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]:润邦股份24半年报点评:业绩稳健增长,订单兑现支撑后续发展 - 发现报告
当前位置:首页/公司研究/报告详情/

润邦股份24半年报点评:业绩稳健增长,订单兑现支撑后续发展

2024-09-06曾彪、吴鹏中泰证券叶***
润邦股份24半年报点评:业绩稳健增长,订单兑现支撑后续发展

JK.L(002483.SZ)/_` ab JK.L24MN;Iƒ#2OPQRSTUVWXYZ[\]^ cdef;</=>Iƒ2024N9g6h ƒ"#$%&'()=>?@ABCDE !"ffi$%4.24& 23 2022A 2023A 2024E 2025E 2026E '()%*+ a-vwx78&y 5,174 7,183 8,750 10,778 12,848 z[|yoy% 35% 39% 22% 23% 19% ,-./01%S0740522020001 ]~Jx78&y 53 55 351 433 538 Email%zengbiao@zts.com.cn z[|yoy% -85% 4% 534% 23% 24% m5vÄx&y 0.06 0.06 0.40 0.49 0.61 m5ÅÇ9P 2.05 1.10 1.03 1.22 1.36 '()%23 ]ÉÑvÄ| 1% 1% 8% 8% 9% ,-./01%S0740522040004 P/E 70.7 67.9 10.7 8.7 7.0 P/B 0.9 0.9 0.9 0.8 0.8 Email%wupeng@zts.com.cn ÖÜ%m5áàâäãå56çécffiXQêë5ffiíì2024n9î5ïvñffi *+,- 456(785)886 9:56(785)885 !ffi(&)4.24 !;(78&)3,759 9:!;(78&)3,753 ./012-3456fi8 !"#$%&300 10% 2023-09 2023-10 2023-11 2023-12 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 0% -10% -20% -30% -40% -50% 9:;< 1DEFGHIJK5L%MNOPQRSTUVWXYZ 2DEFG[IJK5L\]F^_% `abcdefgQhijklmZ 3DEFG\IJK5L23nF^ _%23nop;qr?stuQ`acdefgZ FGHI 456789:2024;<;=>2024;1<;@ABC31.49D>EF+3.8%>GHIJK1.74D>EF+9.7%>LJM19.9%>EF+1.1pctN24Q2@ABC17.38D>EF-7.4%>OF+23.1%>GHIJK1.11D>EF-4.3%>OF+77. 8%>LJM19.8%>EF+0.8pct>OF-0.1pctP 2024;1<;CQR06 0S"T>20241<;UVWXYZS"@ACQ18.0D>EF+28%>LJM14.9%>EF+0.2pctN[\]^YZS"CQ3.5D>EF-64%>CQ EF_`abc,d1e[fghijklamN2e[]nopqklr23H1qkle>LJM27.9%>EF+9.4pctNnostuCQ5.7D>EF+210%>LJM16.6%>EF-1.6pctNvwxwyzCQ2.0D>EF-9%N[ |y]CQ0.6D>EF-10%P 0~dT>ÄÅCQ23.1D>EF+20%NÇÅCQ8.4D>EF-24%P UVWXÉÑÖÜáƒâä>ãÇçéèêëí78SìîïP78Cñáƒbó+,jò>ôö78*õúùö^>ûü†°¢£§•¶ß®©™T¨VÆØ® ¨õ¨n¶ß®±õõߨ¥®µ°GUSTOMSC®¨õPoma®†°±N®ÙŒÏõs¿ºvæbó[Äø¿¡¬XƒAdP241<;>78’«£»F…¢ ÀÃÕ14Œœ–—K”‘’®÷s”nÚÿŸ+⁄®¤‹—æbóçé>ãÇçé›fiP []ÉÑÖÜ[Äâäs[]no>qfl‡·î‚P„‰Â>78ÊÁõÇ[fghËJÈÍaÎ>ÏÌÓÔÅÒ[ÄÚgâä>’ÛûÙıˆ˜[1fØghÚ‘’˘˙I¸â佲¤I¸JISˇ!"#>qfl$%&Å[Ä'(P)„‰Â>no*Sy+1ƒ-.®/0a1>7823ÅÒ[]noS">)4qfl‡·î ‚P ËJ56ü789:6YZÉÑ>ãÇçé›fi>;4<=9>NORÉÑ>’Û@AfBCD>EF@A5.PGH5I7824-26;@AGHIJK0JK3.5/4.3/5.4DL>EF+534%/+23%/+24%>MÛNffifiQPE0JK11/9/7R>S;TUQ”9:P fBWX6/0Cs5.NYZÓ[fBNçé\ùCs5.N]^@AfBæP ËJ56_ !"#$% &':()* +,% &':()* -./0 2023 2024E 2025E 2026E -./0 2023 2024E 2025E 2026E 12!3 3,510 4,275 5,267 6,278 4567 7,183 8,750 10,778 12,848 869: 111 136 167 199 45;< 5,715 7,013 8,674 10,358 86=> 1,248 1,520 1,873 2,232 ?3@AB 28 34 41 49 CD=> 738 906 1,121 1,338 EFGH 111 134 163 195 I1 1,174 1,441 1,782 2,128 JKGH 352 425 518 617 LM!" 234 285 351 419 NOGH 205 248 302 360 PQRS!" 708 861 1,058 1,260 TUGH 80 40 41 39 RS!"L. 7,490 9,139 11,268 13,436 VHWXYZ -83 -70 -70 -70 PQ[\]! 70 85 105 125 !"WXYZ -334 -50 -50 -50 [\^_]! 