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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E1,2%2.0203266569532,4313.1503.84448.7%32.4%30.2%应收款项181324423512-187-302-353-477-628-81510612415717121521.5%23.3%23.9%23.9%1,09496124257071.809,041毛利9931,1731,5442,0022,5901,6511,9033,7694,6196,61278.5%76.7%76.9%76.176.1s感资产74.7376.0%77.25-12-13-26-441162944175185991.1%0.9%1.3%1.317724128的375468545-160-244-295-414-4856618.118.4%18.8%19.4%20.5%18.519.4%31329384454-74-103-126-181-250-330561,0691,3491,550,7541,518.5%8.0%8.3%9.5%26.24.0%研发费用-19-27-34-64-1082,2132.2%2.12.2%2.5%1497421921804216077048591,1681,447应付款项14212214129437950348.4%46.942.5%44.442.5%其他流动负债1331311592331-4193562103036728307950.3-0.550000002213317715215215222243652382498194740351,7522,2162304,9725.9437,21310.4%6038518958954746857999301,2561.5521,153,297454.4%52.9%52.4%47.8%45.6%3203537338303营业外收支-12-130122135.1197.306847959311,2571.55352.8%47.8%45.6-18-92-99-102-177-1742020202120222023E2024E2025E3.9%13.5%14.15926978281,0791,3790.7140.6526970.9171.1951.51910202.8852.6054.7275.5568.0504336248200.6180.6750.6451.8511.3081.63349.8%42.8%40.9%40.7%39.9%0.0000.0000000.1000.1100.10024.73%25.04%14.74%16.50%17.99%18.84%2020202120222023E2024E2025E19.58%18.66%12.19%13.30%14.63%15.874445926978281.0791.37920.3220.3215.33%16.871110203639617693主营业务收入增长率34.59%4874324429.49%-80-10-43-2831EBIT增长率44.40%44.06%16.02%21.95%23.89%23638101941.20%28.02%12.44%31.52%30.36线27.1055737.79%34.32%72.20%20.52%17.18%-137-147-192-192-237-16-1.57398-178-28750.742.148.649.146.14852444035123.0107.8118.9120.099.496.1-282-1-205-32967549.344.763.065.06128569110070.251.543.439.433.3-122-218其他52-227-276-106-122-10651.5-48.210-20027-123-324-655.8160.2-100.7-46.4-34.0-25.810327322371969410.02%14.68%10.22%13.35%13.43%来源：公司年报、国金证研究所2
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