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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E22,10932,537.5092.9332,6355,7834,3535.2936,0558.5%21.3%21.9%14.8应收款项7,5118,7859.92911,22813.68315.702-13.636-14,207-16463-19,815-23,927-27,2562,1092,2503,1783,2573,9334,43072.9%74.5%73.272.7%其他流动资产643552630738毛利5,0755,6467.00510,25313,19614.37919,44219,46923,60526,97627.130.0%25.5%26.8%27.3%39.238.2%41.542.0%43.6-169-205-196-239-278-3195254827115415415410.9%0.9%0.9%17,12419,95423,86426,67629,31431,777-306-283-297-359-4385053053.9%52.2%51.3%销售收入1.6%1.31.31.3%1.3%1,5411,6331,9741,8801.7971,722-835-996-1,001-1,207-1,471-1,68820,50023,24727,44729,99232,54034,921销售收入4.5%4.9%研发费用-958-961-1,057-1,562-1,7934.7%4.8%4.8%4.84,2324,4662,5911,2332,0851,8762,8083,6433,9185,0095,951应付款项6,5147,7789,33510,11712,21713,91815.0%17.9%14.0%15.3%15.9%其他流动负债1,6551,3391,6391.9752.269433487-387-529-51613,58313,27712,99016,27718,0631.7%5.4993.3715,4045.4045.404-352-1380001,7425,0615,6635,7205.7605,795023019,64222,01524,34324,11427,44229,26312015015015013,13314,16917,27419.82622.93226.6142.9%3.42.41,6781,6781,6781,6781,6781,6782,3224,0994,4395,3446,283未分配利润5,2077,5509,82312,37615.48219,16412.4%20.2%16.6%16.316.8%9201,4425,2715,5215771营业外收支27256101010561452,3494,1244,0664,4495,3546,29312.6线18.4%16.8%-649-335-445-5356292020202120222023E2024E2025E16.2%15.7%8.2510.010.0%1,9693,4754,0044,8185,6631.22320102.0922.2372.7223.2261022202502502507.8268.44310.29411.81413.66615.8593,3733,5115,4131.9672.1881.8833.0503.5204.21511.0%15.9%14.0%1440.4000.6350.6600.7160.8711.03215.62%23.8120.33%18.94%20.342020202120222023E2024E2025E6.0%8.97%7.49%7.59%8.14%8.75%3.4753.7314.0044,8185,66311.65%8.2611.26%12.24%-831022202502502501,4321,3711,7101.5891.7531.919主营业务收入增长率8921.311276-258863-1415262.07%23.75%-15.0326.60%27.8418.79%-426-916,41969656164.4054.021.68%18.5055,1197,07415.06%11.67%24.62%5.49%10.25%资本开支-1,709-1,693-3,723-3,700-3,890-3.890产力-278511117064.665.178.478.078.078.0895115015057.056.060.260.060.060.0-3.740-3.740105.4103.2100.0100.01000243875,00800288.7321.6330.1285.9244.0219.0339894-1,32852其他-799-3,081-1.814-2,055-2.34548.37%51.70%26.20%23.59%20.53%15.0894-2,34-3.136-1,2036.57.58.07.49.711.5-2583,11596478058.29%58.51%51.92%48.75%48.88%47.28%来源：公司年报、国金证研究所2
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