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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E97.93109,464127.55147.674170.45036.09151.81058.27497,114132,403175.43611.7%16.515.4%14.8应收款项1,56733114131-8,2659,157-10199-11,124-12.542-14,01328,86933,39438,82439,62145,01550,6767574其他流动资产122,078138,953123.489129,186137,293145.405毛利89,728100,307117,355136,550157,903181,691188,605224,191220,746266,020314,825371,64391.6线91.692.0%92.5%88.487.9%86.90.7%91.8%-13.887-15,304-18.496-21.117-24,204-27.59417638137537014.0%18,67319,79421,95122,64923,30124,031-2548-2.737-3.298-3,692-4.176-4.6978782.5%2.62.5%6,3487,4207,6448.1538,4579,012-10.190-11,761-13.40624,79130,97733,61931,05632,19233.253销售收入6.9%7.7%69%6.9%13.研发费用50-62-135-157-181-207213,3%255,.1254,36297.076347,017404,9010.10.110410900066,45373,75386,414101,395117,585应付款项6,1346,957,2549,33567.8%67.4%67.7%68.7%69.0%69.4%其他流动负债41,07451,67642,00446,05650.14955,0102359351,3921,5822,3543,16745,67457,91449,06653,31058,41864,345-0.9%-1.1000000-7113150001296334243177128500045,67549,40053,55358,59564,473587073161,323189,539197.507233.008274.391322,3520.10.10.11,2561,2561,2561,2561,2561,25666,63574,75187,880103,047120,011139,027未分配利润137,594160,717161,302196,803286,14368.0%68.3%68.9%70.4%71.0%7,4187,45810.5161403218,075营业外收支-438-223-178-150-130-130213,3%255,1254,3297.07%347.01740490166,19774.52887,701102,897119,881133,89769.7%70.3-16.674-18,803-22.326-26.033-30.330-35.1412020202120222023E2024E2025E25.2%25.5%25.3%25.3%25.3%49,52355,72165,37576,86489,551103,75637.174417614992658.75468.48979.3772.8263.2602.6593,0573.5164.044128.421150.883157.226185.218.429256.61062,71699,71341.13150.97029.214620376613678.01347.7%47.9%49.2%50.0%50.5%19.29321.67547.82130.49335.54641.19628.95%27.6831.75%31.68%31.36%30.9352020202120222023E2024E2025E21.88%20.5624.6624.84%24.79%24.63%49.52365,37576.86489,551103.75630.45%2,8263,2602,593,0573,5164,0441.5941,7121.8642,039主营业务收入增长率165315151482-100-1,146-1,2533,559EBIT增长率12.54%10.98%17.17%17.34%15.97%7,860-29,127-4,2048,408-7,86313.33%12.34%19.55%17.68%16.57%15.90551,6916.58%19.58%16.79%16.68%资本开支-2,089-3.4065,306-641-3.135产力295-2,144-21055000000000000-11-12-217072731,195.71,240.91,232.31,300.01,310.01,320.0-56-3.15763.19.180.081082000000060.458.356.549.343.238.60-1090其他-24,128-26.564-57,425-38.326-44,667-51.761-26,564-44,66-283.2-78.9-62.1-64.1-50.0-42921.40%22.81%19.42%18.03%16.89%15.92%2
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