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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E202562020202120222023E2024E2025E193.30636.09151.81058.27496,882131,623173.73611.7%15.5%14.9%14.2%应收款项1,56733114130-8,2659,157-10199-11,105-12,46328,86933,39438,82439,55344,73150,037其他流动资产122,078138,953123.489129,185137,288145,394毛利89,728100,307117,355136,219156.,800179,470188,605224,191220745265,718313,756369,29791.6线91.692.0%92.5%92.6928%88.487.9%86.-13.887-15,304-18.496-21,215-24.205-27,64317638137537014.0%14.5514.414.3%18,67319,79421,95122,64923,30124,031-2548-2.737-3,298-3.757-4.232-4.736878602.5%2.62.5%6,3487,4207,6448.1538,4579,012-10.313-11,764-13.33824,79130,97733,61931,05632,19233.253销售收入6.9%7.7%70513.10.5%研发费用50-62-135-156-179-2050.10.11041090066,45373,75386,414100,779116,420133,543应付款项6,1346,957,2829,25567.8%67.4%67.7%68.4%其他流动负债41,07451,67642,00446,04449,95354,5282359351,3921,5802,3433,14245,67457,91449,06653,32658,20063,784-0.9%-1.1000000-71-13150001296334243177128500045,67549,40053,56958.37763,912587073161,323189,539197.507232.690273.539320.5630.10.10.11,2561,2561,2561,2561,2561,25666,63574,75187,880102,423118,835135.763未分配利润137,594160,717161,302196,485237,335284,35868.0%68.3%68.9%69.5%70.7%7,4187,45810,51614,03218,075营业外收支-438-223-178-200-190-190213,3%255,1254,36296.75345.9402,56066,19774.52887,701102,223118.645135,57369.4%70.170.7%-16.674-18,803-22.326-26.025-30.204-34,7682020202120222023E2024E2025E25.2%25.5%25.5%25.5%25.5%49,52355,72165,37576,204101,80537.174417614992658.22967.60577.8242.8263.2602.6593,0573.5164.044128.421150.883157.226185.234217.752255.18562,71673,14797,76241.13150.97029.21461.62065.29076.52247.7%47.9%49.2%49.7%19.29321.67547.82130.22135.08740.39028.95%27.6831.75%31.44%31.05%30.50%2020202120222023E2024E2025E21.88%20.5624.6624.65%24.55%24.29%49.52365,37576.20430.182,8263,2602,593,0573,5164,0441.5941,7121.8642,039主营业务收入增长率16531550148914.20%-100-1,146-1,2533,60913312812.54%10.98%17.17%16.62%15.52%7,860-29,127-4.1188,422-7,84513.33%12.34%19.55%16.63%16.1015.1196,12616.58%19.58%16.67%16.57%资本开支-2,089-3.4065,306691-3.195产力295-2,144-21055000000000000-11-12-217072731,195.71,240.91,232.31,300.01,310.01,320.0-3,11863.19.180.081082000000060.458.356.549.443.539.0-1090其他-24.128-26.564-57.425-37.983-44,091-215-26.2月-28.3-39.8-5.7-51.3-26,564-38,093-283.2-78.9-62.1-63.8-49.7-42521.40%22.81%19.42%18.05%16.87%2
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