CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E86354464168410707.5113544.001558621减：营业成本7037.905388568127.749997.3611333.8120.8%-25.7%66.9%26.5%15.1%65.0551.7080.31101.58116.90营业利润增长单144.7%-821.9%266.5%612%28.7%销售费用821.0265803963.681218.961402.76109.1%-1,6709%215.6%61.1%28.3%管理费用655.02661.00535.38677.2070138EBITDA增长率37.5%46.8%2202%54.4%31.4%研发费用9.3512.6510.7120.3223.3880.4%-220.89%54.4%31.4%财务费用194.01216.62185.23196.00196.98NOPLAT增长单42.7%-331.1%-5279%54.4%31.4%-38.71-87.090.000.000.000.6%3.7%58%7.1%8.17-0.790.000.000.000.6%6.0%102%66.89106.00135.4477.93546.72910.481468.0218889318.5%16.0%24.1%262%27.3%加：营业外净收支17.527.2110.097.610.%-85%85%10.8%12.1%93.25541.19917.701478.101896540.5%-7.4%5.1%7.3%50.7769.47367.08591.24758.62EBITDA/营业枚入6.7%4.8%92%113%12.9%212333355385.43620.801.5%25%92%113%12.9%2021A2022A2023E2024E2025E1391.09119665562.81505.18546.48国定资产周转天数195258155122106交易性金融资产0.000.000.000.000.001201022104.932164.632346.852597.482562.122673482392110.000.000.000.000.00应收怅款周转天数12370304.9723922365.75549.85736.70存货周转天数1121462150.772123.713249.063996.454530.69总资产周转天数738999639551125.66191.04191.04191.04191.04617836520435404持有至到期投资ROE0.3%6.0%88%10.2%长期股权投资2777.192762.423062.423562.424262.42R0A0.1%-1.9%2.1%3.0%3.6%投资性房地产10.83188.54188.54188.540.4%0.9%3.9%5.7%7.0%4619.854534.934534.934534.934534.93260.79842.71842.71842.71842.719.5%10.3%9.0%9.0%9.0%无形资产1225.601188.551188557.6%10.3%5.0%5.0%4.5%其他非流动资产283.87239.35239.35239.35239.352.2%3.4%1.7%1.4%1.3%174494317564.7518743.1020446.48219373319.3%23.9%15.7%15.4%14.8%3416.423709.513709.513709.513709.51应付怅款1205.871071.081336.071643.401863.0950.6%53.9%53.8%533%51.3%165.000.00189.28232.82263.94102.4%116.8%116.6%1143%105.4%95.0363.1563.1563.1563.150.870.940.981.031.08617.571257.021257.021257.021257.020.530.580.470.460.45其他非流动负债0.000.000.000.000.00利息保障倍数0.620.624.456.879.028826.149461.9310089.6610906.1711259.102275.072083212248.402514.46DPS(元)0.000.000.000.000.00723.84723.84723.84723.84723.843896243562.693948.124568.935365.470.0%0.0%0.0%0.0%0.0%8623308102838653.449540.3110678232021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)0.03-0.460.530.861.1042.48550.62886.861137.93BVPS(元)8.778.328.859.71加：折旧和掉销449.40468290.000.000.00354.324.014.9资产减值准备71.56122.710.000.00121.81.41312-8.170.790.000.000.00P/FCF211.74256.46222.57222.57222.57Ps1.70.766.895.96-106.00-135.44-77.93EV/EBITDA20.853.015.410.07.60.000.00165.19266.06341.38CAGR(%)267.87-56917-884.46444.49396.63PEG320.10290453312.16-224.49519.4287833ROIC/WACC-81621-60735-186.78-354.47-61446REP736.97222.57-222.57-222.57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