49.6244.8%120.8%28.0%管理费用40.151.278.0107.7146.4EBITDA增长率-3.4192.4%113.6%41.628.5%43.170.1103.9149.4188.2-3.6251.1%123.3%39.3%27.4%-0.1-10.8-198NOPLAT增长伞6.5%259.1%120.2%39.3%27.4%投资资本增长单62.1%10.3%43.610.4%净资产增长率7.2%27.0%45.3%40.7%37.0%5.73.03.03.03.0113.9392.5874.21,226.71.569.01.1-2.4-24-24毛利单21.0%33.8%42.444.4%47.4%115.0390.0871.71,224.31,566.511.3%24.5%33.635.3%37.5%减：所得税18.355.1130.8183.6235.09.7%21.5299%3197.4335.7741.01,040.61,331.6EBITDA/营业枚入15.1%27.7%36.438.641.2%11.1%24.4%33.635.0%37.0%2020M2021A2024E国定资产周转天数97908492202.9213.4604.3839.81,797.7流幼营业资本周转天数10355293336交易性金融资产150.052.052.052.052.0流功资产周转天数263116417520943.580.8121.2149.0176.21514141430.9360.0275.5574.4448.541预付怅款5.441.725.061.137.0总资产周转天数50343336235639260.7144.9146.3229.4198.7投资资本周转天数312266213203209255.6124.7124.7124.7124.7可供出售金融资产ROE7.9%21.632.4%30.2%长期股权投资ROA6.3%14.4%25.5%26.2%25.9%投资性房地产ROIC37.4%50.8%64.2%57.0%国定资产288.3508.7709.1966.31,167.9用294.6602.2561.5486.9472.11.1%0.9%1.0%1.3%无形资产132.3137.3426.4616.24.0%3.2%3.1%3.5%其他非流功资产63.755.855.154.654.64.3%4.4%4.0%4.3%4.51,528.02,321.72,908.23,964.75,145.7-0.2%0.0%-0.1%-0.3%27.3四费/营业收入9.1%8.5%7.7%8.1%8.8%应付怅款77.0156.4174.2252.3233.663.4106.1133.9175.8177.118.4%31.8%20.9%18.3%13.8%其他流动负债32.3245.8245.8245.8245.822.626.422.5%16.0%70.1148.54.341.902.443.014.32其他非流动负债38.653.653.653.653.63.991.632.172.674.02281.4737.8607.5727.4710.1-46.84-2,746.58545.29-112.26-78.3218.928.728.728.728.7股本150.215.2273.3273.3273.3DPS(元)0.040.120.270.380.491,053.71,331.81,998.62,935.24,133.512.3%10.0%10.0%10.0%10.0%1,246.71,583.92,300.73,237.24,435.60.1%0.3%0.7%1.0%1.3%2020M2021A2022E2023E2024E2020A2021A2022E2023E2024E96.7334.9741.01,040.61,331.6EPS(元)1.232713.814.8742.453.274.1124.4173.5BVPS(元)4.495.698.3111.7416.12资产减值准备PE(X)103.129.913.59.67.58.26.54.43.12.31.41.1-10.8-19.8P/FCF89.924.229.69.2-5.7-3.0-3.0-3.0-3.0P/s10.06.33.92.92.4-0.7-0.7EV/EBITDA19.316.09.96.84.889.7206.8105.8-325.3136.0CAGR(%)120.8%58.4%90.4%120.8%58.4%180.1254.5916.2825.91,618.3PEG0.90.50.10.10.1-276.2-278.2-497.0-547.0 ROIC/WACC1.13.64.86.15.450.817.6-198.4-93.3-113.4REP3.11.41.20.60.6