国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E9441.27411733238144658779834.9%16.9%30.0%25.3%22.5应收款项3104131160-739-989-1,140-1,826-2,22811616218221326532378.3%76.675.9%75.3%4033404347毛利205285349466599743流动资产3335938031.0261,32921.7%22.4%23.4%24.7%34.%42241的51.4-9-12-12-16-19-245252520.8%733928971,05831-4285-108-13556.9%47541.0%3.3%3.3%3.9%4.5%788388管理费用-79-107-139-173-202-236非流动资产6227479171,1891,2548.48.4%8.3%57.858.2%53.7%研发费用-16-18-22-279561.9192.2150.71.1100.919252700079114123174321应付款项2502672814515596818.3%8.3%10.2510.8%3443-4350504628767售收入0.400.101长期款351471971921870000014272625-1000037338852672884597800005829540611901,3670.0%0.050.078787100112123169245322255336175467239558.88.810.82营业外收支022010109561.9192,21510011312918925533210.68.7%10.5%11.2-24-2656-732020202120222023E2024E2025E23.5%212222.0%778710148992591.2001.0211.1766872.270250-1-129.12411.00912.24513.73215.77218.452771021461972561.5351.1352.2273.5013.4794.3178.10.0000.1500.1700.2000.2300.27013.15%9.28%9.61s12.29%1439%15.99%2020202120222023E2024E2025E6.60%6.4287.62%8.88%1481992598.98.53%7.649.60%13.78%非现金支出345158646.2034.89%16.8630.2530221-74-18.83%45.47%7.442.76线29.33%28011241483.3315.51%15.20%43.44%34.57%29.93%819330330137414.00%40.32%18.3520.95%15.40%952230-1203000018716.415818018018.0其他00053.151.35.153.053.053.0251-230-120-1266.652.753.660.060.060.03492000209.7173.7155.3129.895.64415235其他-32-28-30-34-37-20.90-28.86-38.10352723.223.774.042.080.7-31693215316621228.91%33.15%37.93%38.14%37.87%2