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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E41,3029,49313,21912.18318,09629,73076.7%35.5%20.3%25.2应收款项4.3206.7939,89512.19714.67118.361-21,617-35,260-62,205-81,484-97,461-122,0127,95711,90913,5641622420,31183.6%85.4%85.2%82481.9%81.9%其他流动资产2.6724.4605.2806,169毛利4,2296.04210,78517.45021,54426.92721,47331,62938,15648,31665.90691.9416.4%14.614.8%18.157.55.5%52.7%54.9%67.4-130-140-242-326-393-4915615771.0361.0361,0360.5%0.30.3%0.3%13,23218,41124,05329,17231,41632,910-736-1,050-1.425-1.714-2.14532.3%3333.129.02.2%1.8%1.41.41,6351,7322,3162,8503,348-812-1,126-1,708-2,275-2,678-3,27715,82525,33834.19339,68542,39944.3322.7%2.3%2352.3%44.5%45.1%研发费用-339-574-1,007-1,35-1,642-2,0551.3%1.4%1.41.4%5,0508,8833,6921,9001,9001,9003,4666,77812,05815,11818.959应付款项11,74718,90824,17530,27036,20345,3169.2%8.4%12.2%12.7%12.7%其他流动负债1,7684,8597.1308135298833463518,56532,65134,99740,7564838959,9702.0%-0.7%7781.2641.7771,7771.7771.777-169-1,144-277-833.1156,3355,4115,5105.72324-1990022.45840,25042,18548,04255,88967,84427342531755042428014.65627.50537,00049.15864.42315.117.5%5.01,5992,3562,3562,3562,3561,9182,60012,61916,022未分配利润3,9165,58110,81620,30932,46747,7327.4%6.3%8.9%12.8%13.5%13.4%1842232,9593.2593.59营业外收支-104-174-150-150-150-15072,3491,8142,4266,31712.46915,872198417.0%5.9%8.7%13.3%-265-338-778-1,621-2,063-2,5792020202120222023E2024E2025E14.613.9%13.0%13.0%1,5482,0885,54010,84813,80917,2610.9441.2752.343.19740945.1415073003003009.18710.31311.67311.21414.89819.52513,5091.4202.3453.4747.5678.55611.0005.8%4.9%10.7%0.0000.2000.2400.4480.5730.72010.28%12.36%20.12%28.5127.48%26.33%2020202120222023E2024E2025E4.043.58%7.511.99%12.47%12.49%1.5482.0885.54010.84813.80917,2619.8010.94%23.7723.24%503003003002.0223,1984,2033,7414,4405.251主营业务收入增长率22.17%59.80%7672%55202925.15506357-7319-13125EBIT增长率8.1%45.12%95.54%77.89%25.38%25.41%-1,81289348432619253,28120.34%35.31%171.4090.65%28.07%25.56%3,7017,的120.16030.74%52.74%27.00%21.63%23.07%25.41%-3,100-7,660-8.923-7,350-7.350378-256-51-230052.340.435.037.037.037.0271,58255042428065.667.058.362.062.0620-7.07054.335.035.035.05,240667,91100164.3125.7107.396.986.572.1-2.80440545,046-1,35其他-1,273-1.950-4.340-1.279-1.512-1.85225.14-18.89%-2225-36.0-63.22-1,6-1,5123.54.3-12.8-137.2-45.2-29.8869-41011.2316,760.21%70.65%58.31装54.59%51.60%来源：公司年报、国金证研究所2
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