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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2020202120222023E2024E2025E2020202120222023E2024E2025E7411595,9787,1117,0236,0019,76914.14819,41639.6%9.78.2%8.5%应收款项11,78213.13913.35816,30717,21618.107-36.756-54,250-58,783-64,313-75,0754,2958,4376,5537,0487,4207,81680.3%79.3%78678.5%其他流动资产7.04311,10210.71711.08811,11411,143毛利11,63713,31315,33217.49919,05520,90330,23133,70036,62944,21249,89956,43224.0%19.7%20.7%21.4%21.5%21.8%72.371.0%66.173.7%75.3%76.9%-327-399-479-532-575-6245601,71062620.6线0.60.74,1035,8555,8435,98864957,039-6.891-7,672-8,071-8,7379.434-10222910.5%109614.2%11.410.910.7%10.7%10.7%1,9111,8971,6461,612-619-1,327-1,821-2,193-2,239-2,25511,58016,24918,74615,75616,33116,9361.3%2.5%24526.3%23.1研发费用-1,285-1,987-2,289-2,454-2,655-2,87941.1255,94955,37659,6966,2302.7%2.9%3.13.0%3.0%3,0301,6071601601602,5141,9282,6723,5834,1514,923应付款项20,07926.71926,25927,70930,048326845.2%2.9%3.64.75.1其他流动负债10.55110.90311,309110571825214021138,01236,36542041,11144,1530.1-0.2%-0.2%03220202020-4052426-105-36502,3122,7122,2802,4282123027,40540,35739,09740,72043,56046,75819650750460060060010.34211,51812,93214,5505.617.413.2%12.4线10.8%1,3631,3631,3631,3631,3631,3633.1952,7814,5305,2566,134未分配利润5,6246,1057,2488,66210,28012,1136.6%4.5%5.5%5.9%4,6275,2494,7616,3178.12110.277营业外收支29013645730030030055.3762,9173,8244,8305,5566,4345.2%5.9%6.7%-639-574-755-918-1,056-1,2232020202120222023E2024E2025E18.3%19.7%19.7%19.0%2,8462,3433,9124,5005,2121590.71405319432.2011.3701.6341.5562.1567.1767.5898.4529.31610.48111.8029732,69%4.3763.1662.3924.8355.8543.3%1.9%293.0%0.3950.3470.2140.6920.79116.15%9.40%12.18.22%18.53%2020202120222023E2024E2025E3.71.74%2.59%3.93%4.07%2.3433.0693.9124.5005,21214.13%8.23146051,2671,3701,6341,5561,8042,1561,1171,2241.971,3291,5021,836主营业务收入增长率29.21103885-657-742-753-882-881EBIT增长率332.22%-23.32%38.58%34.11%15.87%18.53%2,4111405-922281.811-11.97-38.4047.54%64.20%14.45%13.3354.3143,26023.01%33.81%-1.028.29%10.85%资本开支585-1,104789333-1,639-1,989产力6772739.841.547.045.043.0-3,354-3,387-1,86660060038.742.840.039.038.0-3,01-10的962664.266.06703129000029.328.026.223.322.121.08173720980其他-2,465629-989-1.098-1.243-90.1-2,512-1,79-3,7-22.934.0-14.7-69.3-29.6-23.3-40165.54%72.13%70.60%67.90%65.77%来源：公司年报、国金证研究所2
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