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国金证券公司点评2020202120222023E2024E2020202120222023E2024E2025E2,3173,4103,1的8334557747169111,10347.2%-6.5%42.3%25.9%应收款项1,6111,66的1,9182.4152,935-1,643-2,409-2,613-3,4034,285-5,1396001,1411,1031,4921,7612,11270.9%81.9%75.0%498302359444531毛利6731.0015761.1341,4281.8063,093,7053,8494,4855.53129.129.4%25.0%25.0%感资产76.37075.2%80.4%-12-11-16-20-2431240.5%0.444686851,082987-110-133-138-159-200-2431916.624.8%4.335%3.5%3.5%185183316271238214-4167-77-113-143-1747311,1496211,4811,3451,2301.8%2.0%2.4%25%2.5%2.5%19.223.7%24.8%19.6线研发费用-173-286-309-454-5716943,8117.5%9.7%10.0%2014636720220921133849941393494670应付款项5461,0874531,6152,44014.6%1.3%8.7%8.7%其他流动负债464360327327374425-1-3-111151,0311,5932,1442.6173,0760.0%0.10.3%-0.2%-0.2%000-36-60-9-2115173162174174174000001,1451,7662,3092,3182,7903,2501303.0003,0603,5263.9454.5010.3%0.050.0288436567567567567352553461573752未分配利润1,0921,5171,5531,888,307215.2%16.2%0.4%10.010.8%100101121141161营业外收支010007.9123515541246157375215.2%16.3010.0%-39-52Ab-23-29-382020202120222023E2024E2025E11.0%9.45.0%5.0%3134385447151.0281.0880.0720.7370.9251.226162020208.9036.8805.3996.2226.9627.942296474416240.1930.1670.5090.1990.6170.71612.8%13.9%1.3%0.1000.0000.1000.1470.1850.24511.54%15.811.3411.85%13.2843%2020202120222023E2024E2025E7.779.77%0.77.00%8.78%313504354471510.99%13.739.5428172020112201891815.25%47.18%-625922155-8134156EBIT增长率47.81%855.7425.92%35.60%-540-389-8.960.17%-91.3922.2625.42%7311335040626.95%27.36%12.69%9.05%15.28%15.05%-260-4295-47-51产力-2303080.167.775.670.070.070.020000126.8131.9157.1160.0150.0150.044-659-51-7187.8103.4100.0100.01000013213168.660.0119.977.155.140.910其他5-111-145-30.45-10.0-12.85-14.1-10199-123-104-143330.1191.13.7-55.5-46.3-46.0-434361-5719519230.06%36.39%42.22%38.86%40.58%41.07%来源：公司年报、国金证研究所2
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