国金证券扫码获取更多服务公司点评2020202120222023E2024E2025E2020202120222023E2024E2025E1,3751,7282,8734,7536.0157.19331.7%18.3%23.0%21.9%20.2应收款项5517941,1501,3961,629-956-1,485-1,719-2442-2.89046754167080291022.9%27.0525.1%其他流动资产2.0461.5811.693毛利3.2174.0124.7835.9587,3038,826流动资产5,0545,0355.9548.26610,42212,756销售收入77.1%73.0%73.6线74.9%75.3%50.741.7%52.8%55-60-7588-107-1294,2863,9784,1234,6395,3561.3%1.11.11,2051,7061,7421,6751,6931,787-354-558-704-80993713.10.7%8.38.5%10.29.5%8.88.3%8.04777451,091,2131,2911,365-539-681-870-944-1,101-1,324非流动资产49177,0457,0517,3757,98512.9%12.4线13.4%11.3%49.354.241.05-1,496-2,139-2,346-2,679-3,167-3,92521,435.9%38.9335%32.5%47333721931931935738741,5432,1192,511应付款项321675734869970,07618.5%19.3%21.7%4.294.4824,4394,7455.0465,442-19-234,6165,4895,2455,8076,2086,710-0.2%0.0%0.2%228116116116254-43-114-323540111169766964103414-16604.9335,8655305,9996.3946,8902762592502502505,6956,8128,93911,25513.91218.3%23.0%11.9%1,0441,4621,9002,3382,3382,3381,4411,5111,1242,1032,7493,2202,8943,6974,1016,1418,45711,11434.5%27.5%17.3%26.3%28.2%27.5%484520663704758821-1100015,6411,4381,5101,1252,1032,7493,22034.5%27.5%17.3%27.5%-75-20-27-322020202120222023E2024E2025E5.21.3%101,3631.4901,1202,0822,7213.1881.4020.7471.0741.4041.6442941635.6705.4554.6614.7055.9247.3222,6670.4870.5700.9041.1491.41826.6线25.5%0.1000.1000.1300.0000.1500.20016.02%222322462020202120222023E2024E2025E13.26线12.128.3%13.05%14.49%14.45%1,3631,4901,1202,0822,723,18813.74%8.2611.3015.2816.47%41272954633111272402202422757.722.21.8620.23-74199-245250-2506.26-25.87%52.64%76.49%37.28%18.5234550-2710410.73%-25487.0130.72%17.15%1,3的9261,0的2,1143,31721.15%7.6520.28%17.68-684-294368-300-400-419169638-245-1,016-1,51629.542.750.050.0500其他25025070.1100.6107.1120.0120.0115.0-791-423-36362.585.5112.6110.0100.090.010422127919319341.3111.590.870.858.851.834303-389520他-720-581-3140-351-468-76.33-50.81%-62.66-64.97%-551-174-482331-158-111.3-632.35.080.490.689.33732248.55%42.52%38.35%34.74%31.86%来源：公司年、国金证研究所2