国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E6.663287691,6072,2653,52626.5%17.725.5%应收款项1,0011,0321,2821.6732,148-1.199-1,526-1,784-2,092-2,638-3,3114765897528021,0261,28840.2540.0%3.2903,1673.2613,427毛利2,2402.583,1384.0235,051流动资产5,5586.2547,1188.48110.56359.7%59.5%59.860.0%60.2%62.2%-25-36-4650-64-805240.8%2,2762,82132603.4003.468-630-718-1,092-1,33828.030.6311%29.7%26.9%23.5%15.6%16.7%16.2%16.5%16.0%474457437443447449管理费用-141-146-164-194-240-293非流动资产3,6754,2194,3184,3884.4434.7%3.9%3.7%40.337.8%34.1-343-481568-654-826-1.037售收入11.512.812.8%12.420021011612008069481,1611,3781,8012,303应付款项8118641,5671,7002,2152,84027.125.2%26.126.3%27.0%27.5%38448448754687-21-1522439591,2571,4592,1672,3062.7613.527售收入0.4-0.%-0.7%长期款00000-32-15-58002953713933639000001,5521,8292,5602,6693,533501081199080806,4777,2777,7838,6225.9%10.2%9.2%4.14515865865868561,0761,261,5561,9612,4821,5452,2963,0453,8864,9576,31728.8%29.2529.7%29.7%126130146161176营业外收支-11-10011.378451,0661,5461,9612.4832829.1%29.4%29.7%87-86-105-128-161-2012020202120222023E2024E2025E10.48.2%9801,1891,4171,8002,2811.65的1.6611.9912.3903.0453.856151514.36312.41213.27514.70616.95119.2707489741,4011,762,262.2062.4922.6582.7063.2174.73325.1%25.9%26.3%26.8%26.8%27.10.9000.8500.7200.9561.2181.54611.54%13.38%15.00%16.25%20.06%2020202120222023E2024E2025E9.19%10.55%11.15%12.25%13.87%15.10%7579801,1891,4171,8002,28110.29%11.06%12.85%13.79%18.45%1615非现金支出35543652249056663011.15%26.45%17.94%17.75272554%-105-13660-349-8.5717.68%22.44%18.6330.75%-155150-17-261-130-3.41%30.20%19.90520.05%27.36线26.98%9951,5791.1513.46%13.439.21-1,115-1,066938-63568521343-797594.383.9850189.0其他-2.390212-349080124.5127.4137.3140.0142.0142.0-511979-52960557.850.553.256.059.063.03,07902450200.3166.4163.3134.692.961.1-113-100-182000其他-285-521-118-565-715907-3.2-7.66%-22.43%-218-67038.665.0-568.8-57.1-45.8-38819144036947466219.07%19.82524.45%23.34%21.53%23.54%来源：公司年报、国金证泰研究所2