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国金证券公司点评附录:三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E23.3003.0871,4512,7473.2975,16716.320.657.5应收款项582495286371436-8,745-19,08-21,637-40,5598039401,3431,4821,78722254.9%57.8%654其他流动资产3914457058869591,205毛利7,1839.8349,34611.44013,80522,2563,3314,4975,4866.4799,26432.9%34.634.6感资产7.5%79.610.7%-211-352-412-480-578911001.5%1.4%1.5%27,71131,97443,00254,53154,61070,715-537-60-7283-100-15772.772182.2%80.7%81.5%销售收入0.3%0.30.30.3%0.34.9315,7326,0506.292-517-598-676-794-957-1,50833,24141.04253,08260,89061,19577,434销售收入3.2%2.6%2.4%2.4%2.4%研发费用-100-133-151-182-219-3450.60.5%0.60.63,0193,7745,2472,8535,8188,6928,0359,90211,95019,335应付款项2.7542,9415,866,2197,08710,82236.5%28.3%29.9%30.030.8%其他流动负债1.0741,8802,1602,6184.207-300-259-234-615-606-4665,6357,97611,51813,62712,55820,6150.74.6784.36110.91212.9128.9126.91200001,8921,3471,2741,5781,7822,1260000012.20513,68423,70428,11623,25200025.90030.69033,87538.25944.42257.0950.050.07,3337,3337,3337,3337,3337,3335,5368,4217,7209,30711,36418,889未分配利润9,79714,07816,89621,28027,44340,11634.8%28.5%30.1%00营业外收支-288-300-4120005,2498,1217,3079,30711,36418,88933.0%25.7%28.5%-626-1,050-1,005-1,256-1,534-2.5502020202120222023E2024E2025E11.9%12.9%13.8%13.5%13.5%13.5%4,6237,0706.3038,0519,83016,3390.6300.96410981.3402.228000003.5324.1854.6195.2176.0587.7866,3016,3390.7070.7200.7231.4161.8143.30729.0%30.3%22.2%24.3%0.5900.59004500.5000.5000.50017.85%23.18.6121.04%22.13%28.622020202120222023E2024E2025E12.13%15.93%10.95%12.13%1453%18.84%7.0706.3038,0519,83016.33915.80%14.26%18.40%24.03000001,1081151291,5582.0112,98917.39%46.29%22.163505747394341369530558443EBIT增长率19.59%49.39%23.23%20.68%-2,243,4992469034,47721.59%52.95%-10.827.74%22.10%30113,30314.45%16.45%15.28%1.96线28.18%资本开支-2.5745,3579,977-9,378-2.317-19,278产力12141-435000040.50709070-142-7650032.523.621.925.025.020.019.712.410.010.0100000000577.0370.2339.1341.4375.4378.41,3365978.0293,805-6,2091,010其他-2,605-3,328-3.560-4.222-4.225-4.11013.12%19.32-2,30-417-10,434-3,10019.433.634.416.119.741.559055232.03%30.84%41.17%42.36%34.36%34.18%来源:公司年报、国金证研究所2