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国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E2.5133.545697541.4711,3381,4025.5%12.5%8.8%应收款项1,00973465764767802-977-1.054-1.140-1.241-1,359-1.47462168967770076683135.4%41.9%41.9%41.6%其他流动资产8532,3.1353,172毛利1,7841,4591,5101,7421,8862.0703,0532,9286,0326.0066.20764.6%58.1%57.0%58.4%58.1558.4%74.73.8%67.7%64.6%-21-20-20-15-181333121451451451450.8%0.8%0.8%0.5%05%0.5%81581075796516552,162-963-864-768-871-90296415.515.7%911.8%18.7%22.5%34.9%34.429.0%27.8%27.2%1,0001,0299951,0211,0491,076-177-176-204-188-188-195非流动资产2.2042.2311.9762.14428626.47.7%5.541.9%43.2%25.9%26.2%32.3%研发费用93-89-71-745.279.603.4%3.5%23%2.2%21%35275109175192530311460600708819应付款项47547448951253319.2%12.17.320.1%21.8%122154130145161-1714872631728832-0-02225-9-87-14-1-139488600110001,268966701761863916003,9124,1086,8297,3097.8838,513.17.30.0%433433512504504504514331443611724832未分配利润1,5551,73520262.5043.0773.74520.5%22.3%23.5%8591106121135营业外收支63071952032844361873184118.8%16.7%20.7%22.5%23.7%-78-5393-110-1262019202020212022E2023E2024E15.0%191515.015.0%4422753585256217140.9830.6000.6731.0121.2031614149.0279.48013.34814.49615.63416.958426260345510606700-0.2642.6100.2791.3471.53910.3%13.0%17118.7%0.1500.1500.050.0650.0650.06510.89%5.8.19%2019202020212022E2023E2024E5.04%6.24%6.844422753585256217145.75%7.33%161515非现金支出1020011812415815.64%12.53%9.23%1822205-7.328-41.4247.9130.44%18.09%15.63-678338816-523-102-9.1-1157191416797763.62%-1.87%47.75%7.28%8.45%8.28%-85-141-293-833-681-19250500070.674.061.860.060.060.0其他4800229.1227.1218.7210.0210.0210.0-273-128-2-293-833-68132.167.871.570.065.060002400300因定产周特天数95.2105.898.688.691.61052-293-308786717其他-254-98601.37-10.10-61.5-54.45-47.9-238-3904223-30305343-223-233-404-578-625200-1316524.12%18.739.209.30%9.73%9.54%来源：公司年报、国金证研究所2
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