德业股份24半年报点评：受益新兴市场需求爆发，Q2业绩大超预期

J2K605117SH J2K24LMINOPQ34RSTUVQ22WXYAZ abI2024M9c5d 23 2022A 2023A 2024E 2025E 2026E qrst78u 5956 7480 11157 14159 16724 avyoy 429 256 492 269 181 wxyt78u 1517 1791 2893 3597 4125 avyoy 1623 180 615 244 147 z5rtu 238 281 453 564 646 z59 345 326 398 524 609 wrv 37 34 40 36 31 PE 362 306 190 153 133 PB 135 105 77 55 41 ABCDE ffi8600 01S0740522020001 Emailzengbiaoztscomcn 23 01S0740522040004 Emailwupengztscomcn z556ffiQ5ffi2024Z94rffi 456785 638 956785 602 ffi 8600 78 54877 978 51782 0123456fi8 30300 20 10 202309 202310 202311 202312 202401 202402 202403 202404 202405 202406 202407 202408 202409 0 10 20 30 40 50 9 1DEFGHIJ5KJ5KLMNOPQRSTLUVWX 2DEFGYIJ5K23ZZ FQ2RLaQbc6defgX 3DEFGhIJ5K23ZF24 HiF24Q1bjkQlm nopX FGHI 456789202420241ABC4748DEF30GHIJK1236DEF22LJM372EF46pctN24Q2ABC2864DEF20OF521GHIJK803DEF190OF 854LJM377EF31pctOF14pctP QRST624Q2GHIJKOFUVWXYZabcOFUVWXdefghijklmnopqrstuvwxWXyP z9n78QvP1 n78PEzU”A9Ly7E 7tuvwx7P20241QAC232DEF26YZEv20241OF yP2024178deYvG“”‘712’214’u24 3’255’P aQfiflpqP20241 aQAC77DEF75P78fih78 aQEWWQdedefljcOhsc7P JT6jkUVnzwx v78nc01Q2A9P34z78W51z67178QR8782426AGHIJK09289360413D52 39299352DEF6224155fisPE09191513 BCDE”TP GHWI6NNJnKNLMNOxP JP 7 7 2023 2024E 2025E 2026E 2023 2024E 2025E 2026E 2978 4442 6485 9325 012 7480 11157 14159 16724 3145 10 15 19 22 067 4457 6612 8517 10277 3189 561 837 1062 1255 57 84 104 121 89 18 26 34 41 ABC 278 335 416 482 D 754 1119 1441 1739 EFBC 239 279 347 402 GH 0 0 0 0 IJBC 436 446 555 642 KLMN 3611 4474 5179 5782 OPBC 214 15 33 61 MNG 7932 10913 14221 18164 QCRSTU 10 15 12 13 KLVWX 0 0 0 0 RSTU 50 29 40 35 VWYZX 0 0 0 0 SN1 3 2 11 3 a 1724 1696 1681 1677 X1 121 20 20 20 bcde 288 368 438 498 KL1 51 38 44 41 fg 200 237 271 302 0 2098 3387 4212 4829 KLhMN 674 709 737 759 0i12 0 1 0 1 hMNG 2885 3011 3127 3236 0ijk 2 2 2 2 G 10817 13924 17348 21399 lm 2096 3386 4210 4828 nWo9 2423 2627 2423 2423 pq 305 493 613 703 345 854 1241 1567 1853 r 1791 2893 3597 4125 389 837 1217 1536 1816 stYuT 0 0 0 0 19v 0 0 0 0 wxyzr 1791 2893 3597 4125 GH 191 285 361 427 NOPLAT 1608 2879 3569 4073 KL39 34 34 34 34 EPSY7281453564646 WhMN 496 496 496 496 KLMN 336 344 402 445 OP MNG 5170 6243 6819 7494 20232024E2025E2026E VWo9 300 300 300 300 6V 3 0 0 0 0 012V 256 492 269 181 KLhMN 116 216 216 216 EBITV 175 791 239 141 hMNG 416 516 516 516 wyzrV 180 615 244 147 G 5586 6759 7334 8010 wxyzpZ 5231 7165 10013 13390 404 407 398 385 stYuZ 0 0 0 0 r 239 259 254 247 pZG 5231 7165 10013 13390 ROE 342 404 359 308 YuZ10817139241734821399 ROIC 312 414 390 339 M7 516 485 423 374 20232024E2025E2026E PZ 637 508 343 257 NM 2081 2541 3341 3889 MN 15 17 21 24 1 1712 3041 3737 4244 N 14 16 19 22 D 111 365 322 298 31 40 260 197 168 l 07 08 08 08 3 371 767 645 566 3189t 27 23 24 25 KL 588 643 521 455 389t 80 56 58 59 XNM 1724 438 378 362 Dt 65 51 54 56 7jk 705 254 261 267 Y YZX 0 0 0 0 Y1 281 453 564 646 KLVW 1019 184 117 95 YM 484 591 777 904 NM 178 639 920 687 Yr 1216 1666 2328 3113 o9 1408 204 204 0 S Yj 610 1276 1558 1765 PE 306 190 153 133 Yu 0 0 0 0 PB 105 77 55 41 KL 976 433 842 1078 EVEBITDA 74 42 34 30 Wind FGef T Q RT E ST612UVWXfiEvY2ZV151 ST612UVWXfiEvY2ZV515 ST612UVWXfiEvY2ZV105 ST612UVWXfiEvY2V101 QT ST612UVWfiEvY2ZV101 ST612UVWfiEvY2ZV1010 ST612UVWfiEvY2V101 6T3Y9612UVW78aQ2XfiEvY2XfiPAPAbfl3002vYNzcdcdj2efifghi3acdj2efijhi3vYNklmnopJ2vY3q5002arstu2vYvQwP xyz78Dk78”yzyzQNPkk78Pk78CCk1P kvk787MaMS 7fcaPk78y0Yk MZ79FffiPk78fiksT09bnjbsXszaPksM0WM3gji8agk78 WfigjbPks2U9gjgP GHPnk78fikWsflk‘’ P sink78k78g78s9yzt78WafiWfldePk78k78gaUk795a0P kGDxyz78”sP4Sk78gUfikt9mhCfiktaP