国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E9,4733.6436,8868,2409,70211,16618.5%13.6%应收款项2.7152.5703,0103,3653.8244.429-4,3915,212-4,873-7,2041,2171,6071,76的2,0522,3222,76355.9%59.4%56.5%56.2%其他流动资产1,327392351毛利3,4644.0973,3244,1244,7125.2657,5959,14612,32714,04918,71044.143.5%43.8%感资产71.74.2%76.77.4%81.1-72-78-7185-97-112000.9%0.8%0.9%0.9%2,6142,7163,2273,4013,5203,490-107-112-124-142-161-1872422.0%1918.7%17.2%1.4%1.2%1.51.5%1.5%1.5%292285455541625-200-227-275-301-3493,0253,1868744,0994,3024,3532.5%2.4%2.8%25.8%23.9%研发费用-309-636-650-711-80793523,0623.9%6.8%7.9%7.5%7.5%554597328080802,7763,0452,2042,9023,3453,681应付款项1,6291,9902,3002,6003,09035.3%32.7%26.9%30.6%29.5%其他流动负债6974658259401.0461,187-151-893321451822132,5902,6913,1443,3203.7264,3571.0%44004500030935837940340240207003,0933,5233,7234,1284,75915157,3149,19612,63014.37718.2550.20.5%1,3051,3051,3411,3411,3411,3412,6063,0562,6183,1623,6434,009未分配利润4,1135,9007,2138,96310,87312,84133.2%32.8%31.933.4%33.832.2%4848营业外收支3121110101016.2011B,14820,45423,0622,6093,0682,6293,1724.01933.0%33.5%33.9%32.2%-348-369-280-349-402-4422020202120222023E2024E2025E13.3%12.0%10.611.0%11.0%11.0%2,2612,6992,3492,8233,2513,5771.7272.06379521062.4247005.6037.0459.67510.72312.14713.6152,333,2511.5172.1421.5812.18825992.72528.7%28.9%28.6%29.8%28.7%0.6000.7300.6200.8001.0001.20030.82%29.29%18.55%19.64%19.9619.602020202120222023E2024E2025E21.22%21.84%14.4615.5615.89%15.512.2612.3492,8233,2513.57728.70526.7117.9217.6375600400454442444502554主营业务收入增长率1851-119162111-25811-25-25EBIT增长率91.98%31.66%-468-46924445373.88%19.51%-13.0320.51%15.15%10.0452,7%2,06426.03%16.12%31.37%12.02%12.76线12.70%-399-562-795-663695595产力-338-42062540038.140.752.052.052.0755015151592.098.9126.3140.0140.0140.0-663-932-80-248-680-58048.745.752.260.0600002,000000113.0101.2126.3108.392.673.2-286-3130其他-457-428-737-1,085-1.341-1.609-34.90-44.8-714949-1,341-1,60918.334.1-6.6-20.0-18.3-17.33353,26030.78%25.08%21.75%20.51%20.17%20.64%2