CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E14H7.871938843005.204297.445930.47减：营业成本91279991180.31257.85355.83104.1%33.9%55.0%43.0%38.0%6.6612.0217.1923.72营业利润增长单124.1%32.1%502%36.7%销售费用156.49162.67240.42335.20474.44117.8%31.9%52.1%43.6%36.7%管理费用64.72125.43189.33257.85355.83EBITDA增长率117.0%332%56.7%44.4%36.2%研发费用102.31173.11267.46365.28533.74117.%33.0%54.6%44.8%36.6%财务费用452243.950.000.00NOPLAT增长单115.7%32.7%56.1%46.5%36.6%0.010.000.000.000.0012.1%183%32.0%34.8%35.3%273729.410.000.000.0011.0%182%35.1%35.5%18.4833.1360.1085.95118.611126.621488202234.753171.5193.7%94.8%94.0%94.0%加：营业外净收支-4.780.110.5077.8%76.8%74.4%73.8%73.1%1121841488312234.853172.0143354766.1%65.4%64.0%642%63.6%220.72312.88412.36563.61EBITDA/营业枚入72.4%72.0%73.6%72.6%1263.561921.972759.6537718671.1%70.6%70.4%713%70.6%2021A2022A2023E2024E2025E3263.543139.594630.306916.7010277.34国定资产周转天数363711交易性金融资产370.51703.69703.69703.69703.69145884172.35127.76170.13251.83350.809597786947180.000.000.000.000.00应收怅款周转天数24212214.6520.8631.7147.5166.03140160134.9446.7279.02113.14157.77总资产周转天数132911781011955936其他流动资产375890.5290.5290.5290.5212801131963908890持有至到期投资ROE19.0%215%24.7%262%26.4%长期股权投资1001.03935.141230.221516.991747.76ROA18.2%202%23.1%24.5%24.89%投资性房地产0.000.000.000.0017.3%19.4%23.0%25.29%142.86195.02195.00192.44177.700.007.5110.44135710.8%84%80%7.8%8.0%无形资产11.99116.64171.24233.69300.564.5%6.5%63%6.0%6.0%其他非流动资产342549.5249.5249.5249.523.6%23%-15%0.0%0.0%5272.046258558322.1411242.8515212.7411.7%12.5%12.8%13.8%14.0%0.000.000.000.000.0085519.3425.4438.8555014.6%50%55%55%0.000.000.000.000.004.8%53%5.8%58%5.6%0.320230.230.2302321.3018.4415.6315.4516100.000.000.000.000.0021.0218.14153315.79其他非流动负债0.000.000.000.000.00利息保障倍数434.6824231312.77615.45813490.1899.6599.6599.6599.65DPS(元)0.000.000.000.000.00216.36216.36216.36216.36216.361406.172215374137.346896.9910668.850.0%0.0%0.0%0.0%0.0%5029.735945787867.7510627.4014399262021A2022A2023E2024E2025E2021A202242023E2024E2025EEPS(元)4.435.8488812.7517.43957511267.581921.972759.653771.86BVPS(元)23.2527.0235.9048.6666.09加：折旧和掉销19.7128.6273.8197.94120.58121.097.063.6443资产减值准备2.592.650.000.0023.121.015.785-2737-29.410.000.000.00P/FCF2.143.150.000.000.00P/S80.163.240.728.420.6-1848-33.1360.10-85.95EV/EBITDA107.685.553.736526.00.000.000.000.000.00CAGR(%)-60.1248.0724.8530.60PEG103.01.20.9942.781193941983.642795993804.13 ROIC/WACC-647.78-492.93-509.59-443.49REP-48730-374.180.000.000.00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