国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E46,0761,67726696,26的5,1075.5946,05753.2%46.852.723.5%29.4%应收款项4,9797,935-6,0139,636-24183-38,2069742,4503,5163,8964,7376,15571.6%82.6线其他流动资产6591.0351.194毛利2,3303.2222,9484.6496,1917.8709,31810,75616,45317,97221,32226,35328.415.616.117.4%17.1感资产80.778.681.81.0%82.642-5358-71-9210.40.22,4232,9773,5144,0824,529-121-53-59-107-13815.61771415.7%15.5%142销售收入1.4%0.30.3%0.3%274367465653745-154-235-317-3925072,2272,9327424.35250125,51销售收入1.2%1.2%19.321.45研发费用-309-454-645-980-1,210-1,56731,9043.7%3.5%3.4%061,2998115234761,7712,5191,9563,2074.4115,566应付款项7751,0462,0752,2952.7903,62510.4%11.112.4其他流动负债3574092275138454782-26-151,1311,4603,6023,6183.9804,9470.0%000-15047117291,38382,5822,58225812,530-202,5161,4986,1846,20065617,5261862002002409,02512,17613.98116,09519.74324.3482.21.0%10.9%4.3%411,3321,3321,3321,3321,7902,4711,6993,3724,6705,896未分配利润5,3447,0258,09110,72614,37418,97821.3%19.2%9.0%11.7%12.81430303030营业外收支-8-2355522,2426.33431,9041,7822.4691,7023,3774,6755,90111.7%12.8%-217-271-123-277-383-4842020202120222023E2024E2025E12.2%8.2%1,5652,1981,5793,1004,2925,417203423092.3283.2234.069000011.72712.80210.50012.08814.82718.2862,173,1004,220.3540.1550.0200.9661.8871.7780.0000.0000.1500.3490.4830.61017.3418.0411.29%19.26%21.74%22.25%2020202120222023E2024E2025E13.56%16.05%7.8213.89%16.98%2.1981.5793.1004.2925,41714.9815.1117.73000191345720449507主营业务收入增长率315952.73-3985-12-58107EBIT增长率105.042.22%-22.3663.97%37.53%26.18%-1.4456341882502229-3.58463.52%40.35%-28.1396.38%38.45%26.23%-148262,5122,36739.01%18.56线47.54%10.55%17.96线21.15%资本开支355-531572002-1,145-1,145产力0-1187.380.068.060.060.060.0-1,4772,04826620020024057.164.868.360.060.060.0-1,的21.5-307-94543.232.430.128.028.0280349g536-5210071.056.84.840.037.732.31,329-133,801-491-288-47其他-347-357-631-790951-17.5-11.0-12.9-1251,3-3463,981-1,078-998-91.153.0-23.9123.0295.1-1,0322-20099248946421.79%10.94%30.62%27.77%24.91%23.59%来源：公司年报、国金证研究所2