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国金证券公司点评202020212023E2024E2025E202020222023E2024E2025E2,01523612,814333345221,14090270465185317.2%192%16.1%应收款项285386434486539-945-1,1621,317-1,539-1,773313331417460516347%40.0%413%395%392%4757482毛利1,315165220162,35627491,7821.55717272,036%售收入65.3%58.7%60.5%60.5%608%%资产45.7%37.5%372%32.4%312%33.6%253143-50405598788788788%售收入12%1.1%1.1%1.%1.1%1.1%8701.06312801,6221,8732,001-725-751-1.052-1221223%25.6%27.7%31.6%33.8%33.0%29.0%30.7%26.7%272%27.0%588732819-151-178-196-2402733172,11423,46738144.03175%7.0%7.0%7.0%54.3%625%628%67.6%688%研发费用-182-182-260-307-3584073,8964,1544,6175,13155416,0679.1%7.7%9.2%9.2%9.2%9.0%14650284220374305414527631755应付款项22940548146451018.5%2.9%14.7%15.8%16.2%16.7%其他流动负债33037842046153134-10-13-11708349290.9%1.4%0.4%03%0.3%02%12410882-1-344795475886296376700001,1551,36114741,6871,790421001002,7343,1223,46938334255n.an.a8.9%12.4%12.9%11.1%565564564139470647777未分配利润6135878461,1481,51211.7%5.9%16.7%19.4%20.0%7222222营业外收支12-100003,8964,1544,6175,13155416,06724813847064790312.3%5.9%16.7%19.4%20.0%-61-3142-142-1712020202120222023E2024E24.6%229%220%2.0%22.0%1871074285056067040.3310.1900.8951.074124B004.8364.9325.5336.1487.5411871084315056067040.890.8500.8411.1031.0991.52693%4.6%153%152%15.6%15.6%0.300020002000.3580.4300.4996.84%3.86%13.80%14.56%15.81%16.55%202020212023E2024E2025E4.80%2.59%9.33%9.84%10.94%1161%187428505706.80%1022%11.06%12.13%030002291143214主营业务收入增长率13.33%1717%19.15%18.46%1133748-686.99%-1833%35.71%19.68%2192-25.45%4244%300.56%7.19%20.00%1624%746686118.72%6.61%11.16%11.12%799%9.50%404311573520425186257173-120047380100100146.6124.3117.4130.0125.0118.0-85134-61332576.167170.04400150.012821564153.0145.1127.3其他20-20-228-26309-4.62%196170284146-249329EBT利保障倍数2148.933753.548.7672-349136-5020729.64%3277%31.92%31.96%30.44%29.51%2
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