业绩符合预期，N-TOPCon产能释放巩固量增利稳

     1 资产负债表利润表 会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E货币资金25536336449253326365营业收入835415968245372801231477应收票据及账款10471959390344565007营业成本780714517222262536128539预付账款33634290510331161税金及附加314389101114其他应收款5845358239391055销售费用12139493210361102存货13021484358040854598管理费用505456687770818其他流动资产196171654746838研发费用81146221252283流动资产总计601910827143561659119024财务费用205168892911长期股权投资15311644165516651676资产减值损失(54)(243)(98)(112)(126)固定资产19623779336430132699信用减值损失128(113)(49)(56)(63)在建工程1921950245828002975其他经营损益0(0)(0)(0)(0)无形资产125128986838投资收益276143666666长期待摊费用63673300公允价值变动损益(9)0000其他非流动资产289714714714714资产处置收益376111111非流动资产合计41628282832382608102其他收益11669696969资产总计1018119109226792485127126营业利润98105292441566短期借款13092230000营业外收入89191919应付票据及账款3243638695261073111920营业外支出248323232其他流动负债23923171581666357458其他非经营损益00000流动负债合计694411786153431736619377利润总额82105280428554长期借款26213511083804513所得税25(51)000其他非流动负债7193550355035503550净利润57157280428554非流动负债合计9814900463343534063少数股东损益(2)(1)(6)(9)(11)负债合计792616686199762172023440归属母公司净利润59158286437565股本58505850585058505850EBITDA467538133815301734资本公积43974398439843984398NOPLAT(97)275376460568 留存收益(7992)(7824)(7538)(7101)(6536)EPS(元)0.010.030.050.070.10 归属母公司权益22562424271031473712 少数股东权益0(1)(7)(15)(27)主要财务比率 股东权益合计22562423270331323686会计年度202220232024E2025E2026E 负债和股东权益1018119109226792485127126成长能力 营收增长率77.7%91.1%53.7%14.2%12.4%现金流量表营业利润增长率105.2%7.5%177.8%50.7%28.5%会计年度202220232024E2025E2026EEBIT增长率116.4%-4.4%34.6%24.0%23.7%税后经营利润57157156314448EBITDA增长率132.9%15.4%148.6%14.3%13.4%折旧与摊销18026597010731169归母净利润增长率103.0%165.9%81.2%53.0%29.3%财务费用205168892911经营现金流增长率12.4%-32.5%459.5%24.7%9.3%投资损失-276-143-66-66-66盈利能力 营运资金变动400-379414629611毛利率6.5%9.1%9.4%9.5%9.3%其他经营现金流-119233123123123净利率0.7%1.0%1.1%1.5%1.8%经营性现金净流446301168421012296营业利润率1.2%0.7%1.2%1.6%1.8%资本支出186-1883100010001000ROE2.6%6.5%10.5%13.9%15.2%长期投资-31-87000ROA0.6%0.8%1.3%1.8%2.1%其他投资现金流-211-2816574739ROIC-3.9%13.3%32.8%28.3%44.2%投资性现金净流-427-1021-943-953-961估值倍数 短期借款-233921-223000P/E23689493225长期借款1011088-267-280-290P/S21100普通股增加00000P/B66544资本公积增加-551000股息率0.00%0.00%0.00%0.00%0.00%其他筹资现金流70-656-89-29-11EV/EBIT5954352720筹资性现金净流-1171354-2585-309-302EV/EBITDA36271086现金流量净额-97612-18448401033EV/NOPLAT-17354342620数据来源：iFinD，中航证券研究所