业绩与订单高增，新产品推出强化竞争力

     1  3539.65 6302.20 9807.44 12585.00 14554.95 72.94 78.05 55.62 28.32 15.65 712.72 1255.82 1835.76 2447.27 2852.51 92.25 76.20 46.18 33.31 16.56 38.92 36.55 37.50 37.00 36.50 3.18 5.60 8.19 10.92 12.73 32.29 18.33 12.54 9.40 8.07 8.95 6.56 4.72 3.44 2.61 27.72 34.27 36.51 35.74 31.81 资产负债表利润表 会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E 货币资金7121832245535086797营业收入3539.656302.209807.4412585.014554.95 应收票据及账款18652991564368967577营业成本2161.853998.916129.657928.559242.39预付账款54149150193223税金及附加22.5460.0966.6185.4898.85其他应收款4267110142166销售费用116.11198.88333.45402.72451.20存货3888763083971173012661管理费用177.01256.55519.79578.91625.86 其他流动资产11041091127013431394研发费用236.66327.31500.18629.25698.64流动资产总计766513760180252381128818财务费用19.6441.3267.2254.8036.83长期股权投资03333资产减值损失-57.25-120.68-107.88-113.27-123.72固定资产4781054107011161072信用减值损失-81.38-73.08-98.07-100.68-116.44在建工程981521264845其他经营损益-0.00-0.00-0.00-0.00-0.00无形资产6018315312292投资收益12.4814.3614.9811.9811.98长期待摊费用29653300公允价值变动损益28.9754.040.000.000.00其他非流动资产179399400400400资产处置收益0.320.130.000.000.00非流动资产合计8441858178416891612其他收益91.53189.61117.12117.12117.12资产总计850815617198092550030430营业利润800.511483.522116.682820.453290.11 短期借款612520600650680营业外收入0.842.641.191.191.19应付票据及账款278955786482868910382营业外支出6.048.805.155.155.15其他流动负债24274513662184979834其他非经营损益0.000.000.000.000.00流动负债合计582910610137031783620895利润总额795.311477.352112.732816.503286.16 长期借款631165912657412所得税100.48222.65280.63374.11436.50其他非流动负债2898908988净利润694.841254.701832.092442.392849.67非流动负债合计9112641002746500少数股东损益-17.88-1.12-3.66-4.88-2.85负债合计591911873147051858221396归属母公司净利润712.721255.821835.762447.272852.51股本154225225225225EBITDA847.941591.902354.143061.823489.54资本公积14181409140914091409NOPLAT690.951249.031894.342493.862885.55 留存收益9992030339452137332EPS(元)3.185.608.1910.9212.73 归属母公司权益25713664502868478966 少数股东权益1880767168主要财务比率 股东权益合计25893744510469189034会计年度202220232024E2025E2026E 负债和股东权益850815617198092550030430成长能力 营收增长率72.94%78.05%55.62%28.32%15.65%现金流量表营业利润增长率91.22%85.32%42.68%33.25%16.65%会计年度202220232024E2025E2026EEBIT增长率85.77%86.35%43.54%31.71%15.73%税后经营利润6951255172123342741EBITDA增长率88.65%87.74%47.88%30.06%13.97% 折旧与摊销3373174191167归母净利润增长率92.25%76.20%46.18%33.31%16.56% 财务费用2041675537经营现金流增长率79.65%32.50%95.42%42.01%114.06%投资损失-12-14-15-12-12盈利能力营运资金变动-317-843-629-6511312毛利率38.92%36.55%37.50%37.00%36.50%其他经营现金流137223119124124净利率19.63%19.91%18.68%19.41%19.58%经营性现金净流555735143720414369营业利润率22.62%23.54%21.58%22.41%22.60%资本支出2484881099691ROE27.72%34.27%36.51%35.74%31.81% 长期投资-830-386000ROA8.38%8.04%9.27%9.60%9.37%其他投资现金流5-147-4-4ROIC55.12%67.42%62.55%63.24%60.40%投资性现金净流-1073-888-102-100-95估值倍数 短期借款184-93805030P/E32.2918.3312.549.408.07长期借款491102-253-255-245P/S6.503.652.351.831.58普通股增加5670000P/B8.956.564.723.442.61资本公积增加553-9000股息率1.07%0.00%2.05%2.73%3.19%其他筹资现金流-244-44-539-684-770EV/EBIT37.2212.9810.067.295.31筹资性现金净流5981026-712-889-984EV/EBITDA35.7712.389.326.845.05现金流量净额8387662310533290EV/NOPLAT43.9015.7811.588.406.11数据来源：iFind，中航证券研究所