国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E2,237,9101,1327,3267,99310,21436.7%52.5%29.329.1%应收款项7401,1581,3491,576-1,417-1,761-2,572-3,3214,275-5,1531,0641,7624023,5314,4065,14562.3%54.3%54.2%54.0%53.9%其他流动瓷产2,6883.1473,179毛利8561.3482,1682,8053,6354.4064,19813,73114,65515,82917,81120,11443.4%45.7%45.8%46.0%46.1感资产72.82.173.173.374.1%-19-15-18-291.3982.5732.5732.5730.10.60.3%1976261,3351,9992,3622,574-237-296-409-521-657-77433.7%93969.5%8.68.3%568259159161.0291,167-153-203-236-306-395-4781,6033,0025,3805,7616,2366.7%6.5%5.0%5.0%5.0%17.9%26.9%26.7%25.9%24.7研发费用-331-398-778-949-1,0992404714.5%12.8%12.8%12.7%12.0%11.5%0121212121344329031,1821,6102,025应付款项9821,3391,6682.1422,5775.9%13.919.3%20.421.2%其他流动负债7801,5772,5682.4913.1853,834711511331721,2332,57191917053396,422-0.3%-2.3%-3.2%-225-1.9505005005005001-26221371992221332392402412572946301,4322,7935524,90960797,1641437445015015013.94015,48416,68217.96919,53712.6线5.9%5356166166166166165151,1331,2631,8431,9792,411未分配利润-338901,9733,1714,45802622.6%36.5%26.625.0%25.2%营业外收支-20-4-2-225.80126.7005131,1331,2591,8411.9772,40922.6线30.0%25.0%25.2%-20-122-91-129-138-1692020202120222023E2024E2025E10.7%7.2%7.0%7.01,0111681,7121,8382,2400.92089827782.9833.63500-2008.16922.62125.12627.07129.15931.044921,1701,7122,201.3511.3000681.9093.2043.97121.7%32.5%24.7%27.9%23.4%0.3680.0004750.8330.8951.09011.27%7.26线7.510.26%2020202120222023E2024E2025E8.46.045.847.93%7.64%1.0111,1681.7121,8382.942.75%5.2200001011681341262367252292529.11-255-421-309-3891-123222.57%108.830.90%36.2325.81%107604-281598161.028105.49%15.66线4621.85%7231,9721.51%19.73%7.76%11.38%11.03%-252-496-1504-126646576-2675,813,371-38645.446.248.045.043.018193136452150150277.1293.0366.4390.0330.0370.0-537-6.116-2739-61-496-426829119.9120.3140.0140.0140008,29800029.425.625.826.728.2497940其他2-125-539-57769780.0-62.448-445-697-18.0-6.1-6.0-8.9-10.8-11.71616709011.32424.68%16.69%22.72%22.74%25.28%26.83%2