Q2 单季度承压，国产品牌手机打开成长空间

1 ◆ ◆ ◆ A42025E2026E 资料来源：中航证券研究所 资产负债表利润表会计年度202220232024E2025E2026E会计年度2021202220232024E2025E2026E货币资金795.93936.911039.061215.031437.53营业收入773.56767.52886.751157.741388.961586.95应收票据及账款157.07224.92281.30337.47385.58营业成本471.89424.98501.28642.09769.30877.82预付账款34.385.5829.6535.5740.64税金及附加4.522.625.455.947.138.15其他应收款12.407.6811.0913.3015.20销售费用37.2939.5040.1452.1062.5071.41存货179.21182.21211.10231.84240.50管理费用30.1128.4237.8745.7954.9462.77其他流动资产23.3731.1935.1536.1637.01研发费用64.11107.98107.60133.10159.69182.45流动资产总计1202.361388.481607.351869.382156.46财务费用3.40-19.70 -8.63 -3.22 -3.94 -4.65 长期股权投资0.001.981.981.981.98资产减值损失-6.70 -42.27 -10.01 -11.58 -13.89 -15.87 固定资产18.5421.1811.531.88-7.77 信用减值损失-1.54 -1.69 -2.75 -2.81 -3.38 -3.86 在建工程0.000.000.000.000.00其他经营损益0.000.00-0.00 0.000.000.00无形资产6.615.392.50-0.39 -3.28 投资收益5.5013.8016.1311.8211.8211.82长期待摊费用0.870.520.260.000.00公允价值变动损益1.30-2.47 -0.18 0.000.000.00其他非流动资产24.5749.3149.3149.3149.31资产处置收益-0.03 0.030.020.000.000.00非流动资产合计50.5978.3865.5752.7740.23其他收益9.188.3810.719.429.429.42资产总计1252.951466.861672.921922.152196.69营业利润169.94159.50216.96288.78343.31390.52短期借款20.0210.040.000.000.00营业外收入3.011.692.022.242.242.24应付票据及账款61.2895.28119.94143.71163.98营业外支出0.001.661.391.021.021.02其他流动负债21.9430.3438.5046.1352.64其他非经营损益0.000.000.000.000.000.00流动负债合计103.25135.65158.44189.84216.62利润总额172.94159.53217.59290.00344.53391.74长期借款0.540.600.300.04-0.18 所得税11.587.698.7815.0317.8620.31其他非流动负债0.795.305.305.305.30净利润161.36151.84208.81274.97326.67371.43非流动负债合计1.345.905.605.345.12少数股东损益2.125.878.308.399.9711.33负债合计104.58141.55164.04195.18221.74归属母公司股东净利润 159.24145.96200.51266.58316.70360.10股本89.60133.69133.69133.69133.69EBITDA184.14151.35221.29299.59353.40399.63资本公积598.88558.76558.76558.76558.76NOPLAT148.51116.91178.49270.76321.78365.86留存收益412.27567.88743.07951.201187.84EPS(元)1.191.091.501.992.372.69归属母公司权益1100.761260.331435.521643.651880.29少数股东权益47.6164.9773.3683.3394.66主要财务比率股东权益合计1148.371325.301508.881726.971974.95会计年度2021202220232024E2025E2026E负债和股东权益合计1252.951466.861672.921922.152196.69成长能力营收增长率42.50% -0.78% 15.54% 30.56% 19.97% 14.26% 现金流量表营业利润增长率141.92% -6.14% 36.03% 33.10% 18.88% 13.75% 会计年度202220232024E2025E2026EEBIT增长率117.54% -20.70% 49.44% 37.25% 18.76% 13.65% 税后经营利润151.84208.81253.67305.37350.13EBITDA增长率114.91% -17.80% 46.20% 35.38% 17.96% 13.08% 折旧与摊销11.5312.3312.8012.8012.54归母净利润增长率137.85% -8.34% 37.37% 32.95% 18.80% 13.70% 财务费用-19.70 -8.63 -3.22 -3.94 -4.65 经营现金流增长率45.99% 12.51% 129.82% -11.18% 42.21% 22.45% 投资损失-13.80 -16.13 -11.82 -11.82 -11.82 盈利能力营运资金变动-104.17 7.68-83.89 -54.66 -37.80 毛利率39.00% 44.63% 43.47% 44.54% 44.61% 44.69% 其他经营现金流67.399.8822.4622.4622.46净利率20.86% 19.78% 23.55% 23.75% 23.52% 23.41% 经营性现金净流量93.09213.93190.01270.22330.87营业利润率21.97% 20.78% 24.47% 24.94% 24.72% 24.61% 资本支出9.3114.41-0.00 0.000.00ROE16.38% 13.26% 15.91% 18.57% 19.27% 19.15% 长期投资327.60-184.00 0.000.000.00ROA14.25% 11.65% 13.67% 15.93% 16.48% 16.39% 其他投资现金流13.7611.6710.6610.6610.66ROIC69.39% 33.54% 42.30% 63.25% 61.15