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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E44.200259.2046,2643,00236.84236,78143.56454,178124.3%15.2%30.4%应收款项12.11016,51120,49625.31030,66639,981-45,918-88,060-114,803-152,542-206,3372,7735,68311,00313,87116,38322,16061.8%70.0%其他流动资产3.5537.1010,06311.66513,345毛利7,55217,57354,36349.28546,27152,86725,59228,74975,51186,025102,278129,66517.127.7개38.2%30.0%23.3%20.4%39.5248.7%的5%-124-276911-820-994-1.296735725560.40.60.5%32,82847,93957,29877,89491,370101,96的-778-919-1,435-1,641-1.9885434411.8%1.4%1.03.1353,4193,4184.1344,4594,837-1,809-2,948-7,8688,204-8,549-8.424非流动资产59,50169,73390,644104,252115.0425.0560.248.51.3%研发费用-1,035-2,036-1,464-3,579-4,1472.3%3.2%1.01.8%1.64,8833,8622,3001,5001,5001,5003,80611,39542,68435,33731,16136,408应付款项14.07318,87122,01227,55336,56149,3958.6%17.930.0%21.5%15.7%140%其他流动负债3.4255,62712,04511.97618.003-676-637689-1,607-1,47422,38128,36036,35741,03052,12668,981.0%0.8%0.6线6.29711.44115.40922.1792217922.179-293-253-2,348-7835516184.0316,79320,23218,59018.047-360032.70846,59371,99981,79992,353108,76的-421505030.54137,50360.79775,94788.755106.3700.4n.a0.24,5024,5024,5024,5024,5024,5024,71310,83439,57433,55623,37334,686未分配利润15,54535,85450,98963,79881,41310.7%27.8%20.414.8%13.4%1,0034,15412,44818,92325.42229,571营业外收支439-444-1,235-500-200-2004,27410,39038,33933,05629,17334,4869.7%26.9%14.7%-559-1,648-4,376-5.1732020202120222023E2024E2025E15.9%15.6线15.0%15.0%15.0%3,7158,74232,37328,09724.79729,3130.8011.8237154.8034.0641075346,4994.1496.7858.33113.50516.87019.71523.62825,72625,1640.6721.6929.7336.9027.9018.7438.2%12.9%9.7%0.1900.2412.8581.4411.2191.67711.8121.89%42.32%28.47%20.62%23.66%2020202120222023E2024E2025E5.62%17.7112.24%88610.28%3.7158.74232,37328.09724.79729.31316.52%5346,6466,4756,4994,1492,723.5057,9296,0757,0037.97843.6412432130384661,2662.3242,2622,1612,12611.72%199.39%-17.21%-11.8216.84%-2.9965,8941,192-5,3611,610127.50-15.9-15.3737.53%31,07335,57139.36037.23%37.35%64.58%21.64%-5,354-13.85127,17618,830产力1821775,906-828011.311.59.511.01101104328428550505025.833.634.645.040.040.0-20.806-27.954-20,69037548.045045.06,4202,7312,032000246.3214.4136.6143.2129.2103.51,2933,86214,3695,94其他-1.917-3.692-7.155-8.333-7.520-9.54512.03%30.49-8.175,7%2,90-7,5205.617.961.925.819.424.74,0373450.91%52.80%49.57%46.30%44.72%44.45%来源：公司年报、国金证研究所2
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