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国金证券公司点评附录：三张报表预测摘要202020212023E2024E2025E2020202120222023E2024E2025E857710747142955,5798,198110525.3%175%132%13.0%12.8%2,8383,7943,8574,136-1,1421,332-1,5151,585-1,701-1,8523,0134.6544,8095,2515,91612.4%120%111%10.5%102%其他流动瓷产1.0431.09412721509毛利7.4359,41511,112127101445116,36711,08214.0411529918,14220,55786.7%87.6%88.0%88.9%898%65.8%62.4%63.5%63.7%64.4%-117-135-106-111-1371,2031,2381,2381,23814%1.3%0.8%0.8%0.8%0.8%2,7284,2665.5266,5277,5458,571-2.582-3074288162%18.9%22.9%23.4%30.1%28.5%30.1%30.0%29.9%1,9242,3882,55228473,127-479-633-824-901-977-1.0848,47510,72910,4171,72413,0256.5%6.1%342%37.6%412%356%研发费用475-885-1,358-1,5441,761-2.00416,84522,51626.02728.55932,28236,6215.5%8.2%10.8%10.8%10.9%11.0%603323192302001703,7834,6995,0175,8556,7697,713应付款项1,7561,93920412,26644.1%43.7%39.7%41.0%41.9%42.3%其他流动负债1.9281,6871,6111.4731,66318746589953-88-1333,4683,7753,8113,64239054,30908%0.5%0.7%3297126356356357-125724791775205,27952214,7605,0135,411-34-76010.93114.57418.05020.9172422127.955n.an.an.a4054054054054054054,7155,7706,672未分配利润6,87410.01613,38716,25419,55823,29245.9%43.9%39.3%40.4%41.3%415%2,6632,7572,8823255营业外收支-234400016,84522,51626.02728,5593228236,6213.9134,6175,7706,6727,56645.6%43.0%39.0%40.4%41.3%415%-606-719-709-865-1,1352019202020212022E2023E2024E15.5%15.6%14.4%15.0%15.0%15.0%3,3084,2155,6726,4317.528928410.23011.80813.60415.3791407512516620727.00935.00944.59851.68459.84769.0743.0473,7574,1404,7795,5066,2242.7458.22912.72014.11415.599355%35.0%33.4%34.1%342%0.0000.0000.0004.7235.4426.15127.87%25.22.94%22.85%22.73%22.26%2020202120222023E2024E2025E18.09%16.69%15.91%16.73%17.06线17.00%3,3083.89742154.9045,6726,43123.06%21.0120.151407512520743357950051162316.3112.79%4414566EBIT增长率36.39%24.21%15.42%13.94%-2,337-1,02401240253780671.64%23.33%10.18%15.43%15.21%13.04%1,1113.33128265,1485,712631332.41%33.67%15.60%9.73%13.04%13.44%资本开支2,2253111,8101,910441-213-16900047947152.355.051050.012200761.41,010.21,036.01,130.01,150.01,190.0-1,172426-2255311-1,81098.2128.5150.9140.0140.014001881,41330084.675.593.3100.3105.0107.6-10722430其他6216722,269-2555-20.57%-246-20.07%-28.928-33.180777622052,2992,585-58.252.6-52.5-2147.876.957.9254-1972,6321,604181826.84%23.45%20.06%16.67%15.53%2
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