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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E171,384176.537181,492187,371195.41717.2%-1.4%12.19.1%11.0%应收款项155,697161,042161,480172.549188,300209.043-163,951-208.631-219,228-243,316-258.902-285,921741,475809,656877,893932,521980,8331,070,93085,675101.614107,133114,482毛利79,25776,39361,88071.8745.08495,9321,138.0171,248.0401,301,5361,388,1771,453,6411,589,87132.626.8%22.0%24.7%90.9%89.1-18495-15,685-13.121-15.760-17,199-19.09396.443125,562139.135147,526156.490166.0725.5%5.0%5.0%5.08,20511,84610,71811,23011,79012,403-6.877-7.384-7,530-8.2839.407-10.3470.7%0.7%0.72.8%2.72.7%2.79699381.183-4,3155.434-4.744-5,218-6,695113,357151,893168,879177,901187,567184,1451.9%1.7%10.45研发费用-1,260-1,436-1,238-1,261-1,376-1,5270.5%0.5%0.4%0.4%64,57664,66881,14587,94292,339102,00448,30935,24641,35251,01558,270应付款项292,004287,011319,702326,851351,99619.9%16.3%12.5%14.8%15.3%其他流动负债463.197-3,160-3,386-3,686-4,208-4,400-4,641751,758818,817842,280937,9191,008,7861.3%125254.607267.337280.704779-58-1,277-747-82525,81963,51064,77966.71669,14753246-14200984,7371,097,0191,148,2731,218,3031,271,9721,358,6376.1416.2114.2014.9225,1915,710180.231195,561196.264212.163231,714254.17612.411.9%11.610.011,96811,97011,97011,97011,97011,97052,26549,67034,69341,67151,33359,008未分配利润124,468141,052151,544167,442185,994209.4521.5%17.4%12.3%13.2%14.9%15.5%85.407107,354125.927135.612147,522161,204营业外收支27336560766873580852.53850,03535,30142,33952.06859,81612.6线15.115.7%-12.490-12,845-8.290-9,942-12,2272020202120222023E2024E2025E23.8%25.7%23.5%23.5%23.5%23.5%40,04837,18927,01132,39639,84145.7702.41922881.5331.89723332.68111.1009,8029,68511,91013,68215.06016.33716.39617.72419.35721.2342B,94822,7232,71.26的0.8810.6200.1810.5370.32711.9%7.2%0.7300.5804500.5690.7000.80416.0614.009.310.70%12.05%12.622020202120222023E2024E2025E2.311.96%1.21.45%1.8140.04837,18927,01132.39639,84145.7706.535.383.84.865.15%11,1009,8029,68511,91013,6825162,1633.5761.5901.7151.62317.191212141101-3.347-2,866-1,41375267814,189EBIT增长率-2.84-3.84%-24.1317.32%23.37%14.22%-22,06725,935-21751-32568-5-57,6645.39%-33.0123.79%22.98%15,1507,423,91921.12%11.87%6.50%5.44%7.445资本开支621-135106435-478516产力-9.039-18,677-4.475-8,391-8,964-9.5823.23.6474848481,490-1,1745,2184,9225,1915,7101,475.41,356.91,404.81,400.01,385.01,370.0637-3,04269.3233.3243.2240.0228.07,92921,3382,67400011.514.413.212.311.811.220.03053,26337,19721,80720,15826,213其他-29.837-42886-13.528-15,361-16.94756.25%54.99%63.46线63.64%62.13%4,779,2615.313.79.69.811.612.66.30624,97078.69%78.36%78.09%77.79%77.03%76.59%来源：公司年报、国金证研究所2
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