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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E2,9011,6722,6701,3681,5491,5561,57639.2%23.4%15.6%12.0%应收款项1,8111,641,8601,8621,875-2,593-3,358-4,283-4.8305,391-6,1302,6103,0133,1843,42189.4%83.2%83.9%7941,4692.19323322,518毛利3086796979271.0551.2217,5178,5607,7918.6159,33916.8%16.1166感资产6669.71.4-25-4052-592525716726726720.8%0.880.82,3832,312572,3162,2722,22551-67-66-71-7422.18.617.8%169销售收入1.7%1.31.2335474469460454448-117-131-144-150-161-1763,0243,5579163.8613,8113,759销售收入4.0%3.2%2.9%2.5%33.研发费用-32-92-151-173-187-21310,54112,11611,70612,712,74613,1472.3%2.9%2,8352,4792,3062,3312,0911,81484358297489585699应付款项3,6263,0763,6033,7663,922.9%8.9%6.0%8.5%9.5%其他流动负债1,8902,0022,1952.303-219-198-168-150-141-1248,1074678,1298,1618,2547.5%4.9%26150532641641641-1683-45-5550029225318418418400008,9318,95489869,079332,9633.103.3053.5303,8210.51,0521,3061,3061,3061,3061,306-261124178330431558未分配利润-1,102-979-632-408-117n.a5.7%6.7%197223205217230248营业外收支1-10010,54112116117061271274613.147-2601231853304315583.0%3.7%5.7%-9-3-33-432020202120222023E2024E2025E-810.-270133183297388502-0.2710.09401350.2180.2870.371151712181.4642.2684042.5302.7022.925-2851763744850.6340.1010.2360.4560.5030.5623.03.5%5.8%0.0000.0000000.0870.1150.14818.504.14%5.8.63%10.60%2020202120222023E2024E2025E-2.701.502.29%294%-2701331832973885021.71512318306210182189198主营业务收入增长率-15623.37155811991403193162178154-17.164.87%19.54%19.56%-404-89-119-604.93-143.1043.35%62.0631.28%29.49%159673414.95%-3.3%6.58%3.15%资本开支-2462-254-72-90-90产力-90247.8143.495.590.080.070.02333429.1299.3231.8230.0220.0210.0-26-302-87-87196.9141.3118.9120.0110.0100001,3000000299.8209.0160.8134.0114.996.5-543169576-45-240-278其他-466-225-300-323-35047.2240.41￥31.28521.611-5630.41.81.83.34.15.635982-7951811983.54%73.71%71.42%71.77%70.50%2
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