国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E3,81119,0723,31,8673,5095,3158.50913,50549.725.0应收款项3.6336.47680699,494-2.416-3.593-11,664-13.7092,5806,05112,39113.80517,049其他流动资产9631.6401.6832.1733.075毛利2,3684.2186.5798.2439,7837,96213.19022,59027,77036.27745.96736.639.7%39.6%41.3%41.6线75.78.178.279.0%82.2%85.2%-44-84-126-223-259-2828249771,26912691.269销售收入1.21.4%1.3%2,1013,9704,8245.1805,177-33-30-4580-9413.013.713.7%11.7%9.6%0.52472955838091.029管理费用-136-200-287-430-538634非流动产3,6936,2977,3927,8547,9573.6%3.3%2.7%2.7%2.7%24.2%21.9%21.21.0%17.8%14.8%-227-354-796-1,394-1.6447.022291,0910009551,7012,9644,7475,9747,129应付款项2,8024.1746,3787,7269.63911,33025.127.9%29.8%30.3%2.3775.41710.04111,90613.87215,89249531392255,2019,62017,51019,63223,51127,222-0.1%-0.2-03%111-137-100210-308-277-276146163126105005005,2479,76717,67419,75923.61727,31235521001001005.206.83510.77314.78319,69525,5722.7%2.0%1,2861,3091,3091.3091,3099981,9923,4485,0936,4377,677未分配利润2,4263,81010,11815,02920,90726.2%33.432.4532.3327122816208201.040营业外收支-8-3030-3035,1624413153,9249921,9843,4195,0636,4077,64726.0%33.3%31.8%32.2%-140-256-341-506-641-7652020202120222023E2024E2025E14.1%12.910.0510.0%8521,7283,0784,5565,7666,8830.6671.3312.2343.3444.2535.091-61541802002205.3138.23211.29615.04919.5401.7122,9245,560.7421.3501.0043.7203.7244.96622.528.727.528.0%0.1000.4000.4350.2800.5000.60016.38%25.04%27.14%29.60%28.26线26.05%2020202120222023E2024E2025E10.1410.1212.45%12.361.7283.0784.5565.7666.88315.52%20.73%21.69%27.74%24.11%1>154180200220273261481288522.54%44%7845%72%24.99%.01-48-103-233-3230.47%25.84519.33%-122-147,145-469-1,711-1,26034.6499.4670.80%27.18%19.709541.3146.50033.52%60.83%71.0921.7222.19资本开支-179681-2,318-1,610-1,100800-120-218293-200122.595.172.175.075075.0他16100100100299.9438.4524.2550.0550.0550.0-283-886-1,530-700180.1201.2185.6190.0190.0190.02651,498000108.792.488.367.152.940.1-44-41,063-1,0970其他-340-185-480-405-658-788-24.1%-41.47%-366-658-222.6-123.0-153.0-89.1-42.9-31.73063,2155,01257.85%61.1856.19%53.52%2