国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E6,7149,061,5732,2272,4595.0027,689-0.8%69.1%26.8%应收款项1,3089521,9102.4222.579-5,2855,228-4,929-5,1775,465-5,782686071101.2%100.9%77164.2%其他流动资产35541424623826毛利-60-479581.5383,0483,2843,9113.3633.4844.6747.51910,369n.an.a22.9%35.8%感资产14.%12.2%12%17.3%-87-89-100-181-221-2276887237237237231.7%2.5%20,84420,08719,26233417,369-72-134-162-16379.372.9%71.67.860.453.7销售收入1.3%1.5%1.820%1.9%385347331317303-354-341-319-383-477-49922,38724,1822345622,35521,24420,127销售收入7.0%5.7%5.6%5.5%85.182.7%73.9%研发费用-33-46-40-47-450.60.8%0.60.5%20293249293293-613-593-1,4957992,1412,350应付款项5,8825,4705,3375,7596.163505n.an.a11.9%25.1%25.9%其他流动负债316301513115-92-112-70-49-106,2186,0656,9164389697,3482.8%00350006172,8792,6162,5082,5210006,8358,9449,5328,94622611710410011012119,26118,31317.19117,84019.01620.328-22.0%-7.2%11.12,3672,3672,3672,3672,3672,367-175-541-1,4499002,2762,538未分配利润6,0225,0854,0134,6627,151n.a13.4%26.7%28.0%202288218244271299营业外收支26123000-148-5304469002,2762.538n.a13.4%26.7%-84145354-225-5696352020202120222023E2024E2025En.an.a25.0%25.0%25.0%-232-385-10926751,7071,904-0.106-0.171-04530.2740.7100.79220-212627288.1387.7387.2637.5388.0358.539-250-406649680-0.0150.3570.3670.3861.5491.6319.7%19.7%20.7%0.0420.0000.0000.0000.2130.238-1.30-2.22%-6.238.83%9.23%2020202120222023E2024E2025E-0.9-1.47개-3.92.40%5.84%6.15%-232-385-1.0926751.7071.904-4.91-2.28%3.268.20%8.4218212627281,6681,9771,7201,736756主营业务收入增长率-33.616908-145204-2-16N/A-3.29%152.26167.8-1,326-542422-1480228216-125.0362.17N/AN/A11.64-358699133,8605.164.74%-2.1%0.33%6.42%资本开支,351246862-5125165171700071.383.899.999.999.92819541001101214.44.64.84.84.8-1.154-412-406-39651254.061.061.061.03,2007800001,438.91,366.81,714.3963.5718.5634.3-530-201,000550其他-427-402-105-6096686.88%-11.35-11.9-35.82,23-369598-159-6095.3-6.5-13.411.544.0241.0-75265834125.99%32.47%35.38%33.10%32.95%32.36%2