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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E79713,7002132853276581,6512,7014.5%5.6%49.9170.9146.7%应收款项70381,2791.6961,944-532-588976-7,860-12,92116336310489.2%9331831732524248601,117毛利2652532853705677791,1231,2274072,3944,27133.2%30.122.6%6.75.7%75.3%7785.7%9193.5-17-42-695755550.7%0.6115115106104100-17-19-17-34-517.12.2%16销售收入2.2%2.2%1.3%153165172228234239-100-101-114-147-315373403410401404405销售收入12.5%12.0%9.2.8%325.024.7研发费用-28-31-34-67-1101,4%1,8163.5%3.7%2.7%1.40.8%72252894771,2831,63611498113124175203应付款项2032028311,38014.3%11.6%8.9%2.11.5%其他流动负债1982373808351,2772-14-1646365268934971370003-31-16-131500006036677701,6953.5025,0040008548809359831,1405.7%0.0%0.01432012012612612615492146186未分配利润4454755215786467.6%6.0%2.7%1.7%112117122127营业外收支-30014%27%595172921461861.7%-10-17-26-342020202120222023E2024E2025E12.111418.0%18.0%1191530.33202800.0.5755.964.3966774.034.374740701141480.621.050.221.163.275.9%484.5%0.070.040.060.050.180.235.547.11013.0%2020202120222023E2024E2025E3.22.5%3.12.5%2.4%4575119158.5%5.7%555555254.4917062627570EBIT增长率-18.3-14.5%15.10.3%40.8%16.176-144103604-36.440.2%23.8%6223038528.9%53.9%67资本开支-752500331.0301.5216.7130.070.050.00-10026.212.36.13.03.00-38101.9107.980.045.040.000052.950.030.511.34.5806353其他-88-129-22.-31.452-15471722411.411.022.172.412.73699540.340.9%42.460.7%79.8%2
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