您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中泰证券]:苏州固锝24半年报点评:信用减值有所拖累,经营层面相对稳健 - 发现报告
当前位置:首页/公司研究/报告详情/

苏州固锝24半年报点评:信用减值有所拖累,经营层面相对稳健

2024-08-27曾彪、吴鹏中泰证券~***
AI智能总结
查看更多
苏州固锝24半年报点评:信用减值有所拖累,经营层面相对稳健

JKLM(002079.SZ)/^_ `a JKLM24NO;Iƒ#PQRESTUVWXYZ[9fi\] bcde;</=>Iƒ2024O8f26g ƒ"#$%&'()=>?@ABCDE !"ffi$%7.37&'()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn 232022A2023A2024E2025E2026E j-klm78&n3,2684,0876,0787,9968,919 opqyoy%32%25%49%32%12% rstm78&n371153198351426 opqyoy%70%-59%29%77%21% u5kTm&n0.460.190.240.430.53 u5vw9e0.190.27-0.31-0.050.44 rxUkTq13%5%7%11%12% P/E16.138.930.117.014.0 P/B2.22.02.01.81.6 yz%u5[|]~^Ä56ÅÇÉffiŠRÜá5ffiàâ2024]8ä23Ikåffi *+,- FGHI 456789:2024;<;=>2024;1<;@ABC27.72D>EF+61.7%>GHIJK0.11D>EF-80.1%>LJM12.1%>EF-2.5pctN24Q2@ABC16.31D>EF+66.1%>OF+43.1%>GHIJK0.04D>EF-88.9%>OF- 51.2%>LJM12.6%>EF-2.5pct>OF+1.3pctP 456(785) 808 QRST62024Q2GHIJKOFUV.W>X,YZ1[9\]^_`ab0. 9:56(785) 807 57DNZ2[c9d^OFef92%>g0.8DPhi>jBkQ"lfino>p !ffi(&)7.37 !;(78&)5,956 9:!;(78&)5,950 ./012-3456fi8 !"#$%&300 20% 10% 2023-08 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 0% -10% -20% -30% -40% 9:;< 1DEFGHIJKLM%HJTNOPQRSTU-VWXYZ[ 2DEFG\IJKLM23]F^ _%23]-`abR24]Ncdefghi[ qrstuvQ"wxyTOPConvz[|@A|J]~><|ÄQ"ÅÇÉÑÖÜáàP stuvQ"âä]~>ãåçéãèê:ëíìî~ïñP2024;1<;78@AstuvCó22.7D>EF+88%>òôöYuffi1úNùòôöYTOPConåçZûü†LECOvz[âä[|>°24;6¢>£¢TOPConvz§• ¶Fg70%Pß®©u™D78@¨vzQ"*XÄ>24H1@ACó22.8D>IJK0.8D>EF+14%PE•>78ÆØì9§TOPCon«±Ì^*îvX¥é &uµ⁄u¯¨eûåç>Ü4ºêæøuffi•¿W¡¯¬î¨Pæ¬Ωvzƒn>78É@A30%«»u…¬î¨u ÀÃ¥vz|åÕŒ50%«»u…¬î¨u  ÀX¥vz|åPhi>ß®©uœi–—“J”å‘’|÷•>¢]ãÿœiºê>ŸòÑíìœièêP <|ÄQ"⁄ĤA‹n>›fifl‡·‚i„‰ºêP2024;1<;@A<|ÄCó4.9D>EF-1.5%>ÂÊpqrCóÁËOFÈÍN@ALJM12.8%>EF-12.0pctP2024;1<;Îdé–QÏÌÓèê*Ô£EF»ÒÚfPE•>78ÛÙıˆ˜„ƒn>:넯Y˘åç>]˙åçç˚>‘A›fifi‡·‚i „‰ºê>˛ãÿˇ/ºêì‡!™>Ò"#$%ㄯåçÔ£P &JÁ범(T)624;TP§•¶F*+ef>,-78uvQ"|J.fNE•>78™DHJTvz/ˇ>01n2>HJTå34[5˙â6Ò"wxPhi><|Ä7QÒ"Ú8>78QRÁ9ŸòÑÖÜP:;787<ffi`ax=-ÕŒ_`=->>?UÖ78QR>ÁË7824-26;@AGHIJK0üD2.0/3.5/4.3D@ZAÁë`2.9/3.5/4.1D[>EF+29%/+77%/+21%>BACffifiDPE0üD30/17/14E>FGHIó”T)P KLeM6stNOPŒÁ9NQR˙SNºê|óTUPŒÁ9NCV”(Cx *+=-ÓP &JÁë¤ !"#$% ®©:™7£ &'% ®©:™7£ ()*+ 2023 2024E 2025E 2026E ()*+ 2023 2024E 2025E 2026E ,-!. 390 579 762 850 /012 4,087 6,078 7,996 8,919 3145 122 181 238 266 /067 3,500 5,247 6,835 7,591 3189 947 1,408 1,853 2,066 :.;<= 15 21 27 29 >?89 79 118 153 170 @ABC 112 103 133 149 D, 473 709 924 1,026 EFBC 111 122 157 175 GH!" 0 0 0 0 IJBC 146 231 298 325 KLMN!" 427 495 560 592 OPBC 10 35 61 75 MN!"G) 2,437 3,491 4,491 4,971 QCRSTU -12 -80 -50 -50 KLVWX! 11 11 11 11 !"RSTU -8 -8 -9 -9 VWYZX! 