国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E6,81332649345171825212731.7-7.4%27.9%25.6%25.1%应收款项1,5932,1182,6213.0143.771-2,216-2,973-2,840-3,570-4,458-5,5456211,0489301,3141,4501,73263.7%65.4%其他流动资产114189151171175179毛利1,2611.6051.3991.8532,3552,9812,6543,7253,6504.82548915,81036.3%33.0%34.635.0%感资产35.338.2%3335.2%33.9%-3340-51-435510513617321821821880.8%0.83,8644,80557,1487,85493-88-8292-116-14549.3%54.52.2%529销售收入2.7%1.9%1.71.7%1.7%7798359371,1161,138-155-207-261-336-4225296,0178,8669,55210,187销售收入4.5%4.5%6.2%6.2%64.7%66.63.7研发费用-244-352-423-5317.0%7.5%7.8%9346681,0461,8931,4861,4357369266529581,2311,574应付款项8891,2461,1152971,6212,01721.2%20.2%15.4%17.7%18.118.5%其他流动负债17432223029737045155-57-123-158-1491,9972,23639148734773,913121.22.3%1.7%3151.2262,0003,0003.0003,000643555-2226148143143100002,5733,8918396,96869087,343-1335,5325,55361016.8357,873n.an.a8068068068068069455818771,1481.507未分配利润1,9112,4852,6631673,9004,93819.9%20.613.7%16.9%17.7%104318541621701781营业外收支-6-4-1-2136909395778761,1461,50519.7%13.6线16.8%17.7%-89-89-52-131-172-2262020202120222023E2024E2025E13.0%9.015.15.0%15.0%8505257459741,2790.7300.9730.5370.8241.1091.4765928080806.0096.8947.5678.4769.764785433661.0081.3131.3201.0642.0592.03516.9%17.110.2%12.3%0.2000.2003000.2000.2000.20012.15%14187.79%10.89%13.09%15.23%2020202120222023E2024E2025E7.828.05%4.85%7.50%8505257459741.27910.10%8.53%10.03%58080804204595735820主营业务收入增长率-741279425.65%25.1498916415354.67%25.86%-29.57%46.93%28.5127.85%-284-345-71457233.33%-44.8148%34.57%34.07%0641,6119.31%12.29%25.16%5.50%10.76%资本开支-1,150369,363153-1,392-1,442产力55-67-157-450118.1107.1127.81350120.120.00-500-3-3396.2102.5127.1140.0125.0120.0-1.20-1.6-1520-2,20159.759560.00.0382213900323.8298.7399.1339.5275.9221.14556369141,867-407-51其他-200-423521-296-324-30918.6642.42562.00%56.095260414-731-36013.316.312.87.87.810.5-137162267-465-12434.21%39.95%44.24%50.90%47.83%2