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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E7093,1404,4625.9898,03733.949.1%41.2%36.0应收款项3313214619626658-91-100-175-259-348354763941268.2%5.2%6.3%8042381582583851毛利511,3571.8392,7153,8215.2024,3763,8034.1345,4979,28091.8%93.794.8%939%93.7%937%感资产72.2%66.073.8%76.3%-10-14-20-281,2131.4151.7152.0250.5%0.5%143143200234265-71-156-163-260-3882.7%3227销售收入10.0%8.4%9.5%192240140240240365-125-188-294-4162571,4621252,1802527销售收入4.5%6.5%3428.4%26.2%23.7研发费用62-102-173-246-347-4728.7%8.9%8.5%8.5%8.5%08112416004711,0262,0072,7723.731应付款项3210412617422270.9%70.6%68.067.2%其他流动负债73139203292145245687890901792245691,0661,617-3-2.3%00000-1-1125792952700101235316621,1611,7163315154.5345,0296,9168.38210.3442.2%0.70.551202162162162162165031,1271,4382,0982,8753,8468091,2981073.177,64360570.9%77.8%76.8%70.5%69.3%-30100100100100营业外收支0-50000121595031,1222,0982,8753,84670.9%726%70.5%69.3%-165-221-315-4315772020202120222023E2024E2025E13.8%14.7%15.0%15.0%15.0%4339571,2681,7842,4433,26944278.24411.29315.108000037.71923.24627.02031.96638.74247.8074403,2693.5414.3575.5188.73011.72115.6的662.0%66.2%65.2%59.9%58.9%0.0003.5002.1003.2974.5176.0439.7019.0421.6125.79%29.15%31.60%2020202120222023E2024E2025E9.49%18.19%20.19%23.23%25.34%26.8的%4339571,7842.4433.2625.83%27.63%-600038主营业务收入增长率27.18%1041333.91494542EBIT增长率33.30%46.68%38.15%27443.93%117.81w31.9241.15%36.99%33.78%426943522.97%13.65%18.87%22.67%25.60%26.09%资本开支-32-2315659-59-65-300-31011.512918.816.0160152725151515157.3123.5149.1135.0135.0135.0-916-648-94-51-34-337626.250.945.045.045.03,47000073.536.036.728.722.918.400225359393其他-33-487-470-724-1,008-1.363-94.8-70.25-741-487-374-499-649-970-32.9-19.8-30.3-29.6-35.6-41.5-192-1242.1%4.47%5.008.62%12.04%2
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