国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E1,1547571,1371,3481,9372,56732.6%20.3%21.317.8%应收款项10197117138-1,135-1,486-1,760-2.031-2,375-2,7263.0203,4994,0104,2854,9465,60132.9%29.6528.8%其他流动资产1,0692,1892,5223,2993,896毛利2.3183.0913.7454,6475.6466.726流动资产6,5117,7719,03010.89612.90167.5%68.0%71.2%72.5%75.5%77.82.3%84.3%-520-701-826-1,211-1,42782878715.1%1,7631,7491.9211,9121.9071,908-420-445505-618-73887023.9%20.3%19.116.8%14.4%12.5%9.7%9.2%9.3%150206218279管理费用-172-196-191-227-265-302非流动资产2.0322,1172,2902,3412.3485.0%4.3%3.3%27.24.5%22.17.7%15.7-39-53-75-90-1067.318.6810,06011.37113,2415,312售收入1.11.21.11.1000001,1661,6962,1622,7193,3434,021应付款项8358101,0149991,0851,14637.1%39.3%40.7%41.7%42.5%1,2421,6921,9502,0372,3362,60843119342,0772,5022,963,0363.4223,754售收入-0.-0.3%-0.3%04长期款000-100001421391301291291293142-10-32.2202,6413,0943,1663.5513,8375717580855,1425,9646,9238,16311,3736.0%3.42.38008008008008008001,2721,8122,2812,8363,4784,1722,6393,4614,4675,7017,1838,91236.9%41.4%42.5%44.1202337424855营业外收支13-31710.05011.37113.2441,2591,8192.2492,8433,4864.18136.5%40.9%44.2-302-433541-838-1,0062020202120222023E2024E2025E24.0%23.8%571,3871,7082,1592,6483,1761.191.732.132.693.303.963576.437.468.6610.2012.0614.229531,32,1540.911.902302.012.993.6027.6%30.2%31.0532.3%32.9%33.5%0.700.700.901.151.451.8018.54%24.61%26.39%27.39%2020202120222023E2024E2025E16.02%16.95%18.94%19.95%20.70%1,3871,7082,1592,6483,17616.93%21.3123.32524.94%25.99%26.55%53非现金支出175215217224239-8.6032.58%20.29%2120.121783%-33-105-80-84-9245.46%27.51%25.75%22.93%20.29%2841-6863974462.4744.9623.38%26.33%22.64%19.95%7291.5171,6102,305.916.89%13.03%16.47%207-25105-253-222-292-1,146-442-300-5005.54231303030其他65758085919.8800.7778.5770.0760.0750.0149-767-478-642807170.6136.8124.0120.0110.0100.0004000183.0133.1115.791.772.557.7000000其他-561-562-728-920-1,160-1.440-37.5%-46.75-561-724-920-1,160-270.8548.5-1,508.8-145.9-135.7-119.0317-37621263030.07%30.6130.76%27.84%26.81%25.36%2