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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2020202120222023E2024E2020202120222023E2024E2025E5,0的1,3753,1811,0072,2972.6474,054-36.4%16.5%-17.3%60.5%8.1应收款项278387631526484523-4,615-4,544-4,2915,356-5,66036515187.484.3%59.3%其他流动资产6643401,6831,7921.8021,818毛利1.6097982,8313,8862,3573,9523,3574,6664,9836,44712.626.139.4%40.7感资产14.613.216.719.534-41-385559-645607286977978470.60.7%0.7%0.7%2,4312702,3452,5542,763-310-323-244-408-424-43014898.5%销售收入5.9%5.2%4.85.0%4.8%4.5%10.39410,19710.10710,48710,78811.063-668-705-965-1,013-1.07414,27523,05422,09123,32624,93426,600销售收入11.5%13.5%11.8%11.5%11.3%85.4586.83.3%83.3%研发费用-44-57-6065-71-760.8%0.9%0.8%1,5871,9354822,3741,0001,000-390484-2331,3381,9082,242应付款项2,0261,7962,7062,6722,746n.a7.9%n.a16.421.6%23.5%其他流动负债8221,2191,0351,0631.7781.92090-522452-390-412-4404,8945,1805,3136,14254508.9%4.7%461.02839810-167-50-180-202010,1079,51610,51812,00013,59550557,99715,68414,83816,66917,45719,2671-188,38011,10110,48811,26112.36713.6520.00.0%0.01,1211,1191,1191,1191,119-568-7459931,862未分配利润2,1401,5282,3024,693n.an.a12.2%19.5%2552211226292127营业外收支-1821733316633-7289961.5590.1n.a12.2%17.7%19.5%54-249-390-4662020202120222023E2024E2025En a5%n.a25.0%25.0%-531675471,1691,399-0.5020.050-0.52007211018-35-93358.4849.8999.37410.06511.05312.202-496-5820.4452.0581.3343.0643.4613.365n a9.9%12.9%0.0700.0000.0260.0300.0300.070-5.920.50%7.17%2020202120222023E2024E2025E-2.90.21-2.29%3.814.13%-531106757471,1691.3995.56-35-6035987110,3561,4591.5431,714主营业务收入增长率-36.45164949812%37728130231478N/A-148.3672.8%42.64%17.49%30-188921730175N/AN/AN/AN/A41.15%19.725440-2.79%62.37%10.00%6.87%资本开支699-1026-1,092-1,122165-12-280513.013.528.116013.0295256-1,2870-503.53.43.53.53.43.3-682-454137-1.1679.99.09.09.09.033,0211000154.1129.6152.793.185.778.9-1,178-11332549其他-231-1.884-1,646-447-48757910.09%-12.01-326-173-41-559-530-4.40.9-0.53.44.65.1-421-2.14992343.08%58.08%58.31%59.55%58.35%58.30%来源：公司年报、国金证研究所2
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