国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E16.13016,14215,241,4171,8309,02711,83515.10117,98344.8%116.43.5%-4.4%应收款项9029081,6351,3321,3381.287-4.3605,952-7,425-8,559-8,7205577249919821,0341,05487.7%82.7%47.7%50.4%53.0%56.5%其他流动资产10530778081毛利6131.2478,1538,0017,5836,7042,9803,49211,75914,22617,55320,40512.3%17.3%52.3%49.647.0%感资产55.54.8%76.277.5%936-52-174-181-181-173712812622622622620.7%1.11.11,7752,1642,9333,3733,6883,978-16-21-24-24-251916.7%销售收入0.9%0.2%0.20.2%0.2%314428460-111-108-129-129-1312,3812,87764,1374,805销售收入1.5%0.7%23.22.5%20.3%研发费用-161-223515-532-53325,2093.13.3%1712002898457,3357,1356,7165,866应付款项6947541,1661,0641,1201,1415.8%11.7%47.1%44.2%41.6%38.0%其他流动负债2543541,5417196926265301371661791921,1191,1102,71,7821,8121,767-0.9%-105-12500-7810-2001421451441-100001,2671,2522,8511,9271,9571,911-1032004.0285,03612.27915,96319,4273.10.10.03944064154154154153261,0127,6717,3967,0096,174未分配利润1,9152,63771912,38015,8446.5%14.1%45.9%43.4%40.0%81294474654834营业外收支-5-2-5-5-5153220的725.2093211,0107,3917,0046,16943.4%40.0%64-110-1,164-1,109-1,0519252020202120222023E2024E2025E19.8%10.9%15.215.0%15.0%15.0%2579006.4996,2825,9535,243065218515.24014.71513.92212.2101318018018018010.23012.40629.61038.49354.1726.3205,731.3941.93516.03314.39815.00213.3395.2%12.3%35.8%0.3100.5005.0005.8865.5694.8346.41s17.6151.47%38.23%29.7222.54%2020202120222023E2024E2025E4.8113.93%40.98%33.23%26.20%2579006,2825.9535,2435.4314.6749.40521.33%13180180180180213176132287294320113007768.0191.93器-2.72%-5.87%52-214-604-3216-24.91243.83%612.428-3.44%-12.305478618.04%18.80%19.06520.01%14.39%资本开支-120-287-745645645产力5010.587454544817144200042.139.342.245.045.045.0-235-336-74-645-6440.544.545.045.045.01,036230124.885.668.567.067.370.2420其他-150-137-220-2.441-2,309-2.025-771270-136B66-2,309-62.9-27.8-53.5-43.0-37.6-30.57644127,1623.64%19.66%18.48%10.49%2