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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E33,341,的046,20050,303,1984,0325,1766,9129,8009111110.3%9.2%应收款项7,0547,1638.4939,99910,72911,195-22,550-23.957-25,682-27,857-30,261-325274,0683,9754,4954,9615,3895,61466.9%69.3其他流动资产337316583599615毛利11,13310.60612.03214.03315,93917,903流动资产14.65615,48717,56820.73523.64427,26533.1530.7%31.933.5%34.5%35.5%57.4%56.358.8%61.1-185-177-208-243-268-2921,0931,2572,0342.15421542.1540.60.54.6614.8555.1475.2855,281-5,9715,424-7,331-8,316-9,07719.317.3%15.14.6线13.7%12.3%17.7%15.7%16.8%17.5%18.0%18.0%2,9424,3855,3795,4856,206管理费用-999-1,167-1,249-1,466-1,478-1,614非流动资产9,54511,51013.62414,54315,06015,5733.4%3.3%3.23.243.38.9%-927-980-1.016-1.257-1.386-1.51324,20126.99631,19235,27838,70442,8382.8%2.82.73.03.01,4851,4821,0951001001003,0512,8583,2243,7374,4915,406应付款项6,3196,4558,1939,3009,5009,7798.3%8.5%8.9%9710.7%8301,329851,38615341,640-34-22-78618.6349,26610.15310,78611.13411.519售收入0.10.10.0%长期款1521391,0512,3512,3512,351-27-59-7300023765034736538000280009,02210.05512.01613,48413.85114,251-28-96-142-80-70-6014,62016,57918.57821,11624,08427,7191.7501.7501.7541.7541.7541.7543,4772,8563,0613,7064,4855,4579,85211,62613,48815,92118,89022,52410.3%8.3%8.150362599679769营业外收支-23-28-3010407024,20126,99631,19235.27838.70442.8383.4532,8283,7164,5255.5278.99.8%11.0-544-489-498-669-8159952020202120222023E2024E2025E15.7%17.3%16.4%18.0%2.9102,32,5333,0473,7114,5331.6121.3151.4251.6922.0642.52790373380901008.3559.47510.59212.03913.73115.8032,8202,3024992,9673,6214.4331.9501.8111.352.0172.1522.9008.4%8.80.2800.2300.2900.3040.3720.45519.29%13.88%13.45%14.05%15.03%15.99%2020202120222023E2024E2025E11.65%8.53%8.4110.35%2,9102,3392.5333,0473,7114.53315.21%12.6112.52%12.53%13.39%14.19%90378090100非现金支出656785630693747-4.97%9.1211.07%10.29%16%162194216191152-5.00%6.33%15.8920.18%20.39%23413-1,129-355-3440.24-18.318.7222.02%22.43%3,4113,1703.5383,7745.08711.55%13.10%10.68%-1,099-740178-1,361-1,110-1,130-638-946-1,261-120066.3075073070.0其他-301380-706061.360.265.065.063.0-1,739-2436-1561180-119062.659.462070.065.00175105026.232.538.534.630.125.4-186399-18200其他-662-586-673-690-822969-10.2%-14.23-12.64-18.0-726-767-100-767-82296989.2129.541.261.698.4-3,966.0926423-1631.2091,7722,92837.28%37.25%38.52%38.22%35.79%33.27%2
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