国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E231338400511659845546627618751,02746.2%18.4%27.6%29.0%28.3%应收款项14535399458538-114-119-148-184-227755833.7527.9%其他流动资产253193352372392411毛利164224282362475618流动资产4014581.4191,5831.7832,04270.9%66.3%70.470.9%97.7%91.3%9797.-3-4-9001001.4%1.0%1113-36-4896-123-1551.540.5%15.6%14.1%18.8%18.618.4%2225管理费用-18-26-29-36-46非流动资产943439547.8%7.17.0%8.72.7%50-60-65-109-1394115021.626售收入21.717.816.2%16.6线105657116139191258应付款项117252227333924.5%25.7%28.9%27.228.9%30.5%911091291316192121081181421681941.7%120.26线-2.-2.2%长期款0000000-17-13-18-252725232300000022214114516719121763601,3224591,6411,87920%40535310111813617522528817529743461685443.7%34933.9%34.3%34.1000244115021.6261001203918023129543.2%5%35.3%-1-8-11-14-18-222020202120222023E2024E2025E0.9%7.6%7.6991121291672132722.4962.8144343.1534.03415004.7589.08525.01527.61831.05235.552991121291672132723.000.590-0.8792.60831593.94242.8%33.0%0.0000.0000.4900.5500.6000.5030.9811.42%14.49%2020202120222023E2024E2025E24.09%22.24%8.7710.25%11.64%12.99%1112916721327228.25%22.13%8.0610.70%12.630000非现金支出428273863.6417%1845%27281-11-13N/A53.59%33.22%20.07%37.04%35.05%16102197-37-6189386.3712.78%15.33%29.51%27.94%11923138167105.23器22.16%10.89%14.41资本开支-3-149-5-15-1510041011224828502600245000251.0226.1164.4130.0125.0122.0-10-199-141794.875.062.060.057.81855007.76.3551010000其他-35-31-33-35-132.77%-75.5356-50-30-3514.720.8203.3-10.5-12.2-13.9-51710612015654.06%28.20%10.25%10.42%2