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2020A2021A2022E2023E2024E2020A2021A2022E2023E2024E1323.052054.412630.393353.88430859减：营业成本969.741546.431853.032345.013004.36-4.6%553%280%27.5%28.5%83293313.1516.772154营业利润增长单34.89%1155%109.3%33.0%32.6%销售费用89.92117.35144.67184.46236.9732.5%105.7%106.1%35.1%33.7%管理费用742783.43105.22134.16172.34EBITDA增长率14.8%52.1%60.89%26.3%26.0%研发费用64.8074.3294.69120.74EBIT增长平25.1%73.4%88.8%29.9%39.9233.1722.6024.0916.82NOPLAT增长平26.4%60.8%916%31.0%0.000.000.000.000.000.3%19.7%15.1%18.7%21.0%0.000.000.000.000.0034.1%142%26.1%29.5%30.4%-0.170.160.000.000.00033194.70407.54542.077186826.7%24.7%30.1%30.3%加：营业外净收支2.840.000.006.8%155%16.2%16.7%401.18542.07718686.2%83%133%14.1%14.7%减：所得税6.3327.4450.5968.358552EBITDA/营业枚入15.%15.6%19.6%19.4%19.0%16981350.00472.91632.0811.1%16.4%16.9%17.1%2020A2021A2022E2023E2024E26925260.08210.37452.89595.90国定资产周转天数1271105233交易性金融资产0.000.000.000.000.00196153179188381.04496.10965.23898.041495.6241334234336410.8010.6118.6118.652922应收怅款周转天数1087710010022.3870.7984.83107.3513753存货周转天数272209210220220765.801033.351128.521737.60193439总资产周转天数6404624344053846.569819.819.81981508392352328309持有至到期投资ROE7.4%13.4%22.8%23.4%长期股权投资0.000.000.000.003.5%5.8%10.3%11.4%12.5%投资性房地产3928372437.2437.243724R0IC6.6%89%14.8%16.4%17.89%459.94620.74559.58475.24390.9023.780.000.000.006.8%5.7%55%无形资产713469.4769.4769.4769.475.6%4.1%4.0%4.0%4.0%其他非流动资产1723585158.5158.5158513.0%0.9%0.7%0.4%2329.922939.903400.414139.1315.4%11.4%10.4%102%9.9%517.74608.05608.05608.05608.05应付怅款48329546.17756.61912.4852.1%56.6%52.7%49.7%46.3%29.0412.0439.4325.7057.75108.6%130.5%1115%98.8%86.1%12.5212.5212.5212.521451.361.602.06168.20210.37210.37210.37210370.580.810.801.06其他非流动负债0.000.000.000.00利息保障倍数3.807.5914.1518.6224191664381792.422057.432336.787.698289.0910.16DPS(元)0.050.080.000.00226.56226.56226.56226.56226.56323.01481.50813.371286.281918360.3%02%0.0%0.0%0.0%1117.081275521607.992081.702714862020A2021A2022E2023E2024E2020A2021A2022E2023E2024EEPS(元)0.410.751.542.092.7982.57169.81350.00472.91632.08BVPS(元)4.905.607.069.1511.94加：折旧和掉销793192.5784.9484.34843440.962.952.538929.1资产减值准备2.925.630.000.00348.411.5896.80.000.000.000.000.00P/FCF34.5630.0030.4030.4030.40Ps2.95.27.0430.170.160.000.000.00EV/EBITDA35.537.129.022.8-0.340290.600.811.08CAGR(%)-87.68-12241-467.11-315.54-574.49PEG130.60.50.9109.0717436518272.2173.41 ROIC/WACC-12428-120.98-6.360.000.00 REP-138.49-633048.53-30.40-30.40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