国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E3,96的6184831,4472,39416.0%19.7%30.0%28.0%27.0%应收款项221280505660873-501-734906-1,157-1,496-1,9324599561.2401,60722.8%28.8%29.7%29.5%30.0其他流动资产2,3702.9543.0143,101毛利1,6941,8112.1412,8043.5744.507流动资产4,1254.4975,9827.3819,36771.2%70.3%70.8%70.5%73.3%68.7%75.3%80.9%-8-10-12-14-20-262845622752752750.4%0.48041,1303221.4241.5251,632-370-459-52383715.11817.9%16.113.5%14.5%13.2%13.0%176170242260278295管理费用-207-167-5-79101-129非流动资产1,1811,6382,1921,9622,2050.252.0%22.326.7%31.24.722.0%19.1-151-215-318-317-4065157.0159.4611.572售收入8.410.4011001,0321,0491,3471,8722,3883,001应付款项21125534245047.0%41.2%44.2547.3%47.1282252323312399506-26-2920064493508584655849售收入1.2-24-0.5%8-1长期款000000-15-10916310019160005015246156558491,091585330204,8045,6127,2898.61210,4305.3%0.84127877867861,0991,1371,5041,9412,4673,1042,6443,1093,8744,74760717,93944.7%49.3%48.7%0营业外收支0005.3066.1367.0157.941,0971,1361.9412.4673,10450.0%44.649.3%49.0%48.7%分-158-162-173-281-358-4502020202120222023E2024E2025E14.3%11.5%9399741,3281,6592,1102,6542.2781.2382.1112.6843.376011.6517.1348.1419.27210.95513.3319399742,1100.9831.2241.8142.4733.06242.8%38.3%43.641.2%1.0000.6000.7001.0001.0001.00019.55%17.35%20.75%22.76%24.50%25.32%2020202120222023E2024E2025E17.70%15.87%18.93%20.89%22.30%22.94%9399741,3281,6592,1102.65418.40%16.00%18.54%21.9550000非现金支出10310011212630.53%15.97%19.70%30.2827-124-31-20-2023.01%1.59%28.44%27.5925.65%-23-278-389-302-258-35421.563.68%36.38%24.94%27.15%25.81%97777396253.45%15.64%14.3313.25%19.10%22.30%-2533430-32-230-250-2299-6353170036935450049.0其他53302020253.6274.5299.0302.0303.0304.0-2,4-925-21023055.567.072.074.075.01,2841300160105.098.666.251.841.200-700其他-417-786-786-786-70.25-60.99%-58.4-60.4-62.9654-777-786-78639.336.0-18.6-93.9-60.1-898-4539648.53%8258.97%9.43%2