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国金证券公司点评2019202020212022E2023E2024E2019202020212022E2023E2024E7.37410,74713.703,7333.9655,7496,9588.48011,71916.325.328.125.1%应收款项3,0624,3125.5287.071-1,092-1,142-1,332-1,694-1,964-2,4541,7503,0134,3604,1764,3044,70614.8%123其他流动资产1.0431,0941.1011276毛利6,2827,4359,41512.07615,26218,8858,74111,08214,04116,54719,58825,09285.2%86.7%87.6感资产68.65.8%62.4%64.3%67.171.7%-158-117-135-165-207-2567111.0981.2031,2031.2031.2032.1%1.41.22,3702,7284,26的5,45157945,984-2,522-2.582-3,064-4,041-4,909-6,08218.616.2%1819.9%17.134.2%28.529.4%28.5%28.5%4701,2491,9242,4382,626-458-479633-895-1,051-1,2383,9815,7628,4759,1819,8936.2%5.9%31.334.2%研发费用-370-475-1,723-2,1345.0%5.5%9.8%10.0%10.0%5156603321,2242554753,7835,6257,3739,176应付款项8608791,4011,6912,13244.1%43.7%40.9%42.8%43.0%其他流动负债1,8421,92850658954-168-1753,2173,4687754,3831285,308-0.7%-0.8%1.0%329712712712712-21-12500072479165264363720003.9144,5215,2795,7475,4836,58-347510010010.93114.57417.31821,03325,664n.an.a1.1202405405405405052,8763,9364,7155,6467,3049,101未分配利润4,2256,87410,0168861660121,23239.0%45.9%43.9%41.0%42.4%7231,3922,6632,663营业外收支56-23-99-20-20-20127212251629.1792,8203,9134,6175,6267,2849,08143.0%40.9%42.3%-471606-719-844-1,093-1,3622019202020212022E2023E2024E15.5%15.0%15.0%15.0%2,3493,3084,7826,1927,7198.7727.52828411.81715.29819.0725742611400039.95027.00936.00942.79051.96963.4123,07,7199.5612.7458.79514.27217.14435.5%35.0%34.7%35.9%362%0.0000.0000.0004.7276.1197.62921.96%27.87%25.78%27.62%29.44%2019202020212022E2023E2024E13.95%18.0916.69%18.59%21.22%22.06%2.3493.3083.8374,7826.1927,71924.60523.0626.0357426114000169186433296350508主营业务收入增长率37.19163125.238824631563.0836.3924.21%19.72%31.07%-525-2,337,024582806-1,30476.36%71.6423.33%27.28%29.47%24.67%1,1113.3,56035.15%32.41%33.67%14.27%19.90%-840-970-2,225-1,171780830-335-441-213039.947.947.147.043.040.04162331275100599.0761.41,010.2900.0800.0700.0-1,177-22-680-73081598.2128.5130.0135.014009751881,413-1250074.984.675.569.258.3191407910-969220其他-452-274621-2.028-2.597-3.183-38.2-20.5-24.6-22.8-3559704321B07-55.7-58.2-52.6105.043.82541.2230.77%26.84%23.45%22.34%18.79%19.03%来源：公司年报、国金证研究所2
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