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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E2.0542.6204.5726926024733244355.3%27.5%26.119.0%16.4线应收款项4325526918899981,100-970-1.546-1.844-2.395-2.789-3.2807661,0334091,5751.7572.02273.3%75.3%70.4%72.5%70.9%71.7%其他流动资产73142145173毛利3535087779101,1441,2981,9262,937334424.729.627.5%29.1%655%69.3%72.4%-8-10-17-20-238282销售收入00.0.5%64587198811391,18590-117-126-159-138-15321.9%2323.3%23.8%6.8%5.7%4.84.8%3.5%20201193188183-74-83-104-132-118-137非流动资产8341.0141.2611.3011.4455.64.1403.0%35.8345%34.330.7%研发费用65-74-96-106-126-1424.9%3.63.7%32558685796894769116224442497743842应付款项516688079178.8%10.9%16.9%15.0%18.9%122211253286350408-40-33-4169-691,0351,4121,731,9882,0350183.0%1.6线210305305305305-3-66000103421160000001,2131,6642.0772,3142.3562,33400001,1101,2681,5971,9162,4263,030n a0.10.00.00.022722722740840890195402430676788未分配利润2974451.0661,5752.18013.0%17.2%7营业外收支-2300891983954306767886.7%13.0%17.2%-6-27-65-101-1182020202120222023E2024E2025E113.9%215.0%15.015.0%821703453665746700.3640.7501.5220.8971.4091.6430004.8985.5964.6995.9487.431170343665746700.4810.770-0.1140.7101.5748.3%13.214.60.1000.1001600.1200.1600.1607.4413.39%2159%19.08%23.112020202120222023E2024E2025E355.78%38.63%12.47%170345365746705.84%14.25%13.52%0000非现金支出118111126141主营业务收入增长率55.28%27.53%26.19.00%16.39%3228389412.82%92.7097.58%12.49%49.53%13.37%88-12526-281-122-23632.5357.09109174-26642-1.726.18%25.23%15.12%13.00%-1-22-174-270-180003000109.077.979.890.085.80.0其他-30020275.9212.3241.8240.0230.0225.0-124-121256-170-270-180121.592.0104.5100.095.090.000300因定产周特天数126.9110.3111.190.078.5-68326-125-175其他-70-87-21-124-14240.89%49.80%53.20%45.08%25.90%10.03%-138305-27-268-3072972150-157259211B52.05%56.61%56.41%54.59%49.19%43.455来源：公司年报、国金证研究所2
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