国金证券扫码获取更多服务公司点评附录：三张报表预测摘要2020202120222023E2024E2025E2020202120222023E2024E2025E13.20215,015.0596,1107,3158.63510,2009.4%10.48.9%6.7%应收款项212217372334364338-6,646-7,363-8,2599,345-9,8363,8283,9114,1414,1114,2524,35760.8%231183194202209毛利4,2834.5984,9435,8096,5567.1328,0839,41810,80611,95313.45315,15539.2%38.4%37.4%41.2%感资产43.48.5%52.254.7%61.0%-1.037-1.096-1.153-1,388-1.4763115737738739739.5%9.28.7%8,9288,4897,9487,7227,561-1.383-1,559-1.634-1.811-1.972-2,07043.7%39.33.3%30.512.7%13.0%12.4%12.4%12.2%1,0721,003962948935-1,275-1,438-1,413-1,534-1,527-1.54410,40910,0029,8869.7469,67011.7%12.0%10.7%10.5%9.156.351.5%42.0%研发费用-214-209-236-256-270-2712.0%1.7%1.7%1.6021321003742965079331,3991,770应付款项3,1183,6334,1544,5914,8635,0993.4%2.5%3.86.48.810.4其他流动负债1.4311,7222.0911191531241561834,5495,3766,2326,6827121-0.7%-1.0%-1.2%0000-767-10394-93-1016319720320721200004,6125,4486,8857,3287,7993642424213.24413,40913.42613,80414.35615.1008.2%6.052.62,8192,8192,8192,8192,8192,8194356921,0971,5961,986未分配利润3,7963,9744,3524,9055,6494.4%3.6%5.27.5%10.0%11.7%6375648401,1501,5151,925营业外收支-17103683423,1994451,1651,5991,9905.3%11.7%-175-152-146-280-400-4982020202120222023E2024E2025E38.134.125.0%25.0%2852935498851,1991,4930.0700.08101250.2040.2960.334651973103654104.7574.7634.8975.0935.35719722B3520.5570.5770.6100.8110.7280.8561.8%2.7%39%5.2%0.0220.0220.0400.0700.1000.1202.62%4.17%5.817.17%2020202120222023E2024E2025E1.702.63%3.59%2852935498851,1991.4931.67%1.39%4.746.617.80%1973103654108447707758089.453810658866.71-115-90-20.99%71.43%84.04%49.98%26.50%44652398745166229-14.32815.82%54.51%63.28%44.98%29.83%262,0511.825.02%6.55.53%6.23%-237393415405-394-483-249-200-100-1007252525252-2,029-1,013-1,3374242212.9191.8177.9174.0173.0172.0-2,001-563452-54156559.767.067.06700000295.4257.7222.6194.7172.7157.75003005其他-209-229298-205-282-338-27.7-36.20-40.58-48.915-59.915-259-227-516-277-333-4.6-2.5-3.3-7.5-9.0-9.7-8-28224.94%28.05%31.06%31.53%31.59%31.42%来源：公司年报、国金证研究所2