首次覆盖：立足证券IT，信创核心系统实现有效突破

1 ◆ ◆ ◆ ◆ ◆ ◆ 743.91 781.95 921.78 1102.16 19.10%5.11%17.88%19.57%233.26 234.19 270.43 320.23 40.49%0.40%15.48%18.41%1.14 1.14 1.32 1.56 36.52 36.38 31.50 26.60 522.44 548.56 658.27 803.09 21.23%5.00%20.00%22.00%61.87%61.90%62.00%62.50%102.07 107.18 123.25 141.74 10.20%5.00%15.00%15.00%100%100.00%100.00%100.00%92.49 95.26 100.03 105.03 3.15%3.00%5.00%5.00%89.12%89.12%89.12%89.12%26.91 30.95 40.23 52.30 136.79%15.00%30.00%30.00%25.03%25.00%25.00%25.00%743.91 781.95 921.78 1,102.16 19.10%5.11%17.88%19.57%69.16%68.98%68.41%68.08% 资料来源：iFind，中航证券研究所 2023A2024E2025E2026E2023A2024E2025E2026E营业收入743.91781.95921.781102.16货币资金940.361319.161412.201520.86营业成本229.45242.57291.20351.81应收票据及账款56.0054.8764.6877.34税金及附加8.719.1510.7912.90预付账款4.884.245.005.98销售费用63.8662.5670.9880.46其他应收款5.266.457.609.09管理费用101.17101.65115.22132.26存货132.39159.94192.00231.96研发费用152.88164.21193.57231.45其他流动资产531.13303.38330.85366.28财务费用-15.97-3.95-4.78-5.13流动资产总计1670.021848.042012.342211.51资产减值损失0.000.000.000.00长期股权投资37.5634.3331.1027.86信用减值损失-1.45-1.52-1.79-2.15固定资产89.1575.1861.2147.25其他经营损益0.000.000.000.00在建工程0.000.000.000.00投资收益10.5010.5010.5010.50无形资产8.657.215.774.33公允价值变动损益 0.890.000.000.00长期待摊费用0.420.210.000.00资产处置收益-0.01-0.01-0.01-0.01其他非流动资产80.2980.2980.2980.29其他收益35.8635.8635.8635.86非流动资产合计 216.06197.21178.37159.73营业利润249.59250.58289.35342.61资产总计1886.092045.252190.702371.24营业外收入0.560.560.560.56短期借款0.000.000.000.00营业外支出0.640.640.640.64应付票据及账款17.1911.1813.4216.22其他非经营损益0.000.000.000.00其他流动负债362.94481.30570.46684.19利润总额249.50250.49289.26342.52流动负债合计380.13492.49583.88700.40所得税14.5614.6216.8819.99长期借款0.000.000.000.00净利润234.94235.87272.38322.54其他非流动负债0.020.020.020.02少数股东损益1.681.691.952.31非流动负债合计0.020.020.020.02归属母公司股东净利润233.26234.19270.43320.23负债合计380.15492.50583.90700.422023A2024E2025E2026E股本171.20171.20171.20171.20经营活动现金流净额231.22552.89295.58351.03资本公积501.04501.04501.04501.04投资活动现金流净额-183.5011.0211.0211.02留存收益820.60865.72917.83979.53筹资活动现金流净额-137.91-185.11-213.55-253.39归属母公司权益 1492.841537.961590.071651.77现金流量净额-90.19378.8093.05108.65少数股东权益13.1014.7816.7319.04股东权益合计1505.941552.751606.801670.81负债和股东权益合计1886.092045.252190.702371.24