国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E22,76921.943,3192.5352,9705.4524.6905.080-5.2%48.25249%8.4应收款项5,3143,3243,0724,1474,1494,280-17,631-17,392-26.438-33.385-32.713-35.2252.4562,8973,5064,116401380.681.3%其他流动资产9288101.2051.3841.2201.275毛利5,1314.1965.5596,5677,255流动资产11,23310,00111,25115,09814.07214.957销售收入22.5%19417.418.2%27.9%26.3%31.3%28.9%29.3%-114-106-139-200-220-2383874164188521,0730.5%0.5%0.40.5%0.619,23823,39028,21729,40330,75732,079-942-103-136-200-200-21759.665.263.24.1%0.5%0.4%9141,0781,4321,8161,9292,034-653-814-1,558-1,599-1,733非流动资产21,06225,86631,48733,08334,56736,0142.5%4.0%73.68.7%71.1-412-411538-659-679-7361.81.71.79,8049,17310,77014,95613,51313,0053,1002,9243,9313,9504,5585,170应付款项2,8903,3826,3185,60454565,83813.5%12.3%11.9%1.5531,8461.5601.6841,861-573-533565-884-1,01296914,24614.40217,87522,1202065320,7032.5%2.5%2.52.2%1,6533.2095,3915,3915.3915,391-71-22-32,0176571751751758-1817,59519,62823,92427,68626219174004014.59116,11218,73320,40122,3120.80.7%1.21.12.5912,6252,6872,7952.7952,7952,5032,3223,3993,1203,5974,2709,10010,59413,05614,72216,63418,90211.0%10.8%9.0%12781941081219157-2088809035.6642,3750,712,3783,3793,2083,6774,3609.25-396-410-412-417-4785672019202020212022E2023E2024E15.3%17.3%12.213.0%2,1981.9682.9672,7913,1993.7930.7441.1001.0341.1861.40710145.6306.1396.9727.5928.3049.1482,171.802.5211.8351.5072.4402.539.0%8.0%0.1000.10002000.3980.4560.54114.93%157813.14.28%152019202020212022E2023E2024E5.45%5.77%7.422,1981,9682,92,7913,1993,7939.668.219.88.419.59%10.44%101414141.5241,5261.8032,3702,41024344.548.21%24.86%437463527878990933-8.65.67%34.45%0.47%15.39%13.44%527-367,82622160-10.3351.39%-6.05%18.64%4.2137.2209.3%19.16线12.74%0.95-4,057-7,234-3,675-3,576-35660-18-7-109-111-11424.619.420.0200其他54471560-60-6047.956.244.245.045.045.0-4.112226-3.747-3.74042.744.743.743.043.043.005200267.7354.3318.5252.2255238.3123513,838702508他-75-1,562-2.088-2.391-2,58267.70%63.0772.68%53.91%-3872,79%5.45.57.04.54.5657-31511-76139054.48%54.72%55.98%57.46%53.90%51.54%来源：公司年、国金证研究所2