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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E1,7012,1692.3313,5674,3963233258001,3201,96927.5%7.5%23.3%应收款项5725916788271007-432503-568-704-88518121021326332821.2%19.9%19.7%20.1%其他流动资产88894907毛利1,3401,7361,8282,3252,8633.5111,6411,9221,9112,5814,21078.8%80.1%78.4%80.480.3%79.946.44.9%51.4%61.5%-16-19-19-29-44181205360360360350销售收入0.9%0.8%8551,14612783521416-80-812-734-897-1,088-1,31921.9%23.3%25.5%23.20.7%39.9%37.5%31.5%31.0%30.5867570747773804835-115-133-140-169-203-244非流动资产1,8641.7472.352.43925432,6375.7%555.148.6线43.5%38.5%研发费用-129-167-166-202-246-2993,5053,6694,2555,0206,8477.6%7.7%7.17.0%1400060576810281.2901,605应付款项29037646855127.9%33.0%35.5%2472213073844771021334736276767759351,104-0.7-0.1-0.3%-0-000000-35-363-4-1-110413917810710399119360005768548821,0381,203252,7873,2093,9454.6145,4512.10.60.5%0.41,6381,6731,6731,6731,6734242978421.0391.3151.642未分配利润8477431,0441,57322433.07935.936.9%37.4%9311>193193193193营业外收支-8-2-82-2-23.5053,6695,0205,8466.8474162958341,0371,3131.64024.5%35.8%35.8%36.8%37.3%-70-92-156-197-2462020202120222023E2024E2025E16.7%1115.0%15.0%15.0%3472037388811,1161,3940.2630.1264200.5270.6670.833-12-334002.0771.7011.9182.3582.7583.2583592077038811.1161.3940.3400.3610.41806990.84121.159.5%30.2530.5%31.3%0.0000.0000000.2110.2670.33312.6657.4222.18%25.53%2020202120222023E2024E2025E10.24%5.63%16.53%17.55%20.35%347203738811,1161.39411.3114.31%19.70%21.12%2281%24.18%-12-33400非现金支出85451498107主营业务收入增长率27.47%724.10%3023.26%-20-460-23.7050.92%26.9633.7825.48%24.45%-17-13491-92188.40240.3量25.3026.635926998801,1691,4088.644.69%15.98%17.17.-138-129471-224-202-202-2-1030087.870.665.064.063.0其他2661655141.3142.0142.0140.0139.0-17544-219-197-197110.1105.7105.9100.0100.0100.0441519720700因定产周特天数135.1105.3109.692.77.464.0-14-143-330其他-156-277-353-354-44758-30.07%-38.73-34.05-39.7044.9%-49.82-126-276-153-180-447558-341-854-3211-1018-617-482-25145248252565216.44%20.06%17.58%17.76线17.57%2
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