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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E52,851178,328236,877219,380231,050242,943应收款项12.28914.35013.7199.0527.8037.021-146.925-192,541-217,991-184.260-164.682-155,0673,2325,4097,0175,1474,6004,33185.8%57.7%55.7%73.0%75.7%79.3%其他流动资产3.5944,4293,5423,2883,0822.976毛利24,334141,153173.06767,98552,75040,586流动资产71,966202.516261,154257,27642.344.327.0%24.3%20.7%26.49.0549.1%52.1-192-1,028-2,589-757-65258735.97637,67664,08163,71263,71263,7120.3%0.7%102,744106.253119,16的117,143115,262113.52258-6450-43-3937.25.7%23.3%24.3%23.623.00.0%12.95513,62514.13314.09314.00413.917管理费用-9,588-11,434-10,345-8,697-8,804非流动资产199,960211,152250,626245,599241,15236,9825.6%3.4%3.5%4.0%73.49.050.9%47.9%研发费用-260-881-1,386-883-870-8800.2%0.3%0.4%25,83125,06220,93718,69518,69514,235127,743158.68257,46742,48730,275应付款项39,51075,735117,07881,48172,85868.63022.8%19.15.5%20,52421,36713,05211,22210,058-4,132-3,0744,479804191.03574.006121.321159.382113.228102.77497,332-1.1%-0.2%长期款63.4995,89734,29834,29834,29834,298-117-20-70-10555.72557.58964.57750.42542.39936.615276-56000193.229234.808258,256197,950179,471168,2952,7032,5182,5002,0001.50043,914133.094200,383224,376241,779253.85320.5%1.5%4512,26016,01416,09516,09516,095营业利润13.931128.242167,26459,78244.91732.816未分配利润-87785,308142.443166.435183,839195.91338.442.8%23.7%20.7%16.834,78345,76653,14160,14166,44172.11116-292-167000511.7013,948127,949167,09759,78244.91732,81638.3%42.7%23.7%20.7%16.8%-760-24,097-12,7939,612-7,0232020202120222023E2024E2025E5.5%18.821.4%21.4%21.4%21.4%13,187103,853131,33846,98835,30525,7930.8105.5766.8092.4841.8021.2503.26014.55621.7447.0006.3005.6703.5828.3111245013.94015.02215.77220,1233.67310.67512.2271.20024132.1155.8%26.8%28.0%15.9%10.30.0000.8703.4000.9940.7210.50067.09%54.697.93%2020202120222023E2024E2025E21.59%21.41%8.29%5.95%13,187103,853131,33346,98835,30525,7937.5038.24%12.73%6.003,26014,55621,7447,0006,300非现金支出12,51213.26720,47310,29310,41310,697主营业务收入增长率13.37%94.85%17.19%-35.513.80-10.0287.9081.9262.2322.0352.082141.6797.324.22-26.0-28.715,67245,92143,062-4015-8,912-4,525799.5222.73%-63.51%-27.47-30.62845,0的1170,9196,793.7052.13%23.72%-5.73%1.08%1.35%-6,4669,141-5.5305.980-6.530资562-1.030-25,447369019.011.10.10.210.10.2其他26161.9042.5002,0001.5008210.410.410.4104-3,7-32,9768.597.3146.6146.6146.6146.64.053259000211.4109.095.2144.3163.7178.2-20,360-20,924-34,525-3,03100其他-16.55-18,259-81,112-20,728-15,637-11,63157.53%-716-5851-578-583EBT利岛保障倍数3.441.6-35.4718.3-101.4-29.271.06线50.4641.03%36.80%34.05%2
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