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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E4,5102914784314985735327.4%16.315.7%应收款项374338268383429506-1,319-1,575-1,648-1,89-2,174-2,4959301,0331,2111,2241,3431,47445.8%43.0542.5%其他流动资产304123142151160毛利2.0902.2312,6113.0443.464流动资产1,9432,1530322,248249654.2%57.0%57.5%57.9%58.3%37.731.4%28.31.133.3%35.9%-19-17-23-26-301,3542.0722,0062,0062,0062.0060.60.50.50.5%579614791844852-1,122-1,463-1,645-1,813-2,087-2,34811.210.9%1139.0%39.9%42.440.239.4%1,1711,1941,5271.5271,526管理费用-236-284-331-352-394-444非流动资产3.2104,6985,0784,98150014.9788.2%7.7%7.8%75%62.3器71.468.9%64.193-113-116-135-157-179售收入3.13.03.01356591,2731,4731,43089211121288380464应付款项413760536607088073.15.8%647.3%637822654762-6291-120-128-1241,0282,0562,5882,8343.00016%2.21长期款75-183825-35291.1011.20492378670000001,5573,2323.4923,51136215762722,9612,9562,8782,9783,1363,34526.7%19.9442442442442442442156199501953114097457837578571,0161,2245.44366370740740740-906.8517.281381901953114094.8%5.26.0%36-8-47-612020202120222023E2024E2025E-18136226662653480.3210.4240.0350.3740.59807861906.6926.6826.7307.0897.561142187161662653480.8571.0640.5330.6390.8011.2335.80.3000.0700.0000.1500.2390.3154.806.34%55.56%8.44%10.40020202120222023E2024E2025E2.762.74%0.232.29%3.53%2265191662653482.065.16%1.954.53%5.60%00非现金支出86205272157142146427.42%151421%-7617677-59.43137.72%-42.7031.8821.98%23411791-216-13013141.6531.97%-91.428929.54%59.93%31.45%37947123635654632.93%3.79%1.66线资本开支-163176-221-120-810-5400043227.320921.02121.01222185272266.7227.3248.5240.0230.0220.0-851-169-984846.645.048.545045.045.00051.658.563.359.452.345.0-24151217833920043其他-10611553-196-245-27514.07%25.29%33.97%29.22%-290-299143-3182.03.41.32.43.0197-692562121030.2147.18%49.12%48.58%48.30%2
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