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2020202120222023E2024E2025E2020202120222023E2024E2025E17,1786,7936,4336,9158,8419,50210,230-34%39.8%11.6应收款项1,7062,2702,6852.6892.8623.148-7,350-7,458-7,364-8,450-8,812-9,2327789310174.3%66.9%54951.3%48.9%其他流动资产84582079475776886毛利2,5483,8813,6446,9388,3679,6669,41810,46312,38013,22814,26525.7%34.233.1%45.1%48.7%51.1感资产24.419.9%22.126.5%29.5%-115-124-128-167-186-2051.5811.6241.6241.21.11.16,3225,6085,4455,5675,92-675-887-776-1,196-1.301-1.41216.41161111.9%11.8%7.8%7.520.69119,31319,45719,44519,47519,529-2,296-2,321-2,348-2,947-3,184-3,48623,21836,96834,36834,19234,014销售收入23.2%20.5%21.3%19.2%18.5%18.4%70.5%研发费用-26-18-12-23-26-280.3%0.2%0.2%1,9117,3946,8077,9047,3575,825-5645313792,6053,6704,534应付款项3,5712,8523,0643,4083,5803,783n a4.7%3.416.9%21.4%24.0%其他流动负债2.3352.5753.031-359-540-475-742-849-8067,81712,26211,81113,88713,9684.8%4.9%4.3%14.5407.9948.0538.0588.0588.058-116-12-41-132,57310,67110,4126,1494,5133,349-5720124.93130,92730,28128.09426,53881422417215015015012.71016.61216.57317,95720.03622.76334.8951,0701,0701,0701,0701,0702785774622,0913,0573,963未分配利润3,2372,2632,3163,7005.7798,5062.8%4.2%13.6%17.8%21.0%997725577697846营业外收支26273300048.2633046054952,0913.0575.3%4.5517.8%21.0%64-305-250-523-7642020202120222023E2024E2025E21.0%50.5%50.5%25.0%25.0%25.0%2402992451,5682,2920.1150.09401061.3532.0032.60913019913212014918113.26815.52415.48816.78118.72421.2731101011132,131.9312.0913.1994.2544.71912.5%0.0530.0600.0600.0600.0600.870.610.6812.26%2020202120222023E2024E2025E0.2%0.210.243.10%452%5.78%2402992451,5682.2922.9720.760.55.649.031301991321201811,4202,4372,3791,0931,0911,120主营业务收入增长率3901163-904305-177721614EBIT增长率N/A40.88%23.54%-97530393944734389.9112.1175.48.04%30.23%15224.92%-1.44%1.44%资本开支-6885384827558158401,377-21672041.242.356.543.040.040.0250-3.427421501501504.13.73.64.04.04.0939232905-66594270.060060004,97800216.215.0163.1118.7107.397.7786-1,359935936-547532其他-1,006-2685-2.623-933-935-82844.94514.34%-220935-1,2-2,360-1.61.00.83.54.364.53%64.08%63.84%60.10%55.96%50.72%来源：公司年报、国金证研究所2