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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E22.29622,39027,40149,85355.20961,76112.5%10.911.0%12.0应收款项57,53163.42572,76276,88885.36895.612-164.474-187,281-201,45-222,113-246.131-275,66624,08827,10434,46033,46936,41440,028其他流动资产3.6473,57514.89014.33615.139毛利27,43528,54330,48635.09644,179107,563116.494149,513174.55191.687212,54014.3%13.2%13.8%138%72.171.3%77.5%80.0%-666-716-797-8859928.06810,94711.93612.46612.46812.4710.3%0.3%0.3%0.3%12,63413,80114,45414,84215,23015,617-1285-13.318-14.279-15.947-17.563-19.60873596.7%6.2%17,17717,97718.38518,87619,33919,775-4,7325,143-4,992-5,659-6,283-7,03741,62346,94148,62250,71752,02853.2892.2%2252.2%27.28.7%20.05研发费用-1,657-1,987-2,112-2,823-2,999-2,879149,16163,435198,135225,22243,714265,880.9%0.9%0.9%1.123,10723,09731,00053,22356,94261,1987,4289,86411,71613,601应付款项49,93555,05868.04067,90975.23784,2334.0%3.4%4.143%其他流动负债13.67011.65110.87411.514-1,240-1,245-1,313-2,35-2,943-3,08688,13391,824110.691131,499143053156,9451.0%1,1847.1586.2606.260-859-14005,1285,3873,6783,7543,813117-206219094,445104,369120.132141,435153,067167,0179321.73345345050050045,35549,35967.06371,68677.30884.27221.3%5.1%4.5%2,8422,8423,6983,7023,7023,7027,1848,2059,0159,77611,07312,816未分配利润25,05428,59932,48037,10342,72549,6893.7%3.8%3.9%3.8%3.9%9,3859,70710,93912,13913.33914.539营业外收支-9-62-20650-50-50149.16163.436198,136225,2位7,1758,1448,8089,72611,02312,7663.9-1.570-1,869-1,816-2.237-2,535-2.9362020202120222023E2024E2025E21.9%23.20.6%23.0%23.0%23.0%5,6056,2757,4898,4889,8291.5821.7921.51919682.3311,1091.1811.3751,2001.2001.20015.95817.36718.13719.36020.87822.7594,4%5,03721.7811.2831.4401.9292.1842.3%2.4%2.4%27%0.4400.4800.4200.4500.4500.4509.91s10.32%8.38.77%9.43%10.242020202120222023E2024E2025E3.013.12%2.79%299%5.6056.2757.4895.725.265.82%6.26%1,1091,1811,3751,2001,2001,2003,1572,4663,06243249254212467491103-138-116-7621,3802.1052.372-2.12%17.60%-1,780,548-3.944-4,65810.1713.28%10.28%11.9618.419.55%21.23%13.8.19%9.07%-2.626-3.928-2.525180150150产力-2.364-10.274-530-395.293.798.2100.0100.100.03,284-43632645050050054.349.955.855054.053.0-6,016-12,4731006476471.875.75.075.014216914,12300020.718.418.417.115.91474,3323,83622,2393,7194,256其他-3.092-2,9365,820-4,7555,621-5,88714.60%-1.795-3.97%12,139-1,036.16.06.44.24.04456160.63%62.79%62.81%62.83%来源：公司年报、国金证研究所2
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