国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E20202020222023E2024E2025E59121727832236718.217.7%应收款项374480565646-427-672-857-994-1,165-1,329847510912714572.2%82.080.5%9463476478毛利1641911882412893333895541,1301,3431.4921,63727.8%22.119.5%19感资产81.286.4%93293.392-37-71>170.60.5%0.4%6360517787-39-34-37-37-4113.22%8销售收入3.9%30%2.8%10131721-24-26-28-31-33878396112126销售收入3.0%2.7%18.研发费用-20-26-27-31-29-334796421,2133.4%3.0%2.6%2.5%2.0%2.0%15908213516610192139182216应付款项12312078197231211.7%11.3%12.513.0%其他流动负债235833Ab-1-3-13-11161213731240540.2%0.40.10.9%00000-9-2550001000276139312405476123133651.0731,1271.1990.1n.a1.5%595959759494140170206未分配利润18123236643852612.7%10.99.011.3%11.7%12.4%0000营业外收支-10-1-2-14796421.21374949313816920612.6线10.8.9%11.6线12.4%-12-11-21-25-312020202120222023E2024E2025E12.3%1211415.0%1171441761.4831.8724111.9982.45000007.1198.30618.3011922120.44621.94365831171761.3550.3241.3771.2401.6152.2797.9%9.5%0.0000.0000.7000.9991.2251.49720.84%22.537.71s10.39%11.9813.642020202120222023E2024E2025E13.62%12.83%8.14%9.96%821171441720.70%19.3711.62%0001821214.0121182517.7114.32%78EBIT增长率17.69%30.17%-8.4350.31.1418.33%2220.45%26.17%0.49%16222.65%22.1657313420.01%33.94%88.97%18.68%11.45%9.925资本开支-5-2726产力0000124.1112.498.5110.0110.110.01045222236.734.733.941.041.041.057-24-2340.420.913.835.035.035.00700039.025.217.919.219.319.1其他32-98-10.7-53.2-50.6-433813-266676.832.272.3-139.514.420.1141576043.07%11.49%21.68%25.24%27.012