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国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E1371621,6171,5081,27542.1%59.5%应收款项6796909341,2331.9672,614-1,036-1,108-1,624-2,845-5,9451,1711,33924603,2745,1616,67872.4%76.5%81.7%81.7%13218330435053毛利3874996391.0171.4402,1202,3745,3156,36511,33427.625.9%23.5%18.318.3%感资产93.192.95.95.3%97.2%-89-1422-303110.60.60.4%4%11613718221323721754-51-7091-144-1925.3%2.61.9%3.8%3.326272829-76-80-117-167-250-2951952733163413215.35.3%5.5%4.5%6.9%研发费用-141-135-166-244-361-4439.8%7.87.0%6.5%0055117112138123239480应付款项5405351,4871,7942,8623,7487.56.5%4.36.5%其他流动负债9961,0751,5252.1823.4834,63503229271,5351,6103,0153,98163500.0-04000009-1935000535872113149001,5941,6633,0734.05364638,5371-11116839072,5142.7940.9%1.2%n.a33103137137137137162145136157269508未分配利润43716628439856411.3%9.74.5%4.8%000营业外收支008562279.2571631451441622755146.85.0%-12-16-13-14-262019202020212022E2023E2024E7.3%119%5.0%1121552614884.6331.24809541.1301.903000020.9918.82418.35319.13820.34222.7011511281312610.836-0.0.080-0.5712.17110.5%6.2%4.5%4.7%0.0000.0003000.3000.7001.20022.07%14.15%5.205.919.35%15.662019202020212022E2023E2024E4.99%2.32%282%4.19%1511281311552614815.84%10.978.13%000002492334113.59%426414593291》N/A-3.96%23.325-10.74100.31s-171-255292-172-2291139.2-14.9518.84%-9911-7829712.83%117.4819.58%38.54%25.91%36-7-60000061.064.562.860.060.060.06511380.0413.6426.9420.0415.0410.0-103-59-19130.0128.4138.1140.0140.01400499029.430.128.519.613.20其他0-164-34.0-24.2-4433911,474-50-96-164344.931.081.0-3.8-8.3-17.5-58-108-23311470.00%64.71%55.00%60.66%69.82%来源：公司年报、国金证研究所2
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