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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E3,3796,2897,4879,81013.4%57.9%11.3%18.7应收款项9321,1741,7471.9442,308-40,067-48,904-75,547-82,700-97,5921,6733,22237194,8685,3296,28995.0%89.5%96.3%其他流动资产5389111,3041,3751.524毛利1,8364,7034,6466,5668,3796.52110,95411,90515,40518,45922,7175.0%10.5%3.7%7.4%感资产23.029.2%2831.9%35.0%-100-90-120-134-159101273303503503500.20.2%0.20.218,63322,58925,67829,24930,54231,405-84-128-143-17065.66026260.657.9%541销售收入0.2%0.2%0.20.2%0.21,2851,7091,811-374-527-652-802-893-1.06021,88226,55529,39932,87734,33135,353销售收入1.2%1.3%70.8%研发费用-602-915-1,078-1,363-1,518-1,8022.11.7%6,86210,24812,72614,77416,0397453,0892,2323,8795,189应付款项3,0633,5833,9636,0556.6287,8222.0%6.9%n.a4.3%49%其他流动负债8041.3099851,4121.6742,032-362-520549-1,230-1,527-1,66510,19711,75415,19620,19223,07725,9421.7%3.7156.5277,3568,8568.85619-1709902,8033,0533,1593.1593,159-13-1-210016,36121,08425,60432,20735,09237,95722151512.04216.42515.70016.07517.69820.11214.80.2%1.60.61,5301,5291,5291,5295742,6515299182,357未分配利润6,6738,7008,0928,73610,35912,7731.6%5.9%00营业外收支6822643030306422,6734669482,3873,5491.7%6.0%n.a1.2%2.7%-39-419260-142-3585322020202120222023E2024E2025E6.0%15.7%n.a15.0%15.0%15.0%6032,2548052,0293,0170.432-0.1340.5271.3271.973000008.62610.73810.26510.51011.57213.1506032,254-2063,0172.2802.0552.0833.6104.9565.9381.0%2.3%0.1300.2250.0000.1050.2650.3955.0113.72-1.315.0111.47%15.00%2020202120222023E2024E2025E2.126.01-0.501.67%3.84%5.20%6032.254-2058052.0293.0178.08-0.034.727.529.27000001,7502,2982.7113,3354,0014,4438.3021.05%13.44%11.3118.71%3056534561.2631,4531.563-57.028-10551.297375%33.79%526-2.0622241179759-55.48273.7-109101N/A151.93,1的3,133,169,0的24.03%32.0610.12%16.89%10.005-5.9716.2715,3705,415-5,415571-94-22-1000应收款周特天数3.74.04.04.04.04.0-152211151522325.924.0240240-6,154-5,018.119.118.419.019.019.000-26900170.5163.9162.5124.6114.590.34.0415.8211884.0642,0481.315其他-623-1,007-1,182-1,464-1,904-2,21271.75%61.07%87.22%102.79%9181733,4194,813145-8972.15.90.0182.5311,01418138162,3242,757.60%56.21%66.7166.47%65.37%来源：公司年报、国金证研究所2
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