国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E6227983305638059321,1161,35322.8%20.8%应收款项10-439-573-776-928-1,07453335570.5%75.9%74.8%478257227231236毛利1831921922513133733911,1001,1001.2211.4211,67529.5525.124.1%24.4%25225.8%感资产91.89.8%86.9%-2-2000.20.3%0.325618319220821933-36-31-46-53-58512.5%5.2%4.7%4.5%4.3%11101111-34-31-41-5012202252412523.2%4.5%3.9%4.0%3.9%8.410.2%15.13.1研发费用-1-2-3-3-34270.20.3%0.3%0.2%032333127117125158204251应付款项2235650606920.5%15.415.6%15.417.4线其他流动负债26182221417202446718497-0.3%-1.9%-17%000000000080005491758810073911,1711,2141,3711.5741,8275.3%3.0%24线10010010010010013214116018323228437941357077402721.3%18.5%17.8%18.7%000营业外收支-1503334271913114616018623528720.0%19.0%-13-17-12-142020202120222023E2024E2025E4.655.0%1251331431772242731.6671.32614327702.237.727000005.21811.70612.13813.70715.74418.2711251143177224271.7971.2831.5701.6612.2582.84317.3%17.9%17.2%18.0%18.9%0.0001.0008000.2000.2000.20011.33%11.80%12.9114.2114.92%2020202120222023E2024E2025E10.83%10.97%12.24%13.46%14.15%12513314317722427331.059.110.9213.030000036824主营业务收入增长率14.7622844658016.57%017101047.73%6.1%26.58%29.13%23.216-2-8345.00%6.067.9523.60%26.4021.90513516240.62%186.8010.83%15.94%-16-88-2533产力0-4602570001.21920202007736.228.525.826.026.0260-16-540188-18-261269.49.710.010.0100064707.66.15.214.422.424.60其他02-10320-20-2087.2-82.9-83.60-103--20-20-60.4-8.2-7.6-9.3-10.1-10.31192332421852394.40%5.28%5.18%来源：公司年报、国金证研究所2