国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E9441.27411733238144057878634.9%16.9%30.0%25.1%22.5%应收款项3104131160-739-989-1,140-1,825-2,22711616218221326532378.3%76.675.9%75.14033404347毛利205285349466596738流动资产3335937981.0171,31721.7%22.4%23.4%24.9%34.%42241751.25-9-12-12-15-225252733928971,05831-42-77-102-13056.9%4748.53.3%3.3%3.9%4.2%788388管理费用-79-107139-173-237非流动资产6227479171,1891,2548.48.4%57.858.3%53.9%研发费用-16-18-22-271.9142.2060.71.11.00.919252700079114123182245317应付款项250267281450559618.3%8.3%10.110.7%3443-4-3350503626766售收入0.4001长期款351471971921870000014272625-1000037338852672684497700005829540611861,3591.5870.0%0.0578787100112123178241318255336175427159448.810.7%2营业外收支029561,571.9142.2062.57110011312918524932710.68.9%8.7%9.510.3%11.024-26-4155-722020202120222023E2024E2025E23.5%2122.0%22.0%22.0%77871011441942551.2001.0211.1761.6452.2212.910-1-1229.12411.00912.24513.68915.68018.321771021421922521.5351.1352.2273.5903.4624.2888.10.0000.1500.1700.2000.2300.27013.15%9.28%9.61s12.01%15.89%2020202120222023E2024E2025E6.60%6.4287.44%8.72%1441942558.98.53%7.6410.09%13.735非现金支出3458646.2034.89%1630.25221-18.83%45.47%7.447.93%34.42%29.78%280110483.3315.51%15.20%39.8135.07%31.02%819331130037214.00%40.32%18.3520.62%95221-243122-121-3000018716.415818018018.0其他00053.151.35.153.053.053.0251-243-122-1266.652.753.660.060.060.03492000209.7173.7155.3129.8111.095.8441152355其他-32-28-30-34-37-20.53-28.3-37.61%352-723.223.774.043.576.1-399.632153113920928.91%33.15%37.95%38.2538.01%2