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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E9.6631,2871,5971,6852,2552,6513.2028.7%12.3%应收款项1,1771,3121,3981,6161,8131,979-3.156-3,048-3,309-3,656-3,9868678729521,0521,14740.0%42.9%37.8%其他流动资产2,8252.5422,50825172.525毛利4.2164.4914.0595,3006.560流动资产6,1556.7807.3308.0338,5360.0%58.7%57.1%62.2%62.2%54.555.8%53.455.5%59.9%-59-4855-62-679179251,2171,2171,2171,2170.8%0.81,043964891912938977-2,924-2,947-2,652-3,383-3,865-4,2189.27.9%7.3%6.9%66.638.5%37.3%39.3%40.0%40.0%2,8212,7442,7742,8172,833管理费用-721-791-758-850907非流动资产5,1405,3655,7155,86759095,93610.345.44.2%40.1-144-163-189-213-232售收入2.152.12.3%2.222%10151300300003705315709141,0171,135应付款项2,3252,5092,6012,9383,0263,2026.9%8.0%10.5%10.8%50550506739856930-1311-193,2103.5333,9774.1824,432售收入0.610.0%长期款1,06292575176177178186-19-47001.04756854552928-421030005,1825,0205,3065,7421712094368110906,9637,2497,8928.4439.8%6806796796795347525449641,1201,2284,5785,0925,3695,8496,4007,00511211.600营业外收支050014795347645499641,1201.2287.611.211.6-104-115-77-164202-2212020202120222023E2024E2025E15.4306494728009191,0070.6350.9550.6951.1781.353434009.58510.24610.67911.62512.43713.3274306494729190.9491.4610.9791.7961.3161.6036.18.5%9.5%0.2000.2900.2100.47105416.62%9.32510.14%10.88%11.13%2020202120222023E2024E2025E5.35%3.856.066.59%436494728009191,0073.8%5.748.38%0000非现金支出321285282123128133-7.43%8.73%-7.02114%12-146-155-46-52-3312.62%43.44%60.41%112711.53%382141683421012050.92-27.29%69.47%14.83%6439936651,2191.337.53%-105-113-252160-673-368-25160.252.562.562562.5其他1071232096811090116.1100.5107.9105.0105.0105.0-671-384-607099.983.197.8105.0105.0105.0132162052.944.844.335.029.826.0-62-4-2171010其他-205-271-301-379-425-460-45.34-46.25-43.84-46.8%-136-384-434-4508.542.449.1139.7-356.8-22231141B42.67%40.91%40.20%39.44%38.82%2
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