国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E10,31415,93423,314,92859535,3445,0656.8157,76643.5%7.710.915.9应收款项2.7373,5423,4983.9214.5435,197-4,727-8,212-10,734-12,176-13,6573,1173,1944,1454,4115,61245.8%55.5%60.7559.5%其他流动资产2,2251,1251,0811.1031,125毛利5,8366,9428,3049,77413,52814,91414,11114,47817,46519,70154.2%44.5%36.9%39.3%40.5541.7%感资产43.43.0%36.9%36.33.8%42.0%-115-132-127-141-164-187366374456560.8%0.8%15,24017,30421,61322,75823,63324,340-313-107-122-141-164-18749.349957.0%53.9%51.9%销售收入3.0%0.7%0.81.4201,5401,7551,8311,905-423-424505-566-655-75017,36919,77824,15625,42226,37227,153销售收入2.9%3.2%3.256.263.7%研发费用-546-783-954-1,126-1,3125.3%5.3%5.4%5.4%5.5%3,4333,3093,2222,1444,1915,1414,2735,1396,1957,337应付款项2,0912,1872,8702,7673,44640.634.7%26.8%29.1%30.2%31.3%其他流动负债6538588519951,148-305-27044-325-362-4056,3836,4776,9267,3226,7383.0%4.1375.1495.2745.4745.4745.474-1580009731,2021,3631,3431,3431,342-66011,49312,82814,60513.7431413913,55416012812913013013019,33621,80023.57526.07029.61133.2132.5%2.2%1.82,5783,0913,0913,0913,0914,1645,0834,3134,9435,9637,063未分配利润11,51514,12115,82418,34521,38624,98840.4%34.4%28.0%30.1%686487878787营业外收支54-52-750004,1105,0314,2384,9435,96339.8%28.0%-533-691-600-742-894-1,0592020202120222023E2024E2025E13.0%13.7%14.2515.0%15.0%15.0%3,5774,3404,2025,0686,0031.6591.6771.1711.35916401316008.9998.4557.6278.4349.58010.7453,5644,3241.4532.2641.4111.7432.0132.34829.2%22.7%23.8%24.7%25.6%0.7000.7000.5000.5440.6560.77718.43%19.8415.3616.12%17.12%2020202120222023E2024E2025E11.53%12.46线9.410.53%11.56%12.813.5774.3403.6384.2025,0686.00313.3710.90512.4113.62131618008491,3321,4811.5511,62035.3443.47710.93158714.40%231280506265355426EBIT增长率70.00%22.67%-16.820.27%20.55%18.44%-1.535-114,337753-79164.33%21.34%-16.216.07%20.6118.45%8.4012.28%4.27%9.87%资本开支-2,297-3,448-4896727-2,501-2.401产力-8461.857.860.060.060.02,1951401,057130130130198.8140.2133.3150.0150.0150.0-194-2,371120.264.466.064000005000492.4353.2378.5327.7269.9223.68261,037-929-87-1,078其他-1,314-2171-2.307-2,513-2,95710.29%15.4253.91-2.61-1,376-1,270-3,070-403513.819.096.215.817.1181-56395237.20%36.98%38.17%34.44%3225%28.93%来源：公司年报、国金证研究所2