国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E2,70410,1041,9733,5884,9776,87083.8%27.0%25.3%应收款项384488614763-53-1,102-1,349-1,751-2,187-2,6872,5542,7944,0294,9736,03722.2%22.3%21.2%其他流动资产1,4401,5211,6911,879毛利2,513,8674,7076,2067,9179,9724,9326,5907,7679,62612,25515,54975.9%77.8%77.7%78.4%感资产81.4%78.9%80.8%-335-731903-1.495-1,87422650494914.9%14.9%14.814.8%8779641,51420062,4662,987-537-876-1,016-1.728-2,15213.1515.5%17.2%17.0359344388440502-340-603587-764-965-1,2031,521,5030302,574销售收入9.7%20.20.2%研发费用-21-33-76-100-127-1599,7812,19915,3510.8%0.7%1.3%1.3%1.3%1.301107691,6252,1242,7883,6024,584应付款项1,2031,4351,8462,0722,5763,11728.4%35.1%35.0%35.636.2%其他流动负债9791,5741,2751,8012,343204160861202,6283,0083,1333,8734,9191220.3%-0.4%005252530045881031009901502.6733,0972603,9985,0436,24634.7947,94012.5900.3%0.10.10.13363323333333333337681,6742,2362,8753.7184,738未分配利润2,3763.5394,9586,536,58011,18628.433.7%36.9%36.8%37.4%20120226132400营业外收支3310111213146.4541219919.2368011,6852,2462,8873,7314,75233.9%36.937.5%-194-414546-701-906-1,1542020202120222023E2024E2025E24.2%24.3%24.3%24.3%24.3%6071,2711,7012,1852,8253,59737514018.28710.56926251553637610.65014.43718.99623.83129.96337.7841,262.966.7113.1257.4078.77811.25821.5%27.3%0.4500.8001.5001.6642.1552.74816.23%25.9826.63%8627.66%27.97%2020202120222023E2024E2025E9.0015.39%17.20%17.48%17.99%18.316071.2711.012.1852.8253.59724.45%25.581553761061691481261582002021.863925.28-56-21-22-25-286.2111.27%30.74%31.25%29.20%27.27%313844-787179-33-1814.42%114.3535.31%26.53%29.48%27.53%99711.73%25.40%24.51%25.83%25.31%资本开支-239-205582-646-7630-1,300100-145-162-17922.012.411111010.810.64294604441,390.6885.3862.7840.0830.0820.0-668-787-938104.977.8103.290.090.085.0003300111.063.163.757.354.5528-39-446-110其他0-86-200-557-720918-63.71-66.515-532-536-720-91B108.9-81.1-52.4-46.7-41.8-38.165151841.41%38.26%33.27%32.77%32.85%32.47%2