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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E202562020202120222023E2024E2025E3,010256428821,0781,1721.26543.6%1.5%36.321.9%9.1应收款项1019092-1,284-1,772-1,947-3,091-3,36929341835261272081.5%84.2%57271412297330347毛利2314032604715796346471,3812,0672,3122,43815.2%18.11.8%15615.8%感资产50.565.4%5656.256.9%56.2-10-10-14-17-1800.60.5%5225841,0571,1861,3251,457-9-11-12-15-18-2440.8341329销售收入0.5%0.5%0.5%111216325380436-3447-43-60-73-816337321,351,6101,751,939销售收入2.2%2.0%2.0%43.研发费用-70-7190-110-1122,1133.4%3.2%3.0%77019400128266124292360398应付款项29430744648559064312.2%5.6%9.8其他流动负债9612810912615016410-189-73975057506147408070.0%3-0.5%0.2%97939393-2-2831,0411,0411,04100005006153761,7471,8741,94137811,4971,7241,9292.1891.3%1.794125125125125125130267139277352397未分配利润337486624787,0471,3458.6%12.3%6.3%0000营业外收支114325202021133.1004.0613126818230237241712.3%10.0%-18-36-19-30-37422020202120222023E2024E2025E13.4%10.0%1132331632723353751.2111.8653052.1772.6823.00500008.34411.99813.81815.45917.54019.92611321632723353763.2950.5221.3092.0973.0663.4777.5%7.4%0.0000.0000.7000.8710.6000.62014.5115.54%914.08%15.29%15.032020202120222023E2024E2025E8.811.025.27.39%824%8.47%113231632723353713.70%4.48.699.90%10.0300000149939.07%-19.52%107.84%-53.40135.510.51%146229-221624.45%105.39%-30.01w66.75%23.20%12.03%3086516326243417.26%18.59%8.97%资本开支-140-137531-281185-240产力0-114-121005.037405.548-15884.373.22.188.085.085.0-141-246-648-276-179-238.325.924.935.035.035.0054654200114.090.285.254.248.948.13160其他-147-107-109-30.515-40.63-10.0-125-85211-109-109-226.6-39.8-12.116.342.161.0347221196959323.12%44.38%47.52%46.12%43.83%2
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