国金证券公司点评202020212023E2024E2025E202020220222023E2024E2025E3,4464,1126,97143303,7133,7914,7589.3%3.6%188%17.9%7131.05012011,2381,3061442-1,7342,158-2,170-2,5623,0083,5072,1722,1442,3322,45628853,266503%2422253946毛利1,7121.954209125013.4657.54672717.53110,92049.7%47.5%49.1%494%.6%49.7%感资产61.7%652%56.2%54.1%57.6%61.9%4766192182181.1%1.1%1.1%1.%1.1%1.1%2,0002,5894,94251755223-249-271262-319-37343226.5%224%355%33.1%29.6%72%6.6%6.3%6.3%62%1,1681,1741,1951242-257-329-402-4725302,8854,0325,6706,3776,6296,7227.4%8.0%7.9%76438459%424381%研发费用-120-133-122-157-1972347,54111,57812,94113,90915,61717,6423.5%3.2%2.9%3.3%3.4%1251241321451451,0491,1751,2971,5671,8532,192应付款项2932949358568430.4%28.6%30.4%31.0%31.1%31.5%其他流动负债3143564653594233064585461858101,1579841,1521,32609%4752542542540-16300961351731410001,5101,31115841,2561,4191,5891214,5188,0528,7969,75610,96612,4590.1%1.0%1.9%0.1%1,2541,3731,6481,6481,6481,6481,1051,2451,4321.6221,9152,279未分配利润2,7383,3584,0965,0567,75932.1%30.3%33.6%32.0%32.1%32.7%1,51322152,8973232营业外收支00007,54111,57812,94113,90915,61717,6421,1051,2411,4261,9152,27932.1%30.2%335%32.0%32.1%327%-172-221-243-2873422020202120222023E2024E14.6%13.9%15.5%15.0%15.0%15.0%9431,069120513791370.5090.55305350.台330.7840.9563043093243353623.6025.8645.3385.92166557.5616397601,0431,2931,5750.7140.6830.9181.165139618.5%20.6%21.7%22.6%0.0000.0000.0000.0500.0500.05014.14%9.44%10.02%11.79%12.64%2020202120222023E2024E202E8.47%6.56%681%7.50%828%8.93%94312051,3791,62813.09%9.39%10.21%10.79%1133%3043093243363353621821954455981935%363%5272.62%11.97%10.36%-2542353653344.57%1894%15.92%18.35%23.97%2183%709801,12615121.919230019.43%53.53%11.77%7.48%1228%12.96%608-1,123-1,3531225850-780-110011201.0-11,00248111433.736513764350.0350.0340.0-6202,185-1,8718497799310012010.01053.3330102.785.72122220.6189.2156.6-98其他-272-110-110-2937%-30.71%-3593%2542,774-378-204-97110-183-22.4-28.9-30.5-25.73361,5701,1238597320.03%11.32%1224%9.03%9.09%9.01%来源：公司年报、国金证春研究所2