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国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E89,30679,53386.24396.362101,195106.71923.913.9%15.2%13.0%11.4%应收款项122,866130.691183.159-92,435-119,723-147,775-167,197-182,745-199,130360,793417,63411,549435,353478,168524,65071.3%74.5%80.7%79.3%76.7%75.0%其他流动资产28.43733.02326,70436.41942,91950,787毛利37,18640,92035,22843.70666,365575,527655,187716.620865.31528.7%25.5%19.3%20.7%23.3%25.0%感资产78.174.3%74.8%-9.054-7.785-12.654-14.305-15.930171,934195.941228.768247,396.0%4.3%6.05,3349,69911.63012,44413,31014,231-2.986-3.914-4.081-4,8515.483-6,10613122.3%2.4%2.22.32.3%2.31,9872,9044,7705.0105,233-1.979-2,145-2,313-2,742-3,099-3,451161,631203,145231,284247,887265,997285,6671.5%1.3%1.3%1.3%21.%23.7%25.7%25.2研发费用-71-116-125-144-163-1810.10.10.155,50837,19840,54240,98543,03546,85923,09625,06420,92423,31532,61840,696应付款项136,201180,715187,591215,225237,988259,50517.815.6%11.413.7%15.3%其他流动负债182,078210.165195.776220.120262.081304,880-2,224-2,006-1,960-3,8544,019-4,088373,787428,079423,910476,330543,104611,2541.2%1.5%77.715107.780121.074127.127133.484140.158-3,104-4,4496,459-2,889-2,33932,29843,59057,04858,36159,87961,54815747200483,800579,443602,031661,819736.466812,9606.1073,7282.0173.630101,370108,671101,712114.468120.861129.25925.3%16.3%12.7%7,9237,9237,7398,3328,3328,33224,08022,75315,36018,25423,54538,831未分配利润61,87960,85764,81171,20479,60218.614.2%8.4%8.7%12.4%151,987168.084182,723188.220197.099208,763营业外收支308945750505024,10922,84315,81718,30438,8818.68.712.4-7,196-7,6416.719-6.224-10.062-13.2192020202120222023E2024E2025E29.8%42.5%34.0%16,91315,2029,09819,53325,6611.309055108511.3771.8094.8294.8345.4918.87911,66412.79413.71613.14314.79115.61716.70212,25310,37210,6413,973.4853.2791.9872.4922.6069.5%6.5%2.3%314.5%0.6400.5400.2300.3160.5110.67212.09%9.545.76%8.82%10.83%2020202120222023E2024E2025E0.41.0116.91315,20212.08119,53325.6613.932.462.993.98%4,6604,8294,8344918,87911,6644,7326,6389.3205,2553,7753.300主营业务收入增长率23.9313.92-1,190-3,168-2432,8372,4461.986EBIT增长率8.52%11.43%39.90%24.77%7,1677,305-3.615-4,992-9,231-23.5-15.35-58.89%54.54%61.68%31.37%22,17419.34%16.15%8.80%9.32%-4,22010,0035,784643-1,834-1,953产力-3,2589,320-7,607-15.859-17,251-18,7732,59-4,9543,3773,0253,6304,3561,328.71,186.61,024.0960.0969.6979.3-10,014-14476-15,45161.7159.0140.7145.0150.0150018,89827,01614.5030012.321.021.619.618.217.212.5173,03623,3478,49710.40612,508其他-39,309-41,214-43.724-8,554-10,394-11.99626.27%33.05%40.39%37.42%37.38%37.23%-5,41251210.412.510.76.18.110.05,31965.63%67.68%67.91%68.62%69.85%70.63%2
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