光学产品放量，迈入国产替代新阶段

1 ◆ ◆ ◆ ◆ ◆ 收入（亿元）2021年报2022年报2023年报2024E2025E2026E平面光学元件4.834.484.196.298.8011.44显微镜系列2.963.584.143.733.734.10其他0.160.230.210.210.210.21合计7.798.068.3310.0112.5315.54◆ 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273.22818.32979.151202.091457.15营业收入829.07854.131022.131273.421574.55应收票据及账款174.18195.46218.41272.11336.46营业成本480.15526.08633.28785.31962.84预付账款7.697.649.0311.2513.91税金及附加9.068.7010.9913.6916.93其他应收款11.586.1210.3212.8515.89销售费用36.4943.9851.1157.3062.98存货187.85199.00243.80302.33370.67管理费用40.2743.0351.1163.6778.73其他流动资产678.69184.18200.18205.14211.08研发费用79.3991.76132.88152.81173.20流动资产总计1333.211410.711660.882005.772405.16财务费用-52.74 -23.89 -2.28 -3.82 -4.66 长期股权投资33.3836.7638.3940.0341.66资产减值损失-4.88 -5.99 -5.00 -6.23 -7.70 固定资产403.91403.37319.84233.46144.23信用减值损失-1.87 -0.37 -1.65 -2.06 -2.55 在建工程19.52109.1990.9972.8054.60其他经营损益0.000.000.000.000.00无形资产82.2683.7367.3250.9234.51投资收益26.4523.5822.5122.5122.51长期待摊费用1.200.470.240.000.00公允价值变动损益10.08-25.00 0.000.000.00其他非流动资产39.5548.0242.9337.8432.75资产处置收益-0.09 60.9046.6946.6946.69非流动资产合计579.82681.54559.72435.04307.75其他收益42.6634.8434.6334.6334.63资产总计1913.022092.262220.602440.812712.91营业利润308.79252.41242.23300.00378.11短期借款40.0340.030.000.000.00营业外收入0.340.150.660.660.66应付票据及账款105.80120.27156.37193.92237.75营业外支出1.090.760.650.650.65其他流动负债64.7490.1392.95115.28141.45其他非经营损益0.000.000.000.000.00流动负债合计210.57250.42249.32309.20379.21利润总额308.04251.80242.23300.00378.11长期借款0.040.00-0.03 -0.06 -0.08 所得税29.5317.1024.7430.6438.62其他非流动负债34.5329.3229.3229.3229.32净利润278.51234.70217.49269.36339.50非流动负债合计34.5729.3229.2929.2629.24少数股东损益-0.48 -0.65 -0.44 -0.55 -0.69 负债合计245.13279.74278.61338.46408.45归属母公司股东净利润 278.98235.35217.93269.91340.19股本110.48111.17111.17111.17111.17EBITDA280.08262.73363.41422.49502.38资本公积555.84592.86592.86592.86592.86NOPLAT174.30143.93173.52224.00293.39留存收益1000.541108.101238.021398.931601.73EPS(元)2.512.121.962.433.06归属母公司权益1666.861812.131942.052102.962305.76少数股东权益1.030.39-0.06 -0.61 -1.30 主要财务比率股东权益合计1667.891812.511941.992102.352304.47会计年度202220232024E2025E2026E负债和股东权益合计1913.022092.262220.602440.812712.91成长能力营收增长率4.27% 3.02% 19.67% 24.59% 23.65% 现金流量表营业利润增长率1.88% -18.26% -4.04% 23.85% 26.04% 会计年度202220232024E2025E2026EEBIT增长率-18.80% -10.72% 5.28% 23.43% 26.09% 税后经营利润278.51234.70124.26176.13246.27EBITDA增长率-16.67% -6.19% 38.32% 16.26% 18