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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E21.3331.262399542,3821,0891,4711,785138.0%32.1%32.8%17.9%应收款项5802,2841,0241,7942.3832,809-10,058-20,580-27,68-33,8212,5054,5337,6107,8949,86011,11966.7%其他流动资产801,6382,5222,59128753,120毛利2,52711,2858,13510.68113,84015,1194.2949,40913,53913,36716,58918,83428.2%52.9%34.4%33.3%21.531.0%25.219.9%20.620.8%-237-407-426-563-747-8811722122782782782.61.81.814,59718,99035,58147,40257,67365,44432-35-34-44-62-7373.070.7%7230.2%0.2%9381,4441,4131,389-219-295-419-563-74788115,70820,90540,19453,72563,96871.7111.8%79.2研发费用-230-555-723-938-1,287-1,5662.62.6%3.13.2%1,8747,2188,63512,62813,4091,8109,9936,5338,57410,99611,718应付款项4,0814,0128,8478,45711,37620.2%46.827.627.4%26.523.9%其他流动负债1,2312.9502,8463.638-189-334-1,395-1,872-2,0587,9008,83618,29319,93827,64231,2342.7%0.9%1.06610,84217,84217,84217,842-26-3000017617062062339939700010.21610,07229,75640445,88349,534-17-30020.11923,83228.54334,52940.855n.a0.093的1,0741,0741,1821,1821,1829,8376,4117,1799,1249,659未分配利润6,49214,31417,85022,55928,54434,83117.646.1%23.0%22.0%19.7%10012315145145145营业外收支20-40-9400020,00230.31453.7331,5999.7976,3187,1799,1249,65917.8%45.926.7%23.0%22.0%19.7%-186-1,563-1,176-1.292-1,642-1,7392020202120222023E2024E2025E11.7%16.0%18.0%18.0%18.0%1,4138,2345.1415,8877,4827,9211.49776457934.9796.3296.7009220010.32618.73022.18724.14429.20734.5671.3373.453-0.5837.34010.81512.02115.7%38.5%18.0%16.2%0.2901.5100.8800.9961.2661.34014.50%40.8121.60%20.62%21.67%19.33%2020202120222023E2024E2025E7.0227.09%9.58.77%9.29%8.75%1,4138.2345.1415.8877,4827,92110.97%12.69%13.30%や-7001,1331,3172,2092,7583.257137.99321532.83%2455221,4761,6752.092EBIT增长率31.91%452.2031.25%28.24%-1.53778892587194226.93%434.74-37.3014.34%27.09%5.87%-62614,21215.04%51.55%77.25%24.86%20.07%12.40%资本开支-1,303-2,641-11,473-15.778-13.000-11,000产力-30-490-350000144918.58080-1957-32400140.3127.7142.8140.0130.0120.0-12,1g-15,78-13,00-11.000186.1131.8123.4120.0120.002,49515020433.0237.1289.9264.0218.7198.8-1,78915,0734173,993780其他530-1.521-2,6093,395-3.67645.09%8.5485.82%4113,7025,8107.552.919.66.15.95.7-4566297731651.07%33.23%55.38%57.24%56.96%54.71%来源：公司年报、国金证研究所2
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