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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E10,69019.14313,08315.76220,47251.2%91.229.8%21.0%28.3%应收款项7,49813,28018.11420.90925.29932.470-24,719-38,191-73,6337,12012,75418,71519,55923,56530,28384.085.9%85.1847其他流动资产5.1385,0936.5827.4118,785毛利4,6996.29011,41916.47220,41426,01228.31741,86161,06560,13372,03692,01116.0%13.4%15.3%62.165.9%67.9%66.473.3-137-262-331-4015143,1334.8024,8024.8020.3%0.3%0.3%12,34214,52616,34217,98619,26920,193-1.015-1,408-2,399-2,981-3.607118.5%销售收入3.5%3.22.82.72.7%2.78761,0903.7424,178-1,109-1,483-2,209-2,760-3,206-3.94317,27621,67928,91130,45632,18333.5393.3%2.3%37.%32.1研发费用-353-925-1,221-1,656-2,004-2,57245,5m263.54089,97690,9104,219125,5601.5%1.5%1.5%5,6789,00513,6738,2313,5002,1152,3375,3298,74411,19714,353应付款项16.47620,69731,97533,68140,57752.1437.2%5.3%7.9%8.4%8.4其他流动负债2.0919.3028.94410.441538-289-272-459-250-1724,24535,04954,95050,8565684168,3081850.70.3%3.0063,5723.5723.5723.572-549-396-1,723-1,029-211-3547,3211,9982,895-55300045,37661,18156,4266274874,77652861090039321815,08117,11226.33931,44238.36047.18323.2%15.3%3.5%1.5%2,0682,0742,1732,1732,1732,1731,4332,2614,0788,30611,27814,350未分配利润2,0133,36845111,55418,47327,2964.9%4.8%7.5%8.46201,0522,4572,7213111营业外收支-271350-50-501,4072,2743,9848,25611,22814,3007.5%8.4%8.3%-174-424-332-702-954-1,2152020202120222023E2024E2025E12.3%18.68.5%8.5%1,2331,8503,537,55410,27413.0840.5940.8721696335445485.80046-272643904807.2938.27512.14214.46817.65121.7113.680,2的0.5314.2582.6905.5906.880.0000.0004781.0061.3641.7408.1510.54%13.97%23.18%25.77%26.712020202120222023E2024E2025E2.702.84%4.09%8.05%9.48%10.041,8503.537.55410,27413.0847.217.29%20.0246272643904801,7151,6903,9302,7602,3142,828主营业务收入增长率9128.35-20-3614205325627560.63%128.064.09%28.05%28.19%-2,0802,074522-1,26091.90%103.9798.08%35.59%27.52512,14914,2624.94%15.05%20.47%资本开支-4,687-6,427-8.076-3.463-4,030产力165-1,028-16655.250.945.950.050.050.0534603-72390039321894.095.078.080.080.080.050.050.05002,3104812,196000124.2109.652.845.140.032.52658,7975,358-2,409-2,322其他-913-564-1.381-2.89-4.07432.13-4.56-16.0-5,223.98.119.619.144.8829.0337-60452.69065.56%71.41%68.00%62.29%6021%59.56%来源：公司年报、国金证研究所2
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