63 63 63 63 `affiXcS6d -16 -8 -16 -13 ef!" 2,049 1,994 1,953 1,925 ]!6d 1 3 4 3 ghij 111 191 261 321 PQ6d 20 19 19 19 kl!" 489 462 439 417 45+, 279 752 927 1,120 PQmRS!" 442 441 440 439 45n67 11 11 11 11 mRS!"L. 3,223 3,236 3,260 3,290 45nop 9 7 6 7 !"L. 10,713 12,374 14,527 16,726 +,qr 281 756 932 1,124 s\t> 544 767 1,027 1,175 uv? 80 216 266 321 8D9: 454 546 661 774 w+, 201 540 666 803 8D=> 890 1,070 1,297 1,517 xy^zYd 146 189 233 265 C6>[ 0 0 0 0 |]~`w+, 55 351 433 538 LM#$ 3,318 4,042 4,979 5,935 NOPLAT 258 569 696 831 PQ8D> 99 99 99 99 EPSÄÅÇÉ^<ffiŠÜ0.060.400.490.61 á/àâ\ämRS#$ 284 284 284 284 PQRS#$ 289 293 324 365 ãåTUçé RS#$L. 5,877 7,100 8,670 10,149 -./020232024E2025E2026E [\t> 179 179 179 179 ;[èê 8D$ë 0 0 0 0 4567í[é 38.8% 21.8% 23.2% 19.2% PQmRS#$ 385 432 432 432 EBITí[é 68.5% 120.4% 22.2% 19.5% mRS#$L. 564 611 611 611 |~`w+,í[é 4.2% 534.4% 23.2% 24.3% #$L. 6,441 7,712 9,282 10,760 ì+èê |]~`uîï_d 4,000 4,202 4,552 5,007 ñ+é 20.4% 19.9% 19.5% 19.4% xy^z_d 271 460 693 958 w+é 2.8% 6.2% 6.2% 6.3% uîï_dL. 4,271 4,663 5,246 5,966 ROE 1.3% 7.5% 8.3% 9.0% #$ó^z_d10,71312,37414,52716,726 ROIC 7.0% 13.7% 14.6% 15.5% ò$èê ô3Rö%&':()* !"#$é 60.1% 62.3% 63.9% 64.3% -./020232024E2025E2026E $U_dç 32.6% 35.7% 36.6% 34.7% õ4úSô3R 974 914 1,077 1,207 RSçé 1.3 1.3 1.3 1.3 ô36d 467 788 907 1,037 ùSçé 1.1 1.1 1.1 1.1 I1ûü 103 -267 -341 -346 4†èê õ4°86ûü -67 -414 -549 -559 q!"¢£é 0.7 0.7 0.7 0.8 õ4°8Dûü -255 272 343 333 86=>¢£§y 66 57 57 58 PQûü 726 535 717 742 8D=>¢£§y 59 50 49 49 ]!úSô3R -84 -233 -222 -221 I1¢£§y 77 67 67 68 !<op -156 -206 -205 -205 •^¶ßÄ*Ü ^_]! 70 0 0 0 •^6d 0.06 0.40 0.49 0.61 PQ[\!"c® 2 -27 -17 -16 •^õ4ô3R 1.10 1.03 1.22 1.36 ©!úSô3R -424 85 136 25 •^w!" 4.51 4.74 5.14 5.65 t>íB -270 223 260 148 ™Xçé ^+@+0oD -97 -145 -180 -215 P/E 67.9 10.7 8.7 7.0 ^z©! 9 0 0 0 P/B 0.9 0.9 0.8 0.8 PQûü -66 7 56 92 EV/EBITDA 112 61 52 45 !"#Wind$%&'()*+ FGƒ"ij# 9: a. Nb9: UQ 5.pc6~12ódÇefiE.gf2ghiã15%÷1 î; 5.pc6~12ódÇefiE.gf2ghiã5%~15%(( ;q 5.pc6~12ódÇefiE.gf2ghiã-10%~+5%(( @; 5.pc6~12ódÇefiE.gf2gjiã10%÷1 *S9: î; 5.pc6~12ódÇfiE.gf2ghiã10%÷1 kl 5.pc6~12ódÇfiE.gf2ghiã-10%~+10%(( @; 5.pc6~12ódÇfiE.gf2gjiã10%÷1 Zm69:3fK=n9:I)*6~12ódÇ78Nffiro*S2geefiE.gf2g*efiâä_APpkANâä÷qr3002gKgfNstÉâä÷tÉı2rufivwxy3*eotÉzâ2grufizâxy3*eKgfN[Õâä÷|]~©Jkõ2gKgf>±Nâä÷3è5002goÃØÄÅŠX2gKgfr)qa.*ÉÄeP Ø"ø$% kÑ!ÖNÜqá78r÷_àâT¸78”eäqkõ!Öãåç]éèêëí*!Ö78ìîS"8ïP ¸=nñó¸78*ø¿òôP¸78CêÏöCõCú¸=nùûpKø¿P ¸=ng+¸78spü†õèˇKí°*7Å8Vo@¢£ü8V>§•¶ƒß*ü†®`>©0™¬®ø®´7&>¨›C¿Ø3±t‰*Éxo¥µP¸78©02CR!Ì*°u*f±l´Ùªl>º¸=nk*8V®x‘®56槕=nø¿7Å9:¡*¬ä>í=êffi¡£ªP¸78fi¸=n|Y°uíãC9˘˛«*»…_z˘ K>78ßQMÀ*AmeQ*Ãso KP¸=n|Õ*8V®]