国金证券公司点评附录：三张报表预测摘要2019202020212022E2023E2024E2019202020212022E2023E2024E9,51,5632,7752,3943,0954,2585,67145.1%1.917.7%15.7应收款项1.2918478199931.1701,353-2,679-3,183-3,5654,385-5,0619269681,1671,3811,59557.8%47.3%51.7%52.7%53.0%52.9%3817452,3872,5712,716毛利3,5433,3293,3233,8884.5074,1615.3357.8269,52511,43542.2%52.7%48.3%47.0%感资产52.253.0%60.4%5.1-703838811,1211.1371,1531,1691.0%1.0%1,7681,8621,9721,9111,8501,790-630-754945-984-1.117-1,29218.5%1614810.813.611.2%13.7%14.013.513.5%1,3791,4331,8121,8491,8871,925-266-360-389-365-414-4593,8054,7305,1335,12451155,108销售收入5.3%5.2%5.0%47.8470530.8%研发费用-235-402-426-492-579-6706.0%6.2%1506414116167811,9661,5041,4121,6961,990应付款项1,0999991,192181,396161116.829.2%21.8%20.1%20.520.8%其他流动负债32669059765775385410-1289-46-2611,5752,3301,8301,8542,1661.9%0.7%0.3%1.41,4591.4591.59-17-22480002342402808279021141201261,8092,57035683,3953,7034,016241271161201301406.0717,4378.2729.39510.77512.4126.35.81,0021,0021,0021,0021,0021,0028502,0101,6881,7002,0352,389未分配利润2,9114,1385,3184577,8379,47518.3%29.9%24.524.2%25.0%160162165营业外收支1491415151512949146402.0191,7021,7152.0502.40430.0%24.4%24.8%25.1%-103-262-218-223-267-3132019202020212022E2023E2024E11.9%13.0%13.0%13.0%7621,7571,4841,4921,7840.7511.7554791.4871.7779226.0557.4198.2529.37210.74812.3327532,00.6132.8241.1981.4551.7352.03916.2%26.2%21.5%21.2%21.5%0.4000.3000.3000.3500.4000.45012.40%23.17.92%15.86%16.53%16.83%2019202020212022E2023E2024E9.417.48%12.3611.51%12.17%7621,751.4921,7842.09210.84%13.139222313423291209224239主营业务收入增长率10.82508511911775155-15-109-146-163-179-23.52-6.08%20.09%17.35%-26385496-1063.49%133.74-15.730.53%19.52517.27%614215.25%26.36%19.20%7.93%13.34%资本开支-440-678284-168184-200产力-132-962-2.125-1671.641.328.135.035.035.01981580120130140107.7108.6114.4115.0115.0115.0-5532999.3107.2100.0100.0100002149-150136.9100.0103.398.080.467.0-7442838-2180其他-159-898-212-456-503553-166-454775-689-75.615.4-174.130.666.0-1,717.9-987061197061,41522.71%25.54%29.74%26.22%25.30%24.20%2