国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E4.5175,5296,4617,6876931,8072,3263,039-11.7%1822.4%16.9%19.0%应收款项2.2712,1012,4142,7923,262-1,371-1,387-1,533-1,732-2,026-2,4191,1751,3591,4471,5761,8172,16227.3%33.9%31.3%31.4531.5%其他流动资产3.0282,6983.1182,8862,8932.901毛利3.0492.9843.7974.435流动资产6,8518.0779,06110.29811.98472.7%68.7%66.168.7%68.5%74.859.456.6%-37-36-4253-65-79110ab707070700.7%0.80.9%2,3382,2802.2762.1642,025-1,076-775930-1,133-1,312-1,55320.3%15.521.4%17.5%20.6%20.5%20.3%20.2%24326135447555管理费用-253-254-284-351407-483非流动资产2,5274,6866,8816,8495.0%6.3%25.2-213-254-315-376-433507售收入5.77.06.74008118016774453422,0731,7311,4131,8842,219应付款项1,2991,3111,2961,5311,7822,11841.3%39.0%31.3%34.3%34.4217935196107122-1010-110-223-2801,9172,2152,3032,334售收入-0.2%0.23.5%长期款0190300300300300-76-145-19032-568826363642627363442,4732,5308573108102928,33710.3993.9%4.31,8241.8241.8241.8241.8241.8242,1511,6961,4241,8822,1302,4955,1285,7696,4217,29182759,43742.8%38.2%31.5%34032.55727271.8122.00722282.472营业外收支40014.7412.1471,6881,4281,8822.1302.49542.7%38.1%31.633.0%-303181-237268-3142020202120222023E2024E2025E12.7%1261,8441,4541,2481,6451,8612,1810.8840.7120.5900.7958991.0522311551711952212444.1274.5705.7006.1777.3531,6131,4501,6401,9370.7260.7850.5240.8600.8690.95432.1%29.3%23.8%26.2%25.2%0.0000.0000.0000.3180.3600.42521.43%15.58%10.35%12.87%13.39%14.44%2020202120222023E2024E2025E16.07%11.267.309.09%9.55%1,8441,4541,2481.6451,8612.18120.94%14.80%9.211.55%12.74%13.99%231155171195221244非现金支出26335147830128629835.76-111.8222405168618-182-85-181-108-101-10939.13%-16.528-18.3333.28%17.78%19.28%-600-288588-268-46162925.69%-19.434.7113.1418.03%95632.38%14.93%27.77%8.15%7.75%9.64810344-226-260-240-224-1,075,1753844988147.4164.10166.0其他10612710292310.7333.4334.0339.0334.0333.0-739-86-121-10420.840.644.904545.045.0502,25500100.9181.4166.8126.195.970.2400600100-123-229-101其他-631-564-650-714822-44.7-24.10-27.2-226361,918-772-943-923-190.0176.5146.017.29.99.4360-29142471152171421.44%17.17%16.72%15.70515.64%2