国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E1,1461,5512,1722,8974,2425,83568.0%10.6应收款项4.4756,81410,60810,86411,52912.317-15.488-41,659-45.428-49,894-55,3995,2618,0778,7079,0869,70510,47381.7%86.485.3%其他流动资产5911,2721.051.1521,2101,281毛利3,4755,1726,5647.4878,6049.81911,47317.71322,55323,99826,68629,95618.3%13.614.114.7%15.145.754656.756.757.8%59.1-181-278-249-273-302-3372.5523.2153.2153.2153.2150.5%0.5%8,8029,74811,25912,31313,47114,701-280-306-339-372-412-45930128.3销售收入1.5%1.0%0.70.70.7%1,4341,2721,7571.7781,798-721-894-890-976-1,079-1,20313,63114,70817,24618,31819,49320,7413.8%1.8%54.345.4%43.342.2%研发费用-1,276-1,729-1,897-2,097-2,33825,10432,2139,79942,31646,18050,6974.5%3.6366,945,5204844,7295.1055,5661,43324183.3573,9684,7135,481应付款项3,3377,6298,089,11010,00611,1107.0%7.5%8.4其他流动负债1,9172.284446-485-67473912,59015,06615,58515,96917,39519,1291.32.0713.5165,3275,3275.3275.327-165-2615840005171,1112,8272,8072,7962,789000015.17719,69323,73924,10325,51927,24593-29007,6158.9619.99111,34312.99214.9836.6n.a0.01,4061,4181,4181,4181,4181,4181,1261,9813,4944,1744,846未分配利润2,7543,6994,6905,9927,6419,6335.9%6.2%5.4%2,3123,7676,0706,8707,6708.470营业外收支50-43-1700025,104423161,0761,9382,5723,4944,1744,8465.3-119-243-389-524-626-7272020202120222023E2024E2025E11.112.5%5115.0%15.0%15.0%1,6952,1832,9703,5484,1190.4370.8320201.5301.9372.3403427378008008005.4166.3177.0437.9979.15910.5636141,12,1703,3191.1690.697-0.2543.7383.7754.3153.2%3.7%4.7%0.1500.2600.3500.6120.7750.9368.0613.1714.48%19.13%21.15%22.15%2020202120222023E2024E2025E3.64%3.635.13%6.5药%2.1832.9703.5484.1199.449.711.04%12.72%342517378008001.0341,2181.6451,1921.3881.616主营业务收入增长率9051409731055%119290321488726713740EBIT增长率102.3068.77%38.83%18.21%16.30%-636,246,676414294-354135.592.24%22.50%50.06%20.795-36022.76线6.32%9.13%9.78%资本开支-923-1.305-1,715-2,263-2,563-2,863产力-401-194-30400047145.447.553.050.047.07300118.791.273.573.071.069.0-1.59446.935.735.035.035.01521,4985000153.695.175.572.669.878372022.289376461其他-1.839-813-631-1,594-1.812-206779.28%64.96549.16线29.00-8518872,887-1,363.25.07.25.96.466-51141361974060.46%60.74%59.65%56.96%55.26%53.74%来源：公司年报、国金证研究所2