还有 4 页未读 ，您可以 继续阅读 或 下载文档
报告派所有资源均由用户上传分享，仅供网友学习交流，未经上传用户书面授权，请勿作商用。
1、本文档共计 4 页，下载后文档不带水印，支持完整阅读内容或进行编辑。
2、当您下载文档后，并不意味着拥有了版权，文档仅供网友学习交流，不得用于其他商业用途。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！
4、本本所有内容不构成任何投资建议，不具有任何指导和买卖意见。
5、如文档内容存在违规，或者侵犯商业秘密、侵犯著作权等，请点击“违规举报”。
国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E9,132.2592,1873,0833.6534,71074.5%8.826.6%19.7应收款项239153306429-1,838-2,865-3,488-3,802-5,7093301,0725181,5621,9732,34662.9%63.0%62.9%62946284182886787毛利9011.9122,0572,2312,8373,4333,1274,1475.7798,50632.9%40.0%37.1%37.0%37.6感资产84.682.0%80.1修84.6868%-3-14-1921-27-32244452315320330230254254329447545-75-8792-109-130-1466.25.0%435.5%562.7%1.8%1.7%25333934435736235692-106-142-157-191-2199101,1661,0531,1811,293销售收入2.2%15.218.0%13.2研发费用-578-904-1,185-1,206-1,451-1,64621.1%21.4%20.0%19.0%18.0%3435590001538016197381,0381,390应付款项6324376157895.612.2%15.2%其他流动负债240419341402416-1814852847031,0868371,0171,2051,4400.9%0.4%-2.7%00-2623000626105122130017007621,1499331,1211,3271.569231530602.9193,8758945,6726.7378,1903.23.94114134154154151228477228051,1361,534未分配利润4441,1728512,59451134.4%17.7%13.0513.3%14.9%16.84333839营业外收支3011118477218061,1371.53617.713.0%14.9%-1911-21-30-402020202120222023E2024E2025E3.8%2.61148287327851,1081,4960.279197475718892.665117.1009.42511.83513.65819.7227277841,4%2.2551.4031.2852.4442.0503.1694.2%17.0513.114.5%16.3%0.0000.0000000.1000.1000.1003.9320.95%14.85%13.83%16.43%18.25%2020202120222023E2024E2025E16.05%12.39%11.48%15.25%1148287327851,1081.4964.912.58%16.5-11651212377143157173主营业务收入增长率87926-52-514229EBIT增长率-14.9424.5019.18%40.80%33.84%628-411-3829-27.34606.76-10.47%41.08%35.06%927531,0151,31610.90%37.19%15.99%16.48%20.94%资本开支-264-263289-211279-274产力274-76013930.921.215317.019.021.0493112255078.789.3135.5150.0150.0150.060-992-59-254-22461.564.953.456.057.058006350030.718.216.615.011.78其他-44-679-13260-60-27-365.945.6-4.2-14.1-15.4-165805-4334089657120.69%22.72%15.92%16.41%2
转换为Word/PPT