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2020202120222023E2024E2025E2020202120222023E2024E2025E9.21610,的31,0821,0651,8631,2601,3652,0161.118.217.7%应收款项103222179245285335-3,510-4,474-4,929-5,827-6,561-7,4678578547028608811,00266.5%744153127152166184毛利1,7672,0741.932,0042,6563,3562,2012,2672,8922,5173,53828.8%31.0%感资产30.632.7%26.8%26.730.8%40-519-812,3302.6903.2903.5900.8%0.7%0.8%0.81,6532,0892,3712,7099223,112-322-524-646-548-627-73627.%28.2%2628.8288.0%9.86.8%5.8275319435490539534-332-418-493-571-6493,7215,1349576,8767,4207,935销售收入6.3%6.4%7.8%63%6.2%62.867.373.2%73.3研发费用-11-38-38-31-28-320.2%0.3%3004894012101,0521,0444488721,3611,857应付款项8431,0291,1771,34115.96.8%14.817.2%其他流动负债3103073605046058-9-20-115209041,4501,6971,8161,71,9460.10.3%-02505050%50-30-10-18022342202381801370009321,6859672,1041,9322.134-1012241002001505,7026,9067,3098.2009,349n.a10.4线12.4%6096156316316319561,2623469641,5762,044未分配利润2,4573,1343,0213,4234,31419.3%5.2%12.3%18.9%2614-24-19-14-9营业外收支154021040010,11711,39711,3023679641.6162.0445.5%123%17.5%18.9%-279-334-173-241-4045112020202120222023E2024E2025E28.7%25.7%725.0%25.0%967194231,2121,5331.15215973821.13719122.421-14-398.1569.28411.34711.5791299014.8117012331,2071.5051.7681.9811.2982.2802.76613.3%3.5%0.5300.5000.5700.5000.5000.60014.13%17.203.379.82%16.342020202120222023E2024E2025E11.84%13.25%2.63%7.64%11.93%13.329671947231,2121.53315.063.11236线-14-39555184302400233247277113177017.43%10712497-210-137EBIT增长率8.04-1.625-57.13%94.82%56.00%36.45%487-3919073-12.4639.86-76.29%208.7868.05526.63%9161,2068201,7624.97%6.15%13.40%资本开支-621584-417450-490产力-537-468-443-600-300-30016537.5808.0-283210020015079.469.857.655.050.050.0-932-1.05-917-64036.943645.046.046.024719300093.1100.7103.794.184.575.0-18016892-380-21其他-326457-786-346-392-20.98-13.3-11.10-15.815-503-43614-726-413-129.2118.422.481.0276.3-95.0-520799-54616369315.74%22.76%22.23%22.40%19.10%18.60%2