国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E35,66050,71356,34664,17372,64782,18212.9%7.4%16.113.5%13.3%应收款项19,01424,05922,81026,95731,25035,398-69.379-74.160-77.228-91,133-103.540-117,30033.68945.23546.16151.47257.5868.4%64.8%62.8%63.9%63.9%63.9%其他流动资产18.61416,78213,48223.96326.68129,169毛利32.07140.36245.72751,56166,200106,977127,871137,874161,253182,051204,20731.6%35.2%37.236.175.8%76.279.0%80.2%81.2-787951-999-1,134-1.2857,957.2308.3229.808销售收入0.7%13,30213,0541,06314,17914,05814,000-7,579-8,7339,173-10.703-12,150-13763877786.9%6.2%7.5%7.5%7.5%7.5%11,62610.5489,92610,29010,86711,369-4.9955,4455.333-6.707-7,614-8.625非流动资产43.65840.89243.08042.91745,00747.1884.9%4.8%4.3%4.7%29.0242%21.0%19.818.8研发费用-14,797-18,804-21,602-19,978-2,032-24,58917.6线14.0%13.6%13.4线12.6649,92410,62415,80418.04018.5794,0166,59313,17515,53017,940应付款项32.86936,78032,59539,60644,97850,9474.0%5.8%9.2%9.828.86331.98135.20536,45241.13046.339-421-963-163-2,161-2,391-2,36474,39578,68578.42491,862104,143115,850.41522,61435.12636,12636,12636.126-643-1,790-1,281-1,144-1,1777,5036,8827,8617,7737,6267,523391.099-1,142500600700104,512115,476121,410135,761147,901159.5131.3398741.0001,0001.00043,29751,48258,64167,15777.45589.62914.2%15.810.06.9%4,6134,7314,7364,7364,7364,7365.4718,6768,79512.33314.79517.399未分配利润14.82420.65127,30935.85146.14958.323营业利润率5.4%7.2%2.8261.8069021,2521.7022.252营业外收支-407-177-43-200-200-200227.0251.3%5,0648,49975212,13314.59517,1995.0%-342-1,463960-1,820-2,189-2.5802020202120222023E2024E2025E6.8%17.2%11.0%15.0%15.15.0%4.7227,0367,79210,31312.40614,6190.9271.4401.7062.1032.5242.97046223-2893504505509.38510.88212.38214.17816.35218.9236,8131.8133.0581.4471.87733254.0494.2%5.9%6.60.0000.1000.2000.3000.3500.4009.813.23%13.78%14.8415.7052020202120222023E2024E2025E4.88%5.275.60%4,7227,0367.9210.31312,40614.6194.55.85%7.329.29%446223-289350450550非现金支出4,6146,3785,9464,3355,00212.88%7313.52%13.27%27-1,3052,8192,2092,187-47.22831.48%52.00%17.88%15.52%-1.0012,357-8.471-8.580-3,428-2.63023.30520.00%17.715,7476.612.03%7.2212.8311.2110.725皆本开支-6,4625,466-4.928-2,843-4,220-4,6205,548-367-786-78664.253.252.352.052.052.0其他2404211,030900900900161.5172.3192.7190.0190.0190.0-2,31093.495.796.491091.091.014,167538171000因定产周特天数42.936.533.229.125.8-1.2945.3095,4066,2492.246549其他-7,162-3,068122-4,7855,256-5,572-3.1-23.35-18.8-18.8-24.16-30.61s9553165766,41069.38%68.42%67.09%66.49%65.14%63.45%2