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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E202562020202120222023E2024E2025E2.0202.7075.112756911,0031,3681,0641,02234.0%1.5%47.6%26.0%应收款项5075735979261,0591,274-1,361-1,837-1,934-2,721-3,411-4,0671,31424062,8642,9923,20967.4%67166.7%262143234368375387毛利8708151.3371.7002,1093,1035.52632.629.7%32.9%33.3%34.2%感资产76.066.565.9%-19-19-20-371341743284884880.7%0.7%5%4026461,0681,3891,5181,612-163-199-210-284-332-40110.714.5%1616.818.118.0%销售收入7.3%6.5%322430824871912-112-149-173-223256-3099011,3691312.7452,919销售收入5.5%5.5%5.0%24.033.2%研发费用-120-164-219-252-317-3835.9%6.16.26.2%3894821,8221,638251340194558765979应付款项9399031,3661,36912.4%12.5%13.8%15.0%15.9%其他流动负债7338331,2511.2541,405-35-2529125-1102,161394,2613520.9%1.0%24575452452452452462-34-72-66-56401530484479475231452323232,1963,7315,44752645,351-11,5312,1702,5432,673n.a488488488488438192297329421599838未分配利润5797589211,1431,46319109.5%11.0%12.0%11.7%4496150150150营业外收支-20-220019029730642159983811.0%11.7%13.6-18-38-34-46-66-922020202120222023E2024E2025E9.612.8%1131712592723755337450.3880.53505610759109303.4854.4435.4776.1327.048261274371533740.7840.581-0.2530.4381.1302.1010.0550.0700.1200.3040.4370.61111.1412.10.76%13.8717.82%21.672020202120222023E2024E2025E4.55.84%4.304.48%6.34%8.34%17122723755337459.724.18.82%11.80%14.84%-224015115202242377934025479820.82%5125107EBIT增长率81.83%35.42%187.137.09%27.99%-130-456-73.13%53.05%8045%43.9039.75%344-12321419.30%42.44%29.83%6.35%资本开支-138-357525-611327313产力-7-83-69-197232372.960.063.470065.065.059165-9-122325.5299.1387.1390.0330.0300.0-158-276604-809-302-288105.5105.083.085.00920072.162.0106.889.472.663.4-3101,319-184345其他-331--133-260-363-43051.06线49.66线35.03-332-79967-547-7767.213.66.86.46.18.9-149-73292372-298-3858.59%50.50%58.57%65.86%6261%59.84%2
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