单季度业绩新高，智能终端多点开花

1 ◆ ◆ ◆ ◆ ◆ 收入（亿元）2021年报2022年报2023年报2024E2025E2026E普通蓝牙音频芯片4.713.613.603.603.603.60其他3.553.906.479.7112.6215.14智能蓝牙音频芯片9.407.3411.6917.5421.9224.11合计17.6614.8521.7630.8438.1442.85◆ A42025E2026E 资料来源：ifind，中航证券研究所 资产负债表利润表会计年度202220232024E2025E2026E会计年度202220232024E2025E2026E货币资金1844.852545.012631.372788.473110.31营业收入1484.802176.283084.393814.014285.59应收票据及账款267.89402.42558.68690.83776.25营业成本900.291432.102026.452479.112742.78预付账款1.261.162.232.763.10税金及附加1.147.155.006.196.95其他应收款21.009.7028.3935.1139.45销售费用13.9116.6923.8729.5233.17存货946.01657.78916.061120.691239.89管理费用108.22106.02169.83210.01235.97其他流动资产2872.952337.102351.992360.392365.82研发费用439.78549.92678.57800.94857.12流动资产总计5953.965953.166488.726998.257534.81财务费用-51.43 -44.59 -8.91 -9.46 -10.41 长期股权投资0.000.000.000.000.00资产减值损失-59.90 -78.77 -81.22 -100.44 -112.85 固定资产75.5493.7074.4854.0432.40信用减值损失0.52-1.30 -1.71 -2.12 -2.38 在建工程10.9246.2938.5730.8623.14其他经营损益-0.00 0.00-0.00 -0.00 -0.00 无形资产132.97141.7396.0050.264.52投资收益90.7474.2185.8685.8685.86长期待摊费用6.2116.008.000.000.00公允价值变动损益-4.68 -2.37 0.000.000.00其他非流动资产233.67300.49300.49300.49300.49资产处置收益0.00-0.01 -0.00 -0.00 -0.00 非流动资产合计459.30598.21517.53435.65360.55其他收益24.1725.8218.8818.8818.88资产总计6413.266551.387006.267433.897895.37营业利润123.74126.57211.38299.90409.51短期借款110.090.000.000.000.00营业外收入0.420.580.410.410.41应付票据及账款184.65287.17481.86589.49652.19营业外支出0.072.780.970.970.97其他流动负债137.38156.53228.20278.98308.48其他非经营损益0.000.000.000.000.00流动负债合计432.11443.70710.05868.47960.67利润总额124.09124.38210.82299.34408.95长期借款3.564.541.70-0.78 -2.71 所得税1.670.751.742.473.37其他非流动负债14.835.975.975.975.97净利润122.42123.63209.09296.87405.58非流动负债合计18.3910.517.675.193.26少数股东损益0.000.000.000.000.00负债合计450.50454.20717.72873.66963.93归属母公司股东净利润 122.42123.63209.09296.87405.58股本120.00120.03120.03120.03120.03EBITDA145.66189.55282.59371.76473.64资本公积5193.695222.255222.255222.255222.25NOPLAT-37.12 -15.14 200.81288.05395.82留存收益649.07754.89946.251217.951589.15EPS(元)1.021.031.742.473.38归属母公司权益5962.766097.176288.536560.246931.44少数股东权益0.000.000.000.000.00主要财务比率股东权益合计5962.766097.176288.536560.246931.44会计年度202220232024E2025E2026E负债和股东权益合计6413.266551.387006.267433.897895.37成长能力营收增长率-15.89% 46.57% 41.73% 23.66% 12.36% 现金流量表营业利润增长率-69.80% 2.29% 67.01% 41.87% 36.55% 会计年度202220232024E2025E2026EEBIT增长率-81.20% 9.79% 153.08% 43.56% 37.49% 税后经营利润122.42123.63105.76193.55302.26EBITDA增长率-65.93% 30.13% 49.09% 31.55% 27.40% 折旧与摊销72.99109.7680.6881.8975.09归母净利润增长率-69.97% 0.99% 69.13% 41.98% 36.62% 财务费用-51.43 -44.59 -8.91 -9.46 -10.41 经营现金流增长率-722.46% 230.47% -97.23% 593.67% 191.03% 投资损失-90.74 -74.21 -85.86 -85.86 -85.86 盈利能力营运资金变动-531.83 225.29-182.84 -194.01 -122.52 毛利率39.37% 34.20% 34.30% 35.00% 36.00% 其他经营现金流118.57129.86104.18104.18104.18净利率8.24% 5.68% 6.78% 7.78% 9.46% 经营性现金净流量-360.02 469.7313.0190.28262.74营业利润率8.33% 5.82% 6.85% 7.86% 9.56% 资本支出151.52202.59-0.00 0.000.00ROE2.05% 2.03% 3.32% 4.53% 5.85% 长期投资794.97472.100.000.000.00ROA1.91% 1.89% 2.98% 3.99% 5.14% 其他投资现金流94.8781.3885.0085.0085.00ROIC-4