241 241 241 241 [\]S^N1_ -82 -45 -50 -50 `a!" 625 637 658 685 X!1_ 77 0 0 0 bcde 69 149 219 279 KL1_ 6 37 17 10 fg!" 28 36 43 49 /0&' 175 223 393 477 KLhMN!" 515 519 523 526 /0i12 3 4 4 4 hMN!"G) 1,489 1,593 1,694 1,791 /0ijk 4 6 4 5 !"G) 3,926 5,084 6,185 6,761 &'lm 174 221 393 476 nWo9 265 1,060 1,669 1,790 pq: 18 23 42 50 3?45 172 252 322 350 r&' 156 198 351 426 3?89 187 275 351 382 stYuT_ 2 0 0 0 >19v 0 0 0 1 wxy[zr&' 154 198 351 426 GH#$ 8 12 16 18 NOPLAT 165 229 406 492 KL3?9 68 68 68 68 EPS[|]~Y7ŠÅ0.190.240.430.53 Ç*ÉÑWÖhMN#$ 61 61 61 61 KLMN#$ 191 190 239 264 ÜáOPàâ MN#$G) 952 1,918 2,725 2,933 ()*+20232024E2025E2026E VWo9 0 0 0 0 6Väã 3?$å 0 0 0 0 /012çVâ 25.1% 48.7% 31.6% 11.5% KLhMN#$ 41 141 141 141 EBITçVâ -56.1% 39.2% 77.0% 21.3% hMN#$G) 41 141 141 141 wy[zr&'çVâ -58.7% 29.1% 77.4% 21.2% #$G) 993 2,059 2,866 3,074 é&äã wxy[zpèêZ_ 2,908 3,000 3,294 3,662 ë&â 14.4% 13.7% 14.5% 14.9% stYuZ_ 25 25 25 25 r&â 3.8% 3.3% 4.4% 4.8% pèêZ_G) 2,933 3,025 3,319 3,687 ROE 5.2% 6.5% 10.6% 11.5% #$íYuZ_3,9265,0846,1856,761 ROIC 8.2% 8.1% 11.2% 12.2% ì$äã î.Mï%®©:™7£ !"#$â 25.3% 40.5% 46.3% 45.5% ()*+20232024E2025E2026E $PZ_à 12.5% 41.7% 56.3% 54.0% ñ/óNî.M 218 -249 -43 353 MNàâ 2.6 1.8 1.6 1.7 î.1_ 256 325 508 600 òNàâ 2.1 1.5 1.3 1.3 D,ôö -88 -236 -215 -102 /õäã ñ/ú31ôö -285 -552 -528 -250 l!"ùûâ 1.0 1.2 1.3 1.3 ñ/ú3?ôö 55 168 146 59 3189ùûüt 71 70 73 79 KLôö 280 46 46 46 3?89ùûüt 20 16 16 17 X!óNî.M -185 -305 -264 -255 D,ùûüt 44 41 43 46 !7jk -77 -192 -192 -193 †Y°¢[£Å YZX! -10 0 0 0 †Y1_ 0.19 0.24 0.43 0.53 KLVW!"^§ -98 -113 -72 -62 †Yñ/î.M 0.27 -0.31 -0.05 0.44 •!óNî.M 50 744 490 -10 †Yr!" 3.60 3.71 4.08 4.53 o9ç= 158 795 609 122 ¶Sàâ Y&;&ßj? -35 -56 -107 -133 P/E 38.9 30.1 17.0 14.0 Yu•! 0 0 0 0 P/B 2.0 2.0 1.8 1.6 KLôö -73 5 -12 1 EV/EBITDA 40 31 20 17 !"#Wind$%&'()*+ FGƒ"hi# T) W. CXT) Ió Á9YZ6~12[¢‚lfiE9\]2^ú+æ15%Õ1 ]G Á9YZ6~12[¢‚lfiE9\]2^ú+æ5%~15%(ñ GÒ Á9YZ6~12[¢‚lfiE9\]2^ú+æ-10%~+5%(ñ _G Á9YZ6~12[¢‚lfiE9\]2^_+æ10%Õ1 7QT) ]G Á9YZ6~12[¢‚fiE9\]2^ú+æ10%Õ1 Ê` Á9YZ6~12[¢‚fiE9\]2^ú+æ-10%~+10%(ñ _G Á9YZ6~12[¢‚fiE9\]2^_+æ10%Õ1 ab6T)3]D=c9:d)*6~12[¢‚78CffiZe7Q2^[lfiE9\]2^*lfièê¤APÂÊACèêÕfg3002^D\]N¢hièêÕhiî2Zjfiklmn3*[ehioè2^Zjfioèmn3*[D\]NpqèêÕrstuJÊ·2^D\]>vCèêÕ3w5002^exygz[!2^D\]ZùÒW.*|i[P Ø"ø$% Ê]~DCÄÒÅ78ZÕUÇÉH¨78”[ÑÒÊ·~DÖÜáàâäãåç*~D”(éèQ"(êP ¨=cë÷¨78*ºêí^P¨78PãìîCïCñ¨=cóòÂDºêP ¨=c\y¨78ŒÂcôïäöDç]*7ì(ze@0õc(z>úùû™ü*cô†S>°O¢£éº†µ7&>§•Pw¶ß®hô*©™e´¨P¨78°O0PÆ~Ø(]±*]¶`µ`⁄`>A¨=cÊ*(z陥éÁëµúù=c@ì7ì9:•*B~>ç3ãffi•õ⁄P¨78fi¨=cª…]±çæP9§º•*æøUo§ÖÈ>”(üDB¿7¡blD*%¢eÖÈP¨=cª¬*(zé–Ñ陥é ]±Œ,ëNe÷ƒºê™K:(^>Pêî¶ß”(é«»éãËe…"* ÀÙÕl>¨78PŒ=cÊ*‚œfi ÀÙÕl