国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E126003791,1536,5807,571935911,95463.9310.34.722.2%9.1应收款项1,2482,2702,4232.8773.139-1,716-1,572-4,807-5,740-8,250-9,1006532,7432,2022,9383,24195.8%39.9%45.6其他流动资产11215939440051858毛利741,3627,2327,1507.7001,8283,21411,98612,59615.69318,8924.246.60.1%46.445.8%感资产44.165.067.5-15-28-141-147-180-1979338121.6841,3231,3231,3230.9%1.21.21,5332,2283,9514,6065,120-42-11-13-15-1731.%1720.3%19.8%销售收入2.3%0.14214551,1001,1421,156-124-158-322-340-416-4542.9814,0736,4456,9008,099销售收入6.9%5.4%2.7%2.7%2.7%62.032.5%研发费用-30-19-20-25-271.7%0.3%0.2%416310310310-1361,1566,7426,3406,5147,006应付款项526475933,3361n.a39.4%56.050.3%42.3%41.7%其他流动负债1304806016537359668-375380-107-1111,3211,3710551,8962,3812,5793.8%1.3%-05361,1591,1591,159-2539000117266218214219220000001,4872,1745,4323,2693,7593,9592571-1505,09812.72615.95519,23322,7591554.6n.a0.0750865912912912912251,1076,7556,279未分配利润-637461399,3411261916.1461.4%37.7%56.1%49.8%41.7%41.2%10515272272272272营业外收支-9-57-17000171,050b.376,2796,4276.9150.9%35.8%6.0%41.7%7-183-1,043-942-964-1,0372020202120222023E2024E2025E-39.4%415.5%15.0%15.0%15.0%238685,3375,4635,8780.9835.85359916.446141004.2925.89113.95517.49621.09124.95827-0.3020.2531.9006.8225.5156.4681.5%42.4%35.5%35.0%0.0000.1000.6502.3412.3962.5780.8416.6943.63%3345%2840%25.83%2020202120222023E2024E2025E0.5711.67%30.13%27.38%23.48%21.78%238685,3375.4635,878-4.7133.9530.34%141000223168258249294338主营业务收入增长率-2143638822%-1886214815782EBIT增长率48302.75%7.56%-284-879,368478399-145.83030.2%552.73%-3.87%2.35%-22621951.52%5.78%19.33%16.02%资本开支-330-377-1,036-105-965865174-1,499361036.424.822.035.033.033.01-11228500170.7140.2128.9140.0130.0130.0237-315-2-704-96590.136.036.07009792,2182700201.8150.070.375.768.067.0-142232,7862其他-760-336221-2.292-2.43310.06线-22.02-37.61-45.5-74B664,7的-2,267-2.031.3-127.478.960.963.17703,7192.60130.91%23.83%29.48%16.77%16.16%14.67%2