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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E2,267632,6913,5465,5857,69710,22235.4%34.0141.964.4应收款项1,2121.5242.2913,9388.503-1,508-1,910-2,5596,516-10,495-14,2872,0972,8085,3308,91614,36919,56161.7%61.7%63.6线其他流动资产1401.9881,8172,215毛利7781,1863.5176,0028,1644.2129,01212,86020,25530,52940,83034.0%38.3%38.3%35.1%感资产90.92.2%88.92.1s93.3%94.0%-13-2455-91-1231334194194194190.60.60.6317037139481,262-114-197-305-652-990-134749433.9%365.0%7.46.5%53230368505639-100-92-138-311-478-6294407646671,7482,1972,621销售收入3.0%3.3%2.9%研发费用-166-331-488-1,104-1,732-2,2457.3%10.711.8%11.0%10.5%10.0%92305628391,0373855476341,3962,7113,819应付款项1,2913,0605,4948461203916.8%17.7%15.3%13.9%17.0%其他流动负债1,7522,5858,36213.75418,717-1427861172,7943,8847,92314,41823,43931,84308080808050-492513000002.9173,9318,09814,5012352231,924036361,7455,8726,4527,5379.25111.632521741741743396308221,4862,8343.970未分配利润8261,3832.0833,0054,719710017.0%20.4%19.8%14.8%17.2%17.7%-11-27-23-35-56营业外收支6217147070701452722,00332,72743.5014516478371,5562.9044.04019.7%20.9%17.6线-20-12-31-58-812020202120222023E2024E2025E14.11.5%6278241,5252,8463,9597.57059469528.8221639522.780-8-37-12-11-1033.51754.31837.06643.25653.09366.761394643B6228577.1966.0794.91513.71219.96325.15417.3%20.8%15.3%17.3%17.7%1.0001.5001.5003.5326.5649.12122.59%10.9513.3620.39%30.88%34.122020202120222023E2024E2025E8.46.58%6.99%873%9.12%6278241.5252.8463.95917.39%9.059.229.37-16-37-127089948699128主营业务收入增长率354434.016443-2285437EBIT增长率79.62%42.00%120.094.27%40.83%-3374853262.9734.0978.33%85.8438.95%37565716.15%110.14线48.60%51.46%48.74%32.92%资本开支-116693-191480480产力-1,822432061.186.285.080.080.00363636504.0468.8580.3500.0500.0500.0-158-1.935225153.31321159.8158.0158.0158.03,489102163029.746.640.920.014.712332301292277248其他6-119-352-646-1,194-1.657-84.261-19226.9-20.3-6.4-21.9-31.6-32.811672062.70%40.21%55.74%65.90%71.87%73.39%2
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