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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E55,30087,어5102,3326.3336.0347,6957,3197,9669,11315.9%23.913.313.3%16.4%应收款项10.66412.66811,30217,29719,59822.812-42.711-49,981-61,327-69,680-78,727-91,6399,03810,91013,67615,40617,93289.5%89.5%898其他流动资产8227551,0411.0501,063毛利4,9855,3187,1897.9159,18710,69424,56728,49530,85139,33444,02050,92010.5%9.610.5%79.4%79.5%8083.5%84.7%-50-55-708678328328328320.1%0.13,0744,7604,7394,8405,145-318-311-324-349-396-460129.3%销售收入0.7%0.50.5%0.5%1,6331,2401,1681,2571.3341,401-1,123-1,169-1,422-1,552-1,758-2,0476,3717,3627,7237,7847.9408,289销售收入20.16.5%14.05研发费用-1,576-1,641-2,034-2,017-2,286-2,66159.2093.3%1,3103,2015,97151374,9601,9062,1463.3533,9344.6775,444应付款项12,23512,98211,77316.96319,16522,3094.0%3.9%4.9%5.3%5.3%其他流动负债1,3681.3831.9722.2242.56996-203-19-193-191-15314,91317,56618,74824,90626,52729,8380250.0%3.0121.101595920-109-56-204,1074,0173,9323.8573,8043250454518,89022,77422,82528,89730,44433,70111213920014012012.05013,08215.74918.22121.51725.5105.2%4.02,2092,2102,2072,2072,2072,2071,9622,1323,9524,6455,466未分配利润7,3437,90610,27612,29719,5863.9%5.1%5.3%5.3%01营业外收支1211610101030,3835,6738,57447.11851,96059.2091,9742,1393.4773,9624,6555,4763.9%5.15.4%-240-282-417-594-698-8212020202120222023E2024E2025E12.2%13.212.0515.0%15.0%15.0%1,7341,8573,3683,9574,6540.7870.8411.3871.5261.7932.10905.4545.9197.1378.2559.74911.5583,0600.6500.4991.5570.4301.5871.5073.4%4.5%4.5%0.1700.5000.2600.6110.3000.30014.4414.20%19.43%18.49%18.40%18.25%2020202120222023E2024E2025E5.62%5.18%7.15%1,7341.8573,3683.9574.65410.22%9.0512.2212.12%0-11,0881781,1541.030801主营业务收入增长率28.20%15942313.64-760155EBIT增长率12.63%56.24%16.40%-926-4,1117273633-1638-2,28537.82%6.8164.6910.17.48%17.625-1.1023,32641.20%15.90%22.15%10.28%13.95%资本开支-1,037-1,464565-1,120-1,120产力-2.051-121-33454567.875.762.880.080.080.087420014012047.257.672.072.072.0524-984589.10.385.085.085.01177500020.222.723.720.217.615.72,3283882336871-833-177其他-571-1,502915-1.0119929.84%2.170.94-4.40%1,824-502-376-1,16919.910.6177.820.424.535.6221-285-27172361.06%63.51%59.17%61.33%58.59%56.92%来源：公司年报、国金证研究所2
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