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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2020202120222023E2024E2025E6036669129771,1161,28928.2%34.8%17.7%14.9%应收款项120194284303357410-303-378553-672-75586235.7%34.7%37.7%其他流动资产1056087108119毛利5467107101.0311.2491.4391,1269691.2631.3741.5881,82664.365.3%56.2%60.5%62.3%感资产13-7-10-12-15-204659439439439430.9%0.9%3,6884,0535,4097356,00422-31-37-48-55-6258.05895555.5%5546销售收入2.8%2.92.7%1,2461,6701,8411,95296-112-142-189-2425,2325,9188988,3738,8059,173销售收入11.3%10.3%11.3%10.8%10.5%85.9%86.285.9%83.4研发费用-4-15-24-31-36-406,8871.4%1.8%1.8%4782,2242,7002.9733,1164165434967489241,075应付款项23021724727931435849.9%39.343.9%46.7%其他流动负债617395118139-145-238-305-316-321561543,07434063,61415.2%15.8%2.7532.5480773,0773.077-3065470379678831004,0076.4576,9597,478284050602,1562,3552,3702,4532.7813,1870.9%9.4444447452452452452295405294483658814未分配利润6427668421,083,41181634.7%37.2%23.3%28.4%32.8%35.4%234525334334334334营业外收支-41009.1640529248365881437.2%23.1%28.4%32.8%35.4%-40-10349-112-1382020202120222023E2024E2025E13.9%16.8%17.0%17.0%2503022434015466760.5130.6094950.88512061.49222309004.8565.2705.2435.4186.1427.0382282722401546671.3191.7441.8782.4732.9153.35726.8%17.7%23.5%27.3%29.4%0.3000.3003000.3550.48310.56%11.56916.34%19.6421.212020202120222023E2024E2025E3.53.95%2.444.115266.1425032434015466765.908.5222190210269372430497563主营业务收入增长率2825161214878912255269282279EBIT增长率30.33%50.85%23.54%16.35%7-211856.19%19.54-17.8479.23%23.71%7791,3181,51877.63%8.31%33.02%6.39%6.65%5.82%资本开支369-897930930产力-1.124-1,324-10-1037.537.440.140.040.040.08-586740603.13.43.43.53.5-1.600-703-1-867-870175.3132.075.075.075.06632610-153001,304.81,146.61.404.91,134.51.032.7949.71,057632466273142其他-240265,242483-550609115.32101.21%184.11%193.34w177.30-13390-171-277-4673.23.72.12.52.93.346463-4518015118162.41%58.19%70.48%71.40%70.03567.99%2
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