国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E6309794565145446918381,0193.6%0.3%22.2%22.5%21.7应收款项120137154-329-352-385-427-523636691152.2%53.4%53.4%53.4%365283364445516毛利3013002693734575559829521,2011.4491,73647.8%46.0%4646646.6感资产71.2%6570.77477-351421772832782730.40.4200201202201210-26-25-28-33-38-441311.806销售收入4.2%3.9%4.3%3.9%37%87121040-43-52-57350396500498499496销售收入5.9%5.3%26.834.研发费用59-64-75-88-104192,2329.4%26600173169131214274346应付款项20223327.4%25.8%29.0%其他流动负债6089108129-57-18-16-20-2494861111351621.0%8.82.7%2.0%000000009141412330302010210410912514817572020201,2001,2731,3421,5741.7992,05819.9%18.15.400400400400400400223171156256315374未分配利润3604114596919161,17535.3%26.1%23.832.0%31.4%100营业外收支0-1001.30422317015625631537435.3%23.8%32.0%32.1%31.4%-22-2415-24-30-362020202120222023E2024E2025E9.8%9.7%5%011461412322853380.5580.3650.3530.5800.7130.84700003.3343.1823.3543.9354.4985.1442011412323390.4200.3160.3450.5110.6570.79131.9%21.6%28.4%0.1000.1000000.0000.1500.20016.73%11.4710.52%14.75%15.85%16.462020202120222023E2024E2025E15.40510.599.72813.66%1464%15.17%2011461412322853312.84%11.220000015142328022164721669-50-40EBIT增长率32.18%-2.28%63.20%28.04%25.98%-16-1033.97-27.28-3.29%64.43%22.82%18.79516812713820426331690.20%5.73%17.04%14.59%资本开支-11-26-3040339-454541.449.358.260.055.055.0527920208.95.23.78.08.08.0-4-51-5621.113.714.014014040300116.1112.591.577.18-700其他0-80-60.8-71.0-74.3308-7-60-8026.12.97.413.414.063301471481817.84线7.56%7.532