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国金证券公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E7,110,1372,7752,3945,1326.4322.5%22.118.0%应收款项8478197241.1271,3171,537-3,183-3,565-3,6845,241-6,1591,2661,5091,5461,8392,12847.3%51.7%51.9%50.8%51.7%51.5%其他流动资产752.3872,8022,79829523,109毛利3,5433.3293,4184,2674,8965.8009,87310,60312,54014,84352.7%48.3%48.1%49.2%48.3%感资产53.057.2%65.70.6-7087-101-1208811.1211,1311.1471,1641,1820.9%1.0%1,8621,9722,1232,0631,9951,916-945-1,031-1,171-1.369-1.61418.51641411.2%9611.2%13.7%14.5%13.5%13.5%13.5%1,8121,6781,7271.7741,821-389-420-434-4825384,7305,1335,2225,22552185,202销售收入5.3%5.6%5.9%5.0%42.8%研发费用-402-426-496-607-710-83720,0456.0%6.2%7.0%641415745195195191,9661,5041,4001,9692,2352,691应付款项991,1921,6334061,6701,96229.2%21.8%19.7%22.7%22.5%其他流动负债690597998961.0211,177-12896-514452,3301,8302,82032103,57-0.1-1-0.11.4591.5091,5091.5091.509-22-48-117-3612402808478021261321392,5703,56850234,41447985,2401271161291301401507,4378,27211,20612.75014.926.8%5.75.3%1,0021,0021,0021,0021,0021,0022,0101,6881,8422,2832,6293,098未分配利润5,3186,6147,9649,50811,34929.924.5%25.9%26.3%25.9%25.9%158206208211214营业外收支91411515151775920.052,0191,7021,8422,2982.6443.11330.0%24.725.9%26.0%-262-218-270-345-397-4672020202120222023E2024E2025E13.0%12.8%15.0%15.0%15.0%1,7571,4841,5731,9542,2482,6461.7551.4795911.9472.2402.6372-227.4198.2529.83511.1791271914.5551,41,5%2,262,632.8241.1982.291.38121752.60626.2%21.5%22.5%22.5%0.4000.3000.3000.6000.7000.80023.6517.9216.18%1742%17.6118.12%2020202120222023E2024E2025E17.48%10.57%12.33%1264%13.19%1,7571.5731.9542,2482.64620.90%13.13%9.8012.4113.552-22223236291377248235301主营业务收入增长率251301221317.97%-15-109-385-162-181-198EBIT增长率151.6-23.52%40.67%13.54%20.37%854-465740-655-121-137133.74-15.737.6022.36%15.05%17.731,2012,61219.20%25.82%资本开支-678-284178-184190-195产力-962-2.125-349-17-17-1741328.135.035.035.0580109130140150108.6114.4137.5130.0130.0130.0-1.29-62107.297.4110.6100.0100.01000149291000100.0103.3107.985.770.657.3442838506-2980其他-212-442-714-808908-55.3-1,011-80-90815.4-174.1-14.5388.5-162.5-60.47061193021.30625.54%23.74%33.31%27.88%27.02%26.14%2
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