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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E27,76030,16732,17236,7118,46714,59817,85515,40818,35822,6188.7%5.5%应收款项8008079049591,012-16.541-19,091-20,318-21,212-21,895-22,4653,2813,4934,1524,14441994,24763.3%63.2%其他流动资产2,68110,0689.18813,96614,65515,153毛利11.21911,07611,85413.39314,80516,266流动资产24.62828.95932,00234,42138.17243.03036.7%36.8%38.7%40.3%42.0%59.362.2%63.65.167.3%-2.219-2.319-2,391-2.561-2,716-2,8664023923983933888.0%7.77.410,64210.9111146611,50511,57911.672-4,985-4,097-4,200-4,624-4,80325.623.4%21.8%20.4%18.9%18.0%13.6%12.8%12.4%3,8973,9153,9673,99540054,013管理费用-1.678-1,693-1.473-1,488-1.541-1,588非流动资产16,88617,60418,30918,4151858618,77643%4.2%40.37.8%32.7%30.4-21-31-63-55-390.10.10.250.17452756060622,3162,9373,7274,8525,8696.971应付款项5,4476,3687,0566,9627,1928.3%9.7%11.616018.0%9,31811.59712.34112,87913,10647124342133634942415,51018,25919.67219,90120,35821.310-1.7%-0.9%长期款00-129-202-15-110-120-1304.5113.8153.9154.01525316417018019020.14622.76924,03923.71624,27225,3252518617014814815020,62223,00225,49528,24331,50335,390.8%4.2%3.4252.11.3641.3641.3641.3641.3641.3543,2504,4555,0015,9867,0258,21514,22116,31918,52821,27624,53628,42211.7%14.8%15.5%21.2%745792877982营业外收支24541.51446.55350.31252,3656.5861.063.2404,4795,0065.9917,0308.22011.7%14.8%15.6线17.3%19.221.2-913,223201-1-1,687-1.9732020202120222023E2024E2025E28.2%27.3%24.0%24.0%24.0%2,3273,2563,8054,5535,3436,2471.6142.3132.7203.2643.8404.49912610110010511015.11716.85918.68820.70223.09225.9412,2013,7116,1373.8284.5563.7036.2674.7335.81610.5%11.5%129514.3%15.80.5500.7501.1001.2501.4501.5010.67%13.72%14.55%15.77%16.63%17.34%2020202120222023E2024E2025E6.78%7.38.43%9.23%9.93%2,3273,2563.8054,5535,3436,2477.47%8.80%10.59%12.55%13.6214.42%12610194100105110非现金支出1,2921,3461,1401,1681,2541,345-0.808.67%6.657.5653%-648-1,568-816-402-477-49926.80%26.92%30.19%20.95%18.77%2,2513,1819233,23033784218.86线43.34%17.59%20.02%17.62%17.165.228.05.02%-1,275-1,602-1,738-1,184-1,275-1,375-4709,185-1,112-495-2951815202020其他25753714814815071.364.868.771.370.069.0-2,199-1,2248.451.160.060.060.02820000135.5122.8115.1107.41006450-450-747100102其他-1.087-1,170-1,634-1,719-1,984-2.257-91.7-71.79%-77.13-88.2-90.2%-356-2,466-4.9-12.1-8.9-14.4-16.8-1643,3542,9514.26043.53%48.90%47.78%44.89%42.76%40.97%2
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