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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E91312601,5041,4371,83223.4%-18.8%25.9%22.6%应收款项1,4191.6501,9722,416-3,268-4,117-3,326-4,114-4,975-6,0051,6471,7441,7931,7942,0242,24679.8%81.5%1.577247123164203248毛利8279367751.0521.3561.7515.5354.7955.4345.8536,74218.5%18.9%20.4%226感资产59.759.3%56358.1%63.2-38-50-4546-7062241410.9%1.12,5832,6222,8333,0641823,034-155-183-149-168-189-21327.9%33.3%33.32.7%28.9销售收入3.8%3.63.3%3.0%2.7%476463449-255-318-299-328-367-4163,7343,2037263,9254,0293.917销售收入6.3%7.3%5.8%40.343.741.9%研发费用-115-182-181-207-253-3109.2702.8%4.0%4.02,330978745232323265203100302484742应付款项1,6571,7981,950904356.5%4.0%2.4%5.8%7.6其他流动负债72356354158265975992-5327-18034,7113,3392516952,886,2172.2%1.00.0%1,132137434434434434641335-15-3654052371566366667024110104,0004003,7933,9874,321101010102,1533,2243,5024,9035.1685,5271.719.5%3.5%6938991,0101,0101,010255348288413560801未分配利润1234076608591,1241,4336.2%6.9%7.0%8.8%10.3%733648619664728810营业外收支0426129.352553522904195618036.2%7.110.4%-47-23-42-56-1202020202120222023E2024E2025E18.3%6.612208293775056820.2200.3123063690.4900.667484564833.1053.5853.8945.4525.7466.1461533324416000.5450.4820.1100.3600.4250.7453.7%6.7%7.0%0.0000.0000000.1320.1750.2387.8.7186.78%8.53%10.852020202120222023E2024E2025E3.57%3.233.55%5.63%208323263775056823.792.119.28484583121719823227主营业务收入增长率-1883259558-3-1455EBIT增长率N/A202.04%60.1653.39%-1279-211-316-206-151.3-2.0720.83%32.6236.07%3784343644297527.9%-15.08.24%5.58%资本开支9084-374297-95产力-2130964.049871.780.070.060.025124-61010173.8150.3194.1160.0150.0140.0-278-96-364-28799.3135.5120.0100.0900001,21300220.9180.3222.3178.7146.9124.7163-99563-7450其他-158-52-12-191-207-27088.37%-263-63277-207-2702.93.83.716.53,611.1-219.2103471277-6539768.87%50.81%51.63%40.52%4034%40.54%2
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