国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E26439710327329725221350.5%35.135.7%36.2应收款项2460427572779-82-154-196-262-349-4657613117538.7%35.8%35.4%348274毛利1822433514776549014036808631,24168.9%61.3%64.2%87.9%83573.9%-10-13-1810111.41.2%1.3%50103197287394-84-119-143-180-232102123.422.119.3%18.017.0%891031-34-40-789316237329439销售收入11.7%8.5%7.3%15.研发费用-40-59-9294-120-16447777315.2%16.8%12.7%12.0%12.0%0121000496294168262391应付款项788414013918825318.5%15.622.8%26.128.7%其他流动负债5197134187046565112372363214400.0%-0.9%-1.0%-0.7%-0400000146221100001201382373221003576357618641.0171,2400.05555555584115167262390未分配利润17224234044359681922.7%21.128.6%0000营业外收支2552015154777731.000858812418727740525.3%29.7%-11沙-15-22-322020202120222023E2024E2025E12.5%118.0%8.01161722553731.8091.481115312646446.794000008.67711.56513.8661574218.52822.605116172370.2960.5773.4462.7434.22528.2%20.5%21.2%23.2%25.4%27.3%0.0000.0000.0001.2511.8582.71820.84%80%15.2619.86%25.06%30.06%2020202120222023E2024E2025E15.6111.6115.59%19.04%22.1874811161722553711.968.9823.7129.0300000161427主营业务收入增长率50.37.76506356836.222-6-15EBIT增长率47.45%27.26%50.73%79.55.50%49.37%4161-106-15386.779.1642.8647.80%48.55546.305-3015023227.53%62.09%29.39%10.02%21.65%25.55%资本开支8-71-90-119产力50205.819.3207.2169.0168.0168.003-3-3218.2141.7120.9141.0140.0140.0-74-93-122202.2137.9157.8138.0140.014202130069.544.130.119.229.837.600其他-102-149-28.7-33.1-34.3-171-11961-102-1491,197.3-17.5-16.7-32.4-46.4-81.8-10824-45-3925.12%17.90%23.92%21.50%24.05%26.19%2