国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E12,2141,6073,4024,6685,75322.5%应收款项7879101124-1,325-1,479-1,626-1,884-2,311-2,7122,1512,6043,1943,35637994,03627.2%28.9%2,6412,3742,7163,3093.5113,711毛利3.5483.6434.7825,9677,693流动资产8,43311,41313.16414.40472.8%76.9%77.864.771.2%68.9%6的.3%-892-1,105-1,731-2,1132.0721,5271,9221,9671,98217.417317.3%17.3%1,1231.5022.0202.6284.144-853-875968-1,280-1,701-2,13711.212.7%14.15.9%20.9%27.7%17.5%17.1%15.1%16.3%17.0%17.5%141182176181185管理费用-207-229-258-393-500-623非流动资产3,5553,4184,48766809,574.2%4.5%5.0%31.138.6-14-22-30-31-35-49售收入0.40.5%0.403621001,5931,6242,4212,9053,7264,580应付款项9071,2491,7351,8032,2552,64232.7%31.7%37.8%37.0%37.3%37.5%1,8711,8603,2443,3074,0764,714502172871032,7783.4714,9805,1116.3317,356售收入-11-0.9%长期款0000-272-100113157112113114144147982001501503,5845,1375,2236.4447,4701732971101101107,2068,2679,29711,33413.40015.99114.3%4.5%3.32.71.2551.2551.2551.2551.2551,2551,9512,0922,7123,3124,0934,9634,605,6477,1128,71610,78213,37240.9%42.3%40.9%40.6线0营业外收支-11-13-10-10-1510.05211.5114341,9422,0823,3024,0834,94839.8%42.1%42.140.8%分-434-515-820-1,014-1,2292019202020212022E2023E2024E24.9%1,4581,5672,0292,4823,0703,7201.1621.2491.6171.9782.4472.965005.7446.5907.4119.03510.68212.7471.0420.8922.4111.8103.0013.53529.9%30.6线30.7530.5%0.4100.4500.5900.7000.8000.90020.23%18.95%21.83%23.26%2019202020212022E2023E2024E14.49%13.22%14.0614.99%15.47%1,4581,5672,0292,4823,0703,72014.00%19.28%19.09%20.74%21.39%000非现金支出13011412114919124430.28%5.09%25.13%2252%2722-31-393-327-336-249-24420.51%1.94%49.06519.99%28.26%22.92%-1681,201-2475471526.71%7.4629.50%22.32%23.67%21.18%1,1193,02417.17%17.78%18.23-150393576-771-1,721-2,626-1,185948-767-445-65603122202.32.323其他172285127110110110567.2586.8650.6650.0600.0550.0-1,163-1,216-1,106-1,676-2,57647.272.592.590.090.089.0004330076.972.273.769.866.365.220362362-900其危-416-521999-878-1,004-1,129-58.2-71.43-70.16-68.93-63.5-436-159-454-1,004-32.0-37.2-40.6-42.7-44.4-29244871073028.38%30.24%35.59%31.54%32.47%31.84%2