国金证券扫码获取更多服务公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E12.3041,4172,3913,1613,8074,7895,83023.5%37.827.3%22.1应收款项208176278345421-1,368-1,554-1,935-2,556-3,157-3,84446944864777293536.4%33.530.3%31.3%118112141165192223毛利3,0794,4515,5716,9218,4602,3423,1594,1474,8986,0987,40963.6线66.569.7%68.7%688%感资产68.27174.7%8033-56-73-111-1351512973543283283280.9%0.9%1.1613668778842902958-1.497-1,992-2,786-3,535-4.384-5,33413ク10439.9%43.0%43.643.5%43.5%43.4%396427439479516-204-237-327-6401,2941,4746311,6551,7521.8435.4%5.0%5.4%35.631.8%28.225.3%22.3%研发费用-72-77-128-179-242-3203,6371.9%1.7%2.4%292002032534315055787331,1531,3771,6402,031应付款项545761818,011123115.415.816.9%16.3%16.5%其他流动负债17427946442255767014412434461,1291,025142814932,0002,406-0.4-0.6-0.3%-0.3%-0400000052-78-170-114-22926721813782785789000001,7462,2412,2752,7853,1956-2-12.3923,5244.2595.0326,001n.an.an.a2012012843973973976711,0581,2801,6502,047未分配利润1,26的1,6972,3002,9206924.6的114.8%14.5%15.8%16.4901013183356营业外收支-4-30007.8505486681,0541,2801,6502.04714.614.4%16.5%15.8%96-111-223-243-346-4092020202120222023E2024E2025E17.5%16.621.121.0%20.0%5578311,0371,3031,6382.3672.866883260032454.068-24-19142311.89114.31312.10.73112.67815.1194768171,6154.1283.9192.7343.9124.66812.7%12.8%12.7%0.7200.8600.8701.0401.2981.62719.90%20.03%23.19%24.23%25.60%26.912020202120222023E2024E2025E13.09%12.43%14.15%15.75%17.45%45255781.0371,3031.63817.11%16.1320.83%-24-19145523140172591861011320.13%23.47%24.00%22.09%28464EBIT增长率21.19%26.7857.26%19.43%23.86%-2669-222321.22%21.03%41.88%26.25%24.82%25.36%3321111,55的85的22.07%27.39%13.资本开支-184-194167-169175-175131-70-13123.516.7808067-780-7-2104.4107.6105.4105.0102.0102.0-34-298-176-177-176115.2108.083.085.085.085.0216611655.044.032.625.620.516.5的64808317774其他-13159-23-461-570-709-45.0-759-43490-66-262-393-636-42.5-98.0-28.1-56.5-48.6-43.730397674764798331.76%37.69%38.78%34.72%35.48%34.53%来源：公司年报、国金证春研究所2