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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E7856931,0861,00855130.6%-30.1%43.757.6%35.8应收款项475521548864-846-1,149918-1,231-1,938-2,63530437936341782259.3%61.7%65.7%1613439253953毛利7123836391.0101.3681,7241,6261,8461,99840.7538.3%29.4%34.2%感资产53.140.33836.8%41.1-77-12-160300.5%0.40.41,3332,1861531332793,404-38-35-37-805457.5753.8%销售收入4.5%2.0%2.720%2.0%225237248258-73-99-134-147-2001,5212,4132,3.43735943,728销售收入5.1%5.3%10.3%5.0%46.%61.63.2%63.3%研发费用-78-111-93-131-206-2805.5%5.9%38163374983558431458114370585792应付款项25024137951524.6%8.8%19.8%19.919.8%其他流动负债504979109-32-264052-50-2758195991,2731,0171,0551.4%-31.7%216359354604704049-42560585696246262400001,9042,0282.5012.344002,1357812,9343.3343.9430.0%0.0411410434434434329439178321773未分配利润8311,1071771,380,78023.6%13.7%17.2%18.4%19.3%0000营业外收支0-10032943817632154177323.1%23.5%18.4%-40-49-10-32-54-772020202120222023E2024E2025E12.111.3%.9%2893891662894876960.7030.9494050.6661.1221.60200004.5925.2086.7836.7567.6789.0311664876960.6091.0168570.8650.9411.49520.3%20.9%12.7%15.5%0.2800.20002000.2000.2000.20015.3118.215.99.85%14.6117.642020202120222023E2024E2025E8.919.63%5.32%8.58%11.00%38166289487610.47%2.3000000193213235主营业务收入增长率30.-30437257653314698668222.9%27.83%-75.13224.49%58.35%35.20%-14680-176-378-350145.2334.47%-57.374.32%42.80%4135137640964954.18%24.48%13.02%449%11.40%资本开支-826530-679-368-368产力0-15-270101.693.9119.5105.0105.0105.0-130131000132.4108.4147.4125.0120.0115.0-624-711557-679-36863.558.99.165.0045000199.3223.5567.7408.2264.6197.1962456-324其他-183-135-181-173-15519.6137.89%28.35779226-497-28211.217.7-2.97.111.729.9-36399-77-45641.78%47.13%42.16%46.02%41.28%37.67%2
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