CAITONG SECURITIES公司点评/证券研究报告公司财务报表及指标预测2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E4633.156385458384.1010631.0413097.44减：营业成本1554.161934.852749.983486.984282.8623.5%37.8%313%26.8%23.2%40.6856.3973.7893.5511526营业利润增长单20.9%575%15.8%252%22.0%销售费用1991532785.843699.904737.195893.8521.0%41.9%32.1%252%22.0%管理费用236.99327.30461.13584.71681.07EBITDA增长率24.6%51.0%13.3%23.1%20.7%研发费用76.58180.26212.622815927.1%592%15.7%24.1%21.5%财务费用-7.48-41.000.000.000.00NOPLAT增长单28.6%50.5%24.7%24.1%21.5%-5351-164.88-20.00-20.00-20.0036.0%18.1%23.3%23.6%23.3%0.000.00-1.0016.3%22.5%29.4%28.4%27.0%-5664.195.326.55671351057591224.781532.831869.7566.5%69.7%672%672%67.3%加：营业外净收支355-3.70-3.70-3.7014.5%16.6%14.6%14.4%14.3%667801054.151221.081529.131866.0512.0%13.0%12.4%122%12.1%110.75222.87183.16229.37279.91EBITDA/营业枚入16.9%185%16.0%155%15.2%576.12817.401079.431351.7514.8%17.1%15.1%14.8%14.6%2021A2022A2023E2024E2025E2391.053161.003923.475232.376792.16国定资产周转天数4433272319交易性金融资产0.000.000.000.000.000138.63102.16663.38306.13889.472492372492382610.000.000.000.000.00应收怅款周转天数1>1758419148110.00139.4817131106104100100447.94669.05858.721078.491300.87总资产周转天数321293283271271其他流动资产535349.7449.7449.7449.74298255240234234持有至到期投资ROE20.0%232%23.4%22.7%21.7%长期股权投资13853158.53178.5312.4%14.1%14.6%15.7%14.9%投资性房地产70.3268.6570.6572.6515.1%193%195%19.3%558.98570.38626.52663.2168536108.6820738156.17120.32952243.0%43.6%44.1%44.6%45.0%无形资产397.15420.32425.32430.32435325.1%55%5.5%5.2%其他非流动资产44.175555.555.555550.2%0.6%0.0%0.0%0.0%4633.055778.077382.458624.1811092.1247.9y%48.1%50.1%50.2%2002520020200.20200.2020020应付怅款404.03475.431052.34884.871494.5037.7%38.8%380%31.9%32.7%79.1669.63174.82135.142455660.5%63.4%61.3%46.7%48.6%10.8210.8210.8210.822.902.873.593.330.000.000.000.000.002.542.342.362.932.79其他非流动负债0.000.000.000.000.00利息保障倍数70.2983.911746212240852806.322747.283628.0998612.73-2878-80.77-14422DPS(元)0.860.000.000.000.00201.0128352283.52283.52283521797.612442.143522.584875.326525.910.4%0.0%0.0%0.0%0.0%2886.843537224576.145876.897464.042021A2022A2023E2024E2025E2021A2022A2023E2024E2025EEPS(元)2872.904.77576.12817.401079.431351.751649.59BVPS(元)14.3112.43162421.012683加：折旧和掉销95.95885974.0778.1781.9472.657.843.634.828.6资产减值准备7835169.9431.0030.0031.00PBX014.613.510.27.9620.000.001.001.001.00P/FCF9.7613.020.000.000.00P/S9.07.4367345.664.19-5.326.55EV/EBITDA51.638.333.026.020.713.8841.52-51.99-63.45CAGR(%)75.1719.36-254.5130.97928PEG351.41.413829.67888.981438.281687.95 ROIC/WACC34182-29822-126.51-129.38-128.15REP489.62-65250.000.000.00谨请参阅尾页重要声明及财通证券股票和行业评级标准