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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E6,51,3561,2922,2852,4962,5732,84826620.7应收款项1.2111.3121.76120362,328-1,934-2.454-3.127-3.918-5,4011,1441,2101,5621,7661,99873.05其他流动资产130150189223262毛利1,0481.2721.1571.5071.9532.4313.2163.7424.9576.5987,43635.227.0%27.8%29.8%31.0%85.284.4%83.8%-14-20-17-27-33-39690537493553586619销售收入0.5%0.5%0.4%0.50.5%0.59387293306480608-155-140-174-216-2662.4.4%4.8%4.2%3.3%222061135190管理费用-253-296-240-326-470非流动资产8377108639431,2221,4378.5%7.9%6.06.020.614.16.2%-313-435500-570-7409096.95110.5511.710.5%11.61531100323366260411571747应付款项7134804778869831,0356.18.7%8181.1751.1721.5441.935-1563931,7001,6711,9602.4303.4780.5%-00000000-210-6448-74-99030-151,7001,6861,9692,4362,9221579300302.3242.7483,8354,5004,8835,37510.6%14.5%6.5%4.9%39%412661711761761761478429266462608775未分配利润1,1021,4331,8672,2502,74316.0%11.58.59.3%28191616营业外收支2-10004304282664627756.2%9.3%2733-32-43-542020202120222023E2024E2025E5.7%7.7%5.0%7.0%7.0%4533952534305667211.1320.9613830.6040.7951.0140-100005.8105.8004533962534305667210.5490.1640.2460.5250.7551.06215.2%10.65.9%7.9%9.20.2700.2000.0000.0000.2400.30019.49%14.40%6.609.55%11.58%13.41%2020202120222023E2024E2025E11.18%8.89%4.356.18%7.23%8.13%45339525343056672112.09%12.15%5.9312.89%000A9995751392112.4424.97%14.99%6161-1-1-30-3058.24530.945-302-107100-1015.18%-12.60-36.0%69.79%31.67%27.51%36311717639924.92%9.8830.70519.4512.50%资本开支-27-18-250-75-3103004317065-33-3388.097.2103.9115.0110.0105.0他193030128.4150.3137.4150.0150.0150.0-209-109-313-30349.538.233.850.045.040.01152350011.38.57.06.415.0-675165291-3110其他2442100-183-228-50.49%-46.13-51.5-55.55-52.80-53.07-92-345-7622.0-61.3-82.345.7-180.8-236.8291-212147927641.96533.8339.2452
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