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国金证券公司点评2020202120222023E2024E2020202120222023E2024E2025E5601214429711,82151.5%312.532.7%27.4%应收款项3195221502.5893,162-409-626-1,034-4.545-6,046-7,69010627236246073.0%77.0%17141186236毛利1512234001.3701,8012.3033737293,5354,9586,85227.0%26.3%27.9%22.9%23.0%64.9%73.078285.3%88.6-59-13-35000.90.60.6169204381548695822-4-620.4%1920.3%0.221181921-24-31-4365-78-90非流动资产202270436077543.6%1.0%27.0%21.13.2%研发费用-22-30-45-130-173-2209997.7344.0%2.2%2.2%2.2%504011055971512951,1361,4981,927应付款项1544106828042.34017.4%17.919.2%19.3%其他流动负债333973235313400-7-1315332374898191502,6583,3040.7%0.1-0.3%004242420-24-24018000005292,2112,717003374701,1421,9324.3721031031371371371371011552741,1311,5221,969未分配利润1853115331,323,3873,76318.0%18.2%19.419.7%00营业外收支3-232-2-2575999415.712981532711,1291.5201,96718.0%18.9%19.4%-13-19-33-141-190-2462020202120222023E2024E2025E12.8%12.12.112.5%12.51332389881,3301,7210.8251.2957351869.67512.52300003.2704.5658.30714.05621.79631.815851332389881,3301,72-0.0060.5250.0226.61310.70512.92015.2%15.7%16.7%17.2%0.0000.0000.0001.4371.9352.50525.24%28.36%20.88%51.13%44.39%39.36%2020202120222023E2024E2025E14.80%13.35%11.88%23.84%22.25%1332389881,3301.72121.9625.9447.6138.13%000024101131-24515369.01312.5127.35%49EBIT增长率21.84%55.43%31.89%28.64%-126296-1763345.23%56.86%78.67%314.27%34.6429.43%909-4.33%73.90%100.84106.3737.90%35.39%-2433-140-236243254000116.872.088.460.055.050.02110100024.622.727.023.023.023.0--4-129-236-242-25380.00.970.070.0700430000104.182.481.528.226.223.464-105其他-205-272-34713468-141-378-34723.721.7238.6-340.9-100.6-57.8-6334253185141.35%52.92%43.13%53.37%47.56%43.47%来源：公司年报、国金证研究所2
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