国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E325.941335.15223483246,795294.6373674510.4%10.5%10.110.9%11.9%应收款项81,70872,69783,33889.63597,162-533.260-603,905-676,853-743,234-824,68-922,9798,04410,20311,69612,21913,55615,17271.2472.2%72.0%72.0%72.0%其他流动资产240,762毛利234,810244,353260,396289,059320,696358,936579,743456.371520.994606,771720,54130.6线28.8%27.8%28.0%34.333.0%26.128.631.7%-2.462-2.722-2.898-3.097-3.436-3.846162,922249.128372.985403.453423.6490.3%0.3%0.3%0.3%0.3%0.3754,820770,399786,287851,287874,787898,787-49,592-54,715-60,703-67,9424442741.239.5%6.5%5.7%5.3%5.3%5.3%5.3%47,56350,42353.12053.75655.85657,956-53,228-54,533-59,876-66.430-74.3511,112,8391,210,6561,443,8671,478,1991,514,6711,553,000研发费用-11,099-15,57-18091-20.647-22,907-25,6331.4%1.8%1.9%2.0%2.0%2.0%24,17326.05930,91931.00032,00033,000119,905124,583135,282150,724167,220187,160应付款项316,341368,190321,351409,237457,11114.7%14.4%14.6其他流动负债176,760187,899181,067200.2852149217,9058,0968,6057,79910,22613,519517,274533,33757,578641,522705,032-1.0%-0.9%-115-5,302-4,5505,144-3.103-3.83457,83648.887100.77875.35358.32946,4004,1022,7594,0004,0004,000575,110631,035634,115662,931699,850751,43213.09313.39613,18113.00013.00013.0001,113.6161,171.0501,262.0481,331.8371.416,8161,516.9847.36.6402,130402,130453504453,504453,504453,504142,935151,994161,306176.977195,343217,844未分配利润1,010,8351,069,1871,107,1201,180,0941,265,0731,365,24118.6%17.9%17.0%3,8563,9424,0754.4254.7755,125营业外收支-211,5001.5001,500142,353151,973162,872178.477196,843219,34418.5%17.4%17.317.2%-34,219-35,878-37,278-41,050-45,274-50.4492020202120222023E2024E2025E24.0%23.622.9%23.0%23.0%108,134116,095125,594137,427151,569526754385.873641570777.83815813535035035054.38854.92459.07762.32970.994107,837115,937125,45m151,219168,566.6115.6003.7578.2108.8719.8的714.0%13.7%13.3%13.2%0.3000.2500.3003.0003.1003.2009.90%9.9410.29%10.67%11.112020202120222023E2024E2025E6.376.42%6.607.13%7.41108.134116.095125.594137,427151,5697.91581353503503505.3024.5505.14415.60714.62113.995主营业务收入增长率1049101192-28.390-23,454-24.018-19,850-17,544-18.122-1.973.90%11.41%10.94%11.92%50,31428.21542,23940.90746,7147.51%9.2610.325135,360119.406189,554211.416.1%6.70%7.17%资本开支-190.183-206.806-189,053-32043-25,100-25,600产力-12043-78,880-80.960-38.171-5190-45.19017.516.515.618.018.018.014,12547,39031,97013,00013,00013,0005.35.55.96.06.0-188106-238296-238063-57,219-57,70172.6158.9144.1144.0144.01440048,6953,33500325.9301.8279.0263.9244.3223.9-3241,0001,000其他-82,252-93,896-123,849-70,071-68,197-69.754-38.51-3763-23.75-26.-35.0-82,25-45,201-120514-70,3%-68,754-15.2-15.4-15.7-19.3-16.4-13.833.98%34.94%33.37%33.16%32.99%33.05%2