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国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E3.273,06,2001,29616651,9371,9072,2822,7238.5%5.8%27.3%应收款项151163174179224256-1,431-1,995-2,418-2,63-3,261-3,84423321231028934841147.2%60.7%62.2%62.3%其他流动瓷产4727299115119122毛利1.2931.4721.4751.9762,3562,3132,5212,4903,51252.8%39.3%37.8%35.9%37.7%感资产58.9%60.352248.-27-35-471081081080.9%8821,0522245217731,982-779-303-363-402-48730.127.4%25.28.8%25.7%9.2%9.39.3%250233453476-300-349-379-371-4715581,2061.5253092,7013055销售收入9.9%9.7%47.852.0%48.95研发费用61-77-77-105-1242.0%2.0%2.001008803204315356175828651,041应付款项4357766327299201,10614.216.3%15.9%14.2%16.5%16.8%其他流动负债216318353874855722617242424316511,1941,1161,436,677-0.6-0.5%00000-5-21000855535716296850007201,2791,6381,6882,06510102.5372,9873.2913.7434.2851.3%2.3%1.140456的567567567456578681636920未分配利润1,0201,3206611,9662,418296015.4%17.515.5%17.822205212219226营业外收支1-122015666836379211.10417.215.5%17.6线17.8%-84-101-118-122-161-1932019202020212022E2023E2024E17.9%17.%17.3%19.117.5%645655157609110.9511.1480.8951.32775.4196.2805.2815.8036.5994649041.1921.9991.3521.9452.25412.7%14.3%12.3%0.0000.0000000.3580.5310.63717.55%18.2718.67%43%20.1121.09%2019202020212022E2023E2024E13.10%12.08%11.55%9.78%13.15%46456551576091115.73%-11773221213916719419.38%85418.335752718.39%-28-70EBIT增长率24.21%15.31-5.67%20.3316120180170.0620.69%20.28%48.21%20.05%72976730.88%25.85%7.49%14.03%资本开支-287-308-431419399产力%-220143011.314112.712712.512.0-12210101050.740.739.440.039.039.0-268-629-12-445.843.938.738.040.04203050074.397.6107.1118.8105.397.7100-129-32其他-16291-245-227-32-392-58.5-58.53-54.9-57.2-160191-330-356-297-424-16.6-31.2-25.7-24.1-35.4-33.154370271-1039746624.57%33.32%33.91%32.51%34.27%2
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