国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E3205268324661,6811,6521,641增长21.2%应收款项3844925767068841,09292-225-280-348-4616055710520427636028.7%42.742.1%42.43261466078毛利2283014064846358215421.095281709295671.3%57.3%58.2%57.9%57.6%94.94.69493.7%0-1长期资20050500.10.5%0.5%0.5%7-47-59-1231.2549.5%8.9%8.69.9%3193管理用-406286-107-138-172非流动资产286815518822012.412.612.8%12.6线1212.5%6.3-71-101-135-173-221-27922.3%19.2%20.8%19.6线6400008691122119172241应付款项13414618122027其他流动负债25154240273339413-2021332843744195206330.6-3.0%000-17-10-15-18-23-3101915000010928439343553564913468108382,4292,6092,8483.5%36线7910510510589124139206274未分配利润127338550768692523.0%9%16.7%18.7%19.20000营业外收支0000012513920627423.0%17.16.8%18.8%-33-6-11-142019202020212022E2023E2024E3.9%25.2%921181322601.0441.1601.4931.2531.8512.456000010.59212.08523.03424.73427.00092132195260-1.3181.3950.5210.0260.4350.84022.1%17.215.9%17.8%0.0000.0000.0000.1000.1500.20015.80%10.95%12.35%7489.13%2019202020212022E2023E2024E12.70%461719211813219526016.20%10.4112.13%4.63%6.24%000001236598830.20%64.5630.4121.17%31.8830.03%0-115.35%3448-2.96%44.57%40.25%11159199-24825.46%28.69%11.92%47.7133.24%41626.52%101.2120.20%112.34线11.23%62-8273205000343.3266.3300.0290.0280.0其他10159.5131.0200.8290.0285.0280.0239-7247.864.8119.3140.0130.0120.021.352010.717.817.9-300-12-1-22-50.79%.91-69.21%63.32-57.64%1,30-17-2244.1-474.090.45.7-35407-27-525.35%29.14%15.19%17.0118.5652