还有 4 页未读 ,您可以 继续阅读 或 下载文档
报告派所有资源均由用户上传分享,仅供网友学习交流,未经上传用户书面授权,请勿作商用。
1、本文档共计 4 页,下载后文档不带水印,支持完整阅读内容或进行编辑。
2、当您下载文档后,并不意味着拥有了版权,文档仅供网友学习交流,不得用于其他商业用途。
3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!
4、本本所有内容不构成任何投资建议,不具有任何指导和买卖意见。
5、如文档内容存在违规,或者侵犯商业秘密、侵犯著作权等,请点击“违规举报”。
国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E4,5102914784314985745427.4%16.315.7%应收款项374338268383429506-1,319-1,575-1,648-1,89-2,174-2,4959301,0331,2111,2241,3431,47445.8%43.0542.5%其他流动资产304123142151160毛利2.0902.2312,6113.0443.464流动资产1,9432,1530322,248249654.2%57.0%57.5%57.9%58.3%37.731.4%28.31.433.7%36.4-19-17-23-26-301,3542.0722,0062,0062.0060.60.50.50.5%579614791844852-1,122-1,463-1,645-1,813-2,087-2,34811.211.111.39.0%39.9%42.440.239.4%1,1711,1941,4481,441管理费用-236-284-331-352-397-447非流动资产3.2104,6985,0784,9024.9198.2%7.7%7.8%62.3器71.468.6线93-113-116-135-157-1797,1107,150售收入3.13.01356591,1931,3901,34489211121288377461应付款项413760536607088073.15.8%7.2%7.7%637822763-6291-118-123-1181,0282,0562,5092,7522,91416%2.26线2.4%20%长期款7500-183825-35291.1011.20492378670000001,5573,2323.4923,5383,6005750702,9612,9562,8782,9783.1373,34625.619.2%17.1442442442442442442156199501953124107457837578571,0161,2255.44366370740740740-906.8511381901953124104.8%5.26.0%36-8-47-612020202120222023E2024E2025E-18136226662653480.3210.4240.0350.3750.6000.7881906.6926.6826.7317.0917.563142187161662653480.8571.0640.5330.6370.7921.2235.80.3000.0700.0000.1500.2400.3154.806.34%55.58%10.412020202120222023E2024E2025E2.762.74%0.232.32%3.58%4.53%2265191662653482.065.16%1.954.59%00非现金支出86205272156140144427.42%81151421%-761767461-59.43137.72%-42.7030.97%22.04%23411791-21612913141.6531.97%-91.428932.79%59.81%31.33%37947123628235154132.93%3.79%0.55%资本开支-163176-141-115-810-5400043227.32092121.0122218506070266.7227.3248.5240.0230.0220.04546.645.048.545.045.045.00051.658.563.359.452.345.0-24151217825919746其他-10611553-194-240-27014.07%25.29%31.80527.03%-290-29965-43-3162.03.41.32.43.13.9197-692562121030.2147.18%49.12%468452