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2021A2022A2021A2022A2023里2024E2025E1258.151456.981868.472385.41294553减：营业成本788.93872.801081.191347.791629.96营业收入增长平5.4%15.8%282%27.7%23.5%1149145918.6823.8529.46营业利润增长单-8.7%115.7%-11.4%29.5%26.7%销售费用292950.6268.2093.03132.55-8.6%137.7%-95%29.5%26.7%管理费用167.83202.72255.98326.8040354EBITDA增长率15.2%253%27.4%22.9%研发费用883198.16127.06166.98206.1915.6%36.4%24.0%345%27.4%22286.875.005.005.00NOPLAT增长率28.5%48.9%14.1%34.5%27.4%0.30-13.530.000.000.0025.8%42%9.4%11.1%12.6%523-6240.000.000.0011.4%98%14.5%16.4%17.%27.61189.6318.6811.9314.731879140532359.07464.89588.9237.3%40.1%42.1%44.7%加：营业外净收支-7.61-21.160.000.000.0027.8%192%195%20.0%18029384.16359.07464.895889212.6%252%16.9y%172%17.6%减：所得税222216.5543.0955.7970.67EBITDA/营业枚入23.2%25.1%21.4%21.4%21.3%142.53338.75306.50396.83502.7014.9%17.6%17.0%17.9%18.5%2021A2022A2023E2024E2025E421.79791.94974.761422.841975.45国定资产周转天数246317231168126交易性金融资产371.38217.38217.38217.3821738162827164210.19168.84145.89186.26225.9649447552750.000.000.000.000.00应收怅款周转天数2826.9115.4554.0667.39815026824920400579.69594.421244.111477.03178626总资产周转天数1161110710048682163.3759.1659.1659.1659.16940846721627572持有至到期投资ROE8.1%162%12.8%142%15.3%长期股权投资319.59300.11300.11300.11300.11R0A3.6%7.7%6.0%6.9%7.6%投资性房地产21.8955.8155.8155.8155.81 ROIC5.1%73%7.6%92%10.49%848421264.861182.471100.081017.69733.82502.88502.88502.88502.882.3%35%3.7%3.9%4.5%无形资产181.92142.73142.73142.73142.7313.3%13.9%13.7%13.7%13.7%其他非流动资产63.92512051.2051.2051201.8%0.5%0.3%02%0.2%4001.504419465138.565791.016624.4217.4%17.9%17.8%18.4%425.8746528465.28465.2846528应付怅款283.8530726888.651107.771339.6950.6%50.8%516%50.0%48.4%192.0614.8118.4622.33102.2%103.4%106.4%998%93.y%3.866.976.976.971481.391.531.711.87303.00260.00260.00260.00260.000.960.940.790.941.07其他非流动负债0.000.000.000.000.00利息保障倍数6.9310.222246.222649.342892.683207.85227.02882597.73110.01DPS(元)0.000.000.000.000.0015132213.38213.38213.3821338962.131270.611577.121973.952476.650.0%0.0%0.0%0.0%0.0%1978512173242489.222898.333416572021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.681.611.441.862.36158.07367.61315.98409.1151825BVPS(元)11579.7711.2113.0715.42加：折旧和掉销103.761092682.3982.3982.3952216.016.712.9102资产减值准备0.6614.000.000.003.12.62.1185236240.000.000.00P/FCF22.499510.000.000.00Ps433.82.72.11.726.35-189.63-18.68-11.93-14.73EV/EBITDA21316.213.46.90.000.009.4812.27CAGR(%)-28.40-20.13-215.5643.42-4802PEG0.10.40.4220.63276.95164.13436.15-603.25502618.68583.150.000.000.00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