国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E9,012,2631,7312,6923,2843,7765,12863.3%8717.5%6.0%应收款项3915169481,181-2.203-3.1775,347-6.213-7,175-7,5917641,4051,1761,8352,1192,24264.8%57.2%59.0563162.0%其他流动资产2,3093.0994,844,9785.0075.019毛利1,1992,3733.7153,6344.3974.671流动资产5,1957,71210.37611.0451201613.56942.8%41.0%36.9%38.176.6线76.5%77.4%-16-18-2825-29-3104343430.0.3%0.30.3%0.3%1,6252,0232.6242.9253.1823.394-54-9759-69-7419.9%18.%20.3%20.3%19.41.0%210209337403467528管理费用-367-457-626-689-810-858非流动资产2,1722,4413,4763.3733.6943.96610.8%8.2%7.0%7.0%23.5%-181-279-406-492-579售收入5.3%5.04.5%5.05.003621,24079301,5662,5582,3692,910应付款项1,3391,7362,8072,8133,2493,43817.6%28.2%28.2%24.125.2%3059878548861,0401,101426-87-1111,6443,0864.9014.4924.2894.539售收入-050.9%长期款00000-49-17A9-37-310813507383-146001,7243,1945,0374,4934,2904,5391086,9598,6789,78911,28412,8602.4%0.2%0.14654656506506506的11,6832,7162,4272,8402,9952,7193,9395,5576,8348,3299,90530.330.0%24.5%1371371371375006701,6882.7132,4272.8402.99519.730.4%29.9%分-208-336-3682020202120222023E2024E2025E12.3%12.4%12312.31231,4792,3782,1282,4912,6271.2673.1843.5613.2733.8304.04000620012.14214.98013.34615.05417.35319.7762,3162,671.4883.0364.5031.8514.5634.73417.3%26.7%25.6%21.6%21.5%0.0000.4301.0001.3091.5321.61610.43%21.26%26.68%21.74%22.07%20.43%2020202120222023E2024E2025E7.9%14.57%16.72%14.7615.85%14.98%1,4792,3782,1282,4912.6279.3018.62%22.14%19.38%2234%00620非现金支出2792443343493654109.3%63.12%63.29%8.65%17.52%5.97%5192-124-423.35%161.363.37%-7.41%22.84%6.39%-125-2341-1,2791054616.43%151.2856.53%-8.0917.03%6921,4112,982.96711.63%37.83%36.43%4.09%11.62%资本开支-231239633-680501-723,9973951002672111452102121.0801184113.8124.6110.0110.0110.0427-2,403-233-666676154.6122.593.2120.0120.0120.0020136.1103.074.068.256.750.999361758-512-7930其他52-203-664-1.075-1,016-1.051-71.03-72.91%-74.62%-119159-1,09-159.960.1-27.9-104.233.6970-61049223.40%36.3631.16%27.3125.89%2