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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E337.17373,03716.41835.31541.06330.3094226857,05934.5%12.8%11.7%10.6线应收款项19,50934.99829,20136.03539,342-128.810-181,543-234.072-262.627-232.400-321,6159871.5471,8331.9632,07283.7%87.6线87.5%87.0%86.7%86.2514,76322,25318.46112,89613,47314.044毛利25,17725,63833,41839,09744,74751,42351,67794,11290,67381,07397,045115,68316.3%12.5%13.0%13.313.846.544847.7-379-479-477-53812.33320,67521,74321,84321,94322.0430.2%27,73745,49754.80760,61958,19555,303-2.252-2,838-2.784-3.017-3,304-3,5811.5%1.41.0%1.016.41228.95031,93231,52031,24731,077-11,600-15.030-17574-19.612-21,780非流动瓷产59,483115,788126.19131.872129,567126.9787.5%6.5%53.555.2%61.9%57.252.3%研发费用-1,742-2,155-2,223-2,414-2,630-2,872111,160209.900216,83212,96226,6120.810,94226.73324,01211,17411,17411,1749,2045,13710,36013.51616.43320,355应付款项23.01634,98838.09539.85743.56647.0346.0%2.5%3.9%4.5%4.9%5.5%其他流动负债7,85114,30115,57117,36018.43820,253-853-1,563-1,712-1,382-1,292-1,20741,80976,02277,67768,39173,1780.6%0.80.5%0.33.5117.4727.4727.4727.472-508-639953-37-3210,72632,45233,40832,99233,72434,52613499-280054,400111,985118.557108,855114,373120.459512.4071,0251,1281,1841,24356,44382,94386,26491,16898237106.90433.75.5%4,9064,895489510.1367.24811,03415.22418.37222,489未分配利润25,70828.24633.37138.76945.83754.5056.63.5%4.15.4%6.031714,97212,02212,92214,00215,29897-115-6700010.0397,13410,96715.22418,37222,4896.5%3.4%5.4-3.107-3.214-3.963-5,3285,512-6.7472020202120222023E2024E2025E30.9%45.1%36.1%35.0%30.0%30.0%6,9323,9197.0049,89612,86115,7420.8701.2611.83824072951-3508309001,0801,29612.38816.90617.62218.62420.06821.8397.3266,17411.12.4413.0664.6055.0545.9242.33.03.5%0.3300.1800.2500.7350.9631.18012.98%5.15%7.19.87%11.99%13.51%2020202120222023E2024E2025E6.59%2.03%24.22%5206,9323,9197,00412,86115,7421.90%4.31s6.00%7.45%8.67%-394-3508309001,0801,2965.80013.21117.3019,56310,65811.39337.25%10.5-33-35399972044442044.39%-44.1%101.6730.4658%23.87%-1.579-1,7327.3272,3637781.44126.39%-41.7344.6245.7130.96线22.6311,12115,0532,6122,54224,74120.13%3.31w6.42-12203-19.048-14007-14.128-7.150-7.503-1,1766,123-1,418-100-100-10034.241.738.238.037.036.0-23048.0403,3341,1281,18412432.62.52.72.62.5-1310-6,066-6,35938.939.237.636.035.034.023,79516300053.065.159.656.246.6383-17,307-27,248-37,421-13.9030-2,003-19,795-18,326-6,341-7,442-2.50.20%2.0010.76-21.99%-6.34110.83.39.812.7-23,256-25,434-34,174-10,40615,19643.94%53.35%54.67%51.12%50.47%2
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