国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E6.2602B,94034,1461,5902,8432,9323,1663,879226应收款项2,6442.6326,2037.1378.75310,328-3.3475,620-12,043-18,212-2,253-26,2472,2762,3963,6674,4815,28553.5%77.2%76.9%其他流动资产1.1478501,3131.5151.714毛利2,9143,0933.4135,3846.6877,8998,89812.38115.28318.62821.90946.535.5%22.1%22.8%23.1%231%45.444.338.244.048.6-135-118-145-1711001001001.0%0.5%0.5%0.5%5.2719,38313.10015,33017,28318.960-302-86-119-189232-27343.046.7%40.43.142.0%4.8%0.8%0.8%5356703.7993.8293.8793,989管理费用-172-222-278-354-434512非流动产6,69711,18520,00019,44321,43723,2162.8%2.5%1.5%1.5%1.5%54.655.7%56.0%53.5551.4-285-408523-708-868-1.0244.73.02,1714,3983,0872,9871,5362,0942,3282,3584,0155,0095,919应付款项2,1093,4815,7206,7267,9819,41333.4%15.3%17.0%4445134168471.0441.218-14253-240-572-558-4943,3316,16410,53310,66012,01212,2172.3%1.9%1,3751,9683,8893,889-10275-17-163251413.9273.5973.595-1-20005,0318,27318,34918.14719,49619,69907.23516,57920,56925,4250.3%1.3%0.05105375375375371,8652,3822,1553,4594,5345,518未分配利润4,4506,1957,82410,86714,85719,71329.827.313.9%15.716.20营业外收支92-200040.06645,1251,8742,3802,1533,4594,5345,51829.9%27.3%13.9%14.7%15.7%16.2%-245-260-30-415-5442020202120222023E2024E2025E1.4%12.0%12.0%1,6292,1202,1233,0443,9904,8560.99421.862.26000003.545.506547.729.582,1203,043,900.830.277.449.5111.9626.0%24.3%13.713.81420.150.000.000.000.0022.51%17.95%15.13%18.36%19.40%19.10%2020202120222023E2024E2025E13.28%10.56线6.568.769.961,6292,1203,0443,9904,85618.82%12.92%8.9313.02%14.20%15.10%000005075313551,4566821,96830.24%18%77.62%2265%12932260463158224.755-2,201-1,111-1,197989127.09%30.15%0.1343.37%31.10%21.70%5803.9926.41730.59%63.73%7.2412.63资本开支-1,939-3.760-8,061-916-3,660-3,730126194-200072.852.246.250.050.0500-10052.589.570.875.075.075.0-1,116-3-3,730171.7116.997.090.090.090.0292,5100-46800194.4264.6265.0201.9184.2169.81,8872,1678,476-1,5079-1,402-546-722-622-663-6315829.28%63.72%17.62%-2,638-73014.844.39.87.09.012.066795618523771570341.02%41.19%56.67%52.26线2