国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E4,7124,7118981,2687831,2931,964应收款项2,6112,9542,7763.6954,709-3.756-4,240-4,8606.047-6,1766998921,1101,13479.7%76.9%76.7%其他流动资产4472,6322.7002,588毛利1,4549566251.4581,8311.8758.2947,1837,6027,9599.2639,96628.4%20.3%12.823.2%23.3%79.760.057.8%61.8%-27-23-26-32-39-36111110101010销售收入0.5%0.5%0.5%0.5%1,7962,018,0313,5273.772-22-32-37-52-5317.317.8%24.624.1%0.7%0.8%227223526514503管理费用-119-118-156-190-228-201非流动产2,1134,1625,055,8176,0506,1502.3%2.5%3.22.9%2.5%20.336.7%40.042.2%39.5%-200-184-222-287-303-31015,31416,11603912184595534441,0365991849051,2081,274应付款项1,8761,9722,5522,5913,2243,2923.8%15.3%15.8%1792002182177111122242,0432,5422,9403,2503,53-0.5%-12.3%-0-0.1-0.000200200200-370001131141131130285002,6553,0783,56443094,2666560608.2989.5510.20811,00111.8460.7%18.4%5.9%9689681,0261.0311,0311,1407723511,0221,3091.393未分配利润2,7263,0613,7664,5595,40422.316.217.3%333营业外收支-7-14-13-14-14-1415,31416.1161,1337583371,0081,2951,37922.2%16.16.9%17.1-153-927-126-162-1722020202120222023E2024E2025E13.5%12.212.5%12.5%9796663448821,1331,2071.0120.6903360.8561.0991.17000008.9789.90110.67011.490979667348821,2070.5190.6620.1780.2301.47619.2%14.2%14.0%15.050.3200.2500.2000.2570.3300.3517.68%3.59%10.3010.19%2020202120222023E2024E2025E9.415.88%2.727.49%9796663448821.1331,2071.927.29%8.92%000016323729931736640-7.80%32529.24.2.19%4-8082-22-21-2194.18%-44815-69.2-18337-940-5436494.11-31.8-48.40156.2828.38%50264018223793557.98%9.0211.6511.175.24%资本开支-455-274-1178-929214-414-280-3.94160600080.191.4110.6110.01100110.0他5250.359.567.167.067.067.0-727-4.163527-869-154-35484.585.990.090.090.090.02,7947970119.1146.5205.9175.6143.0135.8021641695-109其他-164-312-253-273-365-387-59.7-32.27%-16.07760148-270-38.8-8.4-1.7-40.7-205.3-53.42,407-3,的1430-48451067223.40%24.30525.87%28.14%26.47%2