TOPCon电池产能释放，背板技术领先，国资助力发展

   300 30% 20% 10% 0% -10% -20% -30% -40% -50% 22-0922-1123-0223-0423-0623-09 曾帅分析师 SAC执业证书：S0640522050001 联系电话： 邮箱：zengshuai@avicsec.com 1 2 www.avicsec.com 010-59219558010-59562637  5819.54 9576.79 15106.50 22199.49 30083.64 14.45% 64.56% 57.74% 46.95% 35.52% -313.36 401.39 806.28 1314.47 1874.76 -424.19% 228.09% 100.87% 63.03% 42.62% 11.52% 15.63% 16.87% 17.23% 18.17% -0.29 0.37 0.74 1.21 1.72 -40.16 31.35 15.61 9.57 6.71 3.71 3.24 2.72 2.16 1.67 -9.25% 10.33% 17.44% 22.59% 24.91% 10000 60% 400 150% 8000 6000 4000 2000 40% 20% 0% -20% 200 0 -200 0% -150% -300% 0 201820192020202120222023H1 -40% -400 201820192020202120222023H1 -450% 3 4 3500 60% 200 200% 3000 2500 2000 1500 1000 500 0 40% 20% 0% -20% -40% 100 0 -100 -200 -300 -400 -500 6 0% -200% -400% -600% -800% -1000% -1200% 5 30% 4005% 20% 10% 0% 4% 300 3% 200 2% 100 1% 201820192020202120222023H1 -10% 00% 201820192020202120222023H1 12000 80% 600 300% 100 100 7580 60 50 40 25 20 0 201820192020202120222023H1 0 201820192020202120222023H1 9 BSF 100% PERC XBC TOPCon MWT 75% 50% 25% 0% 10 100% - -KPX/TPX/PX/PPX-CPC 75% 50% 25% 20222023E2024E2025E2027E2030E 0% 202220232024202520272030 120 资产负债表利润表 会计年度202120222023E2024E2025E会计年度202120222023E2024E2025E货币资金24892987205534135194营业收入58209577151062219930084应收票据及账款182638686084933612693营业成本51498080125571837424618预付账款139216337499668税金及附加2027446381其他应收款2881132195288销售费用117162193300421存货16082736430062938431管理费用245340400588812其他流动资产15672786115892146研发费用181292385555737流动资产总计624510616137712132429419财务费用-38-389012-0长期股权投资255137187262382资产减值损失-462-65-54-84-105固定资产22492836245023222226信用减值损失-59-101-45-67-90在建工程418553735743726其他经营损益0-0000无形资产72108825631投资收益-82695782127长期待摊费用4748242833公允价值变动损益5-1-100-45-50其他非流动资产28542706283830083229资产处置收益-8-0101010非流动资产合计58956388631664206627其他收益4126303030资产总计1213917003200872774336046营业利润-418642133422333336短期借款12133253000营业外收入92101010应付票据及账款4222512883951258515917营业外支出99555其他流动负债15622159445666579734其他非经营损益00000流动负债合计699710540128501924225651利润总额-418635133922383341长期借款427651504368236所得税-51684027271186其他非流动负债6491181123312401280净利润-41246893815112155非流动负债合计10761832173716081516少数股东损益-9967131196280负债合计807212372145872085127167归属母公司净利润-31340180613141875股本10901090109010901090EBITDA-154894223231974440资本公积18511944194419441944NOPLAT-502349108515492190 留存收益448852159027864492EPS(元)-0.290.370.741.211.72 归属母公司权益33883886462458207526 少数股东权益67974587710731353主要财务比率 股东权益合计40674631550068938879会计年度202120222023E2024E2025E 负债和股东权益1213917003200872774336046成长能力 营收增长率14.45%64.56%57.74%46.95%35.52% 现金流量表营业利润增长率-253.80%107.74%67.37%49.37% 会计年度202120222023E2024E2025EEBIT增长率-230.93%139.30%57.42%48.47%税后经营利润-41246893614562076EBITDA增长率-678.83%149.71%43.21%38.88%折旧与摊销3022978039471099归母净利润增长率-228.09%100.87%63.03%42.62%财务费用-38-389012-0经营现金流增长率294.52%-383.60%-22.19%23.34%投资损失82-69-57-82-127盈利能力 营运资金变动5-2222144919690毛利率11.52%15.63%16.87%17.23%18.17%其他经营现金流413404713422净利率-7.09%4.89%6.21%6.81%7.16%经营性现金净流351-1161329325623160营业利润率-7.18%6.71%8.83%10.06%11.09%资本支出473265498798925ROE-9.25%10.33%17.44%22.59%24.91%长期投资-344-226000ROA-2.58%2.36%4.01%4.74%5.20%其他投资现金流176-363-182-106-133ROIC-10.13%9.33%16.83%28.52%36.27%投资性现金净流-641-854-681-904-1058估值倍数 短期借款-1462040-325300P/E-3135.421560.89957.43%671.30% 长期借款238224-147-135-133P/S216.26%131.41%83.31%56.69%41.83%普通股增加3110000P/B371.44%323.88%272.20%216.25%167.23%资本公积增加-27193000股息率0.00%0.35%0.54%0.94%1.34%其他筹资现金流305-245-144-165-188EV/EBIT-3132.83936.95%569.00%358.02%筹资性现金净流4382112-3544-300-321EV/EBITDA-2093.16599.92%400.48%269.38%现金流量净额132144-93213571781EV/NOPLAT-5354.331233.69826.63%546.20% 数据来源：iFinD，中航证券研究所