国金证券公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E10,1467,3626,5986,8757,9999,28110,78189.2%-4.5%23.8%14.9%应收款项254443185291358411-2,816-4,549-4,255-4,9645,901-6,0311,4492,1542,1761,8591,81853.5%52.3%69.7%66.9%37425381,9841,9932,003毛利1,6813,9613,8752,1632,9264,11511,02711,41512,45013.49015,01237.446.5%47.7%33.2%40.6感资产74.73.5575.0%-72-29-35-415591.6251.6251,250.40.40.9%47118121,0051,1991.3161,352-194-221-266-214-265-3045.3%707.2%684.3%2.6%3.0%1,5731,5101,3401,514-215-391-425-299-362-4062,9824,3915,2304,6754,8725,0004.8%5.2%25.528.5%31.26.5%研发费用-498-842936-641-73311.19.9%11.5%8.3%3334000562,4702,1769801,5312,533应付款项5371,1398219281,1021,13516.8%29.0%26.8%13.8%17.425.0%其他流动负债239430342294360-6112134359751057761,6021,1971,2221.4621.541-4.2%000-151-20042000240334263191192185226-202101,0171,9351,4601,4131,6541,72610010010010,69413,48315,18615,71216,7091.78.15.64726676676676676679392,3052,2221,2291,7862,827未分配利润2,5094,4915,8366,522751909620.9%27.1%27.3%17.2%20.2%27.9%000营业外收支0218410009392,5232,2621,2291,7862,82720.9%29.7%17.2%27.9%59-187-210-86-125-1982020202120222023E2024E2025E6.3%7.49.37.0%7.08的02,3372,0531,1431,6612,6291.867350130771.71324913.9420000022.67520.20122.76623.55525.05027.4152,3371,131,662.2473.3891.4242.0433.6634.59127.5%25.2%25.9%0.0000.0000.0000.6850.9961.5778.2417.3313.52%7.27%9.94%14.33%2020202120222023E2024E2025E15.16%12.33%6.67%9.05%13.142.3372.0531,1431,6612.6296.516.835.778.47%12.810000034488795288378467主营业务收入增长率89.2523.85%1495-255-133-194-8622.53%226.82%-54.97%56.27%65.37%94-430-1.70449045.11165.33-44.3445.41%58.27%9501,3631.66%2.88%7.23%-622551427575595产力6-2,93345114.69710010.0732765610010088.787.8154.5160.0115.0110.0-3.27952751.941.747042.042.04204,3545280-159056.434.744.860.653.648.092-223-119其他-138-273-749-462-1.055-572-62.73233-780-74012.5-20.5-6.4-16.7-20.4-24.2-8072401.51312.55%8.25%来源：公司年报、国金证研究所2