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国金证券公司点评2020202120222022025E2020202120222023E20257,1609.41110.20110,3724,1614,7794,1063.7914,61431.8.31.7%220%7991,2351,1141,2721.2931.578-4,153-7,831-8,904-8,262-7,5759,36318534952145341551383.7%9481.0%7407724402722722721,5305111,9392,7985,9166.8037,8346,1035,7716.977420527.0%34.623.9%27.7%-92-104-1272.8343.2053.2063.2053.20600.1.01.055548,23013,53214,51114,359-109-12-12-1549.545.00.10.110.10.1633623-358-412-224-228-31613.3851287512.26217,41218.37518.2085.04.61.074.0研发用000001930219,678200962351524147251861,2132,1733,3416116732,5681,0502721,6112,45428371,2401,4701,1691,2441,54035.9%11.22%15.822.4%549293275385-297-209-164-193-222-2323.0034,9792,6602.2811.%4,5134,7677,9523-2230185642221612175-103008.4028,50511,1189.624-12225024024024011,17311,28812,3961393n.a2.1762,1762,1762,1762,1762,1762,29798924722,8454,7704,8334,9166,0247,5661.7%22.5%0000049019.30219.67820,09623,5152414725.1862,3019841671,6572,84510.51.-483-331-4942020202120222023E21.0%20.1,8188241831.3261,9772.2760.8350.3790.0840.609909000005.0095.1355.6977.1521.182422760.5501.11916078.81.%13.019.10.2000.3000.0500.1000.2000.30016.7.31.621419%14.6320202021202220232025E9.425.649.041,88241,3261.9772,2769.79%0000长8289847151,1677959.11-74.115492.55215.63-317-25105.83623.84.1315.123,5181,19624363496213%17-342-281-1,8000005355037.039.2545.045.0其12324024027.612.417.20020.020.-200-103654-76043825.230.030030.000000326.230.7252.5353.2371.5-1,196-101.914-895938-823-963-515-73917.61515.23%13.07%42.18%3331.3995.017831111226-1,819-30943.5343.8347.28%42.2838.212
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