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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2020202120222023E2024E2025E2020202120222023E2024E2025E36.09151.81058.27492,237129,2741748511.7%16.5%14.8应收款项1,56733158101117134-8,2659,157-10199-12,821-13,83128,86933,39438,82441,69346,01550,0188.0%78其他流动资产122,078138,953123,489129.223137,311145,394毛利89,728100,307117,355138,239161,373186,162188,605224,191220.746263,254312,716370.39091.6线91.692.0%感资产88.487.86.90.6-13.887-15,304-18.496-21.592-24.910-28.19917638137537014.2%14.0%14.414.3%18,67319,79421,95122,64923,30124,031-2548-2.737-3,298-4.442-4.96082.5%2.66,3487,4207,6448.1538,457-8,4509,012-10.196-11,549-13,00024,79130,97733,61935,22436,77738,2966.9%7.7%12.113.研发费用50-62-135-159-185-2120.10.10.110410990909066,45373,75386,414102,393120,287139,792应付款项6,1346,957,53483959,23267.8%67.4%67.7%68.3%69.169.9%其他流动负债41,07451,67642.00446,56850,9302359351,3921,5322,2713,12945,67457,91449,06654,19259,41665,208-0.9%-1.1-1.3%0000-71-13150001296334422373345500045,67558,21149,40054.61459,78958707273161,323189,539197.507233.348325.0590.0%0.10.11,2561,2561,2561,2561,2561,25666,63574,75187,880103,995122,630142,994未分配利润137,594160,717161,302197,144239,467288,85468.0%68.3%68.9%69.470.4%71.5%6.3987,41810.5161403218,075营业外收支-438-223-178-150-130-13066,19774,52887,701103845122,500142,86469.3%70.3%71.4%-16.674-18,803-22.326-26.273-30.992-36.1452020202120222023E2024E2025E25.2%25.5%25.3%25.3%25.3%49,52355,72165,37577,57291,507106,71937.1744176149.92659.31870.04681.7352.8263.2602.6593.0573.5164.044128.421150.883157.226185.759219.450258.76462,716102,67641.13150.97029.21458.37668.33581.25747.7%47.9%49.2%49.7%50.5%51.3%19.29321.67547.82130.78636.35442.42128.95%27.68%31.75%31.93%31.92%2020202120222023E2024E2025E21.88%20.56%24.6624.96%25.18%25.1249.52365,37577,57291,507105.71927.9831.3330.99530.412,8263,2603,0573,5164,0441.5941,7121.8642,03911.71165317.551481-100-1,146-1,253-430-326-371EBIT增长率12.54%10.98%17.17%18.49%17.48%7,860-29,127-5.522-7,203-6,31113.33%12.34%19.55%18.8118.09%73,33216.58%19.58%17.34%17.09%16.94%-2,089-3.4065,306641-3,235产力295-2,144-21055000000000.000-11-12-217072731,195.71,240.91,292.31,300.01,310.01,320.0-56-3.15763.19.180.081082000000060.458.356.548.542.337.70-19其他-24,128-26.564-57,425-38,693-45,682-53.299-21.5-26.2月-28.3-37.7-44.5-50.93-26,564-38,712-45,62-53,29-283.2-78.9-62.1-66.9-53.0-44.73405437.10345.61921.40%22.81%19.42%18.30%17.11%16.04%2
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