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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E60785554154949923.6%1.836.630.2%23.7%应收款项8279751,0681,2901,472-803-1,120-1,097-1,487-1,922-2,3588028839761,1121,30360.7%68.5%65.9%65.0%93114231186213232毛利5205145677861.0361.3032,2542,6787319093.35631.34.1%34.635.0%356感资产79.078.8%7372.72.3%-8-10-12-1929420.60.60.5%0.5%295303376535682817-132-155-167-199-236-27310.41013.316.5%10.0%9.5%10.0%8.0%7.5236440415402390-113-132-154-183-216-2566007201,123,2541,374销售收入21.021.2%26.9%27.9%27.2%27.7研发费用-221-207-243-318-3854394,61012.7%13.0%12.0%706533672835984820461174184315应付款项4345406807248739933.5%0.7%n.a32%6.2%8.6其他流动负债151240306237303130-26-28-24-31-311,2911,3136577961602,182.3%1.7%1.05110505171111-12177-43-462111719017816900001,4901,5748792.0572,429454-201,1811,6331,7541.9502,255n.an.a0.0%1731991991991994934138241369未分配利润2162452503585548593.72.1183191210220230240营业外收支-36464034640141442473752.5%8.3%-22-37-562020202120222023E2024E2025E9.9%-4575%15.0%15.61222103190.1610.15700.5651005153-111010106.8348.2208.2858.8309.81511.348283117112203090.3881.084-0.1590.0750.4501.7216.7%0.0200.0200200.0200.0200.0201.916.40%10.24%13.682020202120222023E2024E2025E0.970.92%0.452.79%4.33%1222103191.80.47-0.112.174.79%1411-1110101011112126主营业务收入增长率45.95%23.5518136 64%3015%23.753221535EBIT增长率N/A-76.50-164.52-1163.5%71.50%268-13881.19%-46.20568.3654.55%620.51%19.10%9.89%14.34%资本开支4-18193-193产力-2110150.3138.3160.0140.0130.0120.0300309.8274.7309.3280.0260.0230.0-50-332-186-193-193138.41222157.3140.0130.01200142300079.859.763.756.148.943.0-254169-144其他-39-46-4615.36线-15.18.923.78%24912089180123-1901.50.4-0.23.16.010.0266207-275920-4252.21%45.31%50.30%51.02%52.70%2
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