报告派所有资源均由用户上传分享，仅供网友学习交流，未经上传用户书面授权，请勿作商用。
1、本文档共计 4 页，下载后文档不带水印，支持完整阅读内容或进行编辑。
2、当您下载文档后，并不意味着拥有了版权，文档仅供网友学习交流，不得用于其他商业用途。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！
4、本本所有内容不构成任何投资建议，不具有任何指导和买卖意见。
5、如文档内容存在违规，或者侵犯商业秘密、侵犯著作权等，请点击“违规举报”。
国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E21,10141,5307,24320,95624,37533,70439,82848,93217.9%17015.5应收款项8998171,104-5,8526,255-7,646-8,6989,82914.85316,80317,72919,54121,94623,99227.7%23.7其他流动资产14.49411,1068,3118.343毛利15.24919,09522,45926.79731,70237,024流动资产37,23849,76551.51262,37271,07282,41372.3%75.3%74.675.5%76.3%77.273.4%75.878.2%79.5%-3.416-4.148-4,388-5,2187,6696,1827,6888.69316.2516.414.614714.714.76,5527.031-2,604-3,544-4.179-5,0405,856-6,71613.210.0%8.4%7.7%7.0%12.3%14.0%13.9%14.2%14.0%1.9901,9722,0022,0462,0892,132管理费用-1,729-1,830-1,936-2,201-2.492-2,830非流动资产16,62818,03416,45218,47619,83421,2468.27.2%30.24.221.8%-260-258-254-295-345-3981.00.80242020207,2419,31411,70314,04416,90420,028应付款项2,7093,2833,2313,9414,4785,02434.3%36.7%38.9%39.6%41.8%11.94921,44216,67321,93022,26922,8038739963658173588714,65724,73319.92825,89126,76727,847-1.6长期款05-32739584511511533571,268-721-318100203015,39725.31720.44026,40227,30128.4041,20790141242044046033,48542,48647,47554,38463.52975,16312.2%3.32.41.5071.5071.5071.5071.5071.5079,8959,98912,50915,24818,21221,52139,50644,36451,27360,41872,05246.9%41.643043.9%44.9%-1550627692营业外收支-16-43-125109,8799,94612.50315,23618,21721,53146.839.241.5%43.9%分-2.394-2,434-3,114-5,3612020202120222023E2024E2025E24.9%7,4357,5139,33911,44213,68116,1704.9826.2237.5849.0691072021213141525.53728.19331.50336.08842.15649.87611,302.64010.1652.42010.5208.03210.06035.5%31.2532.2%32.9%33.73.0003.0003.0003.0003.0003.00019.44%17.67%19.75%21.02%21.51%21.49%2020202120222023E2024E2025E13.89%11.07%13.80%14.14%15.03%15.53%7,51311.44213,68116.17014.09%16.44%18.40%19.29%213145非现金支出7547565876469-8.720.14%18.76%17.9017.00%15.51%-2.250-782-294-710-54357628.64%25.65%20.01%20.37%18.43%-2.0457,8336,2044,534-1,679-1,1261.350.34%24.9121.88%19.57%18.20%3,612,10415.16025.86%12.44%14.03353-917-8969913,6231,356129-1,503-1,0030.20.00.30.20.303其他1.203898421420440460913.3923.6824.3820.0815.0800.01,8374,017-2,00077.475.767.370.070.070.0043000119.190.470.359.349.942.2000-400其他-5,505-3.553-4.535-4.521-4.521-4,521-56.01s-75.09%-68.07%-76.74-3,548-83.0-23.3-18.4-24.2-23.0-2262,9313,6049,36.12428.58%37.34%30.07%32.66%30.03%27.40%2
转换为Word/PPT