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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E2.541,312628518971,0841,35541.1%10.9%37.0%21.8%19.8应收款项53106126147-703-1,022-1,103-1,490-1,798-2,13563848672.3%71370.7%139203209211213毛利2723534235997469121,5031.4961,2311.2981.5191,82727.9%25.7%27.7%28.7%29感资产59.145150.-7-10-10-17-20522983333333333330.7%0.7%0.7%0.7%450537679811934-48-90-87-121-140-16518172525.6%4.9%5.7%58%5.5%118160177185-87-110-136-160-1831,03714455801711,822销售收入6.8%6.4%7.2%6.3%40.9%54.054.9%53.0%49.95研发费用-46-8-9-11-133,230.4%0.5%0.4%01125810100147161207323419532应付款项28934141148956911.7%13.6%15.5%17.5%其他流动负债999611914523413219232832450148751618723-2002001171201011081152919635003566186177268381,6341.9082.2572.5012,8071.124824248248248204402280349449567未分配利润5507949331,124,36767320.9%29.2%18.3%16.7%4营业外收支291710151515267623341829036446458223.9%19.0%19.158-10591-116-1462020202120222023E2024E2025E24.9%25.12425.0%25.0%25.0%1753132273348437126601.0931.3900206.5897.6958.3319.0269.99911.2211763142222733484371.0080.6410.7741.4901.9122.32818.0%22.8%13.7%14.3%0.1600.2603200.3310.4210.52810.74%16.45%10.7612.1113.9115.56%2020202120222023E2024E2025E8.8112.40%8.319.50%10.77%11.97%175313220273348436.715.731215513.8101-0006688主营业务收入增长率369975-26-13.1228.71%56.25%29.67%27.06%-235767713.41%78.92-29.1%22.97%27.21%25.6015919237047577105.8%27.17%5.67.56%12.22%12.96%资本开支-111-145125-176-170产力-7579-3670018.116.018.918017.517.0174634430.417.924.21.020.019.0-870459-172-176-16659.854.461.058.057.055.0000076.086.8126.099.486.37471900其他-106-133747-134-148-106-133-6.5-4.0-6.5-16.6-18.3-18.9127692-015019227817.90%24.41%22.66%21.45%22.46%22.98%2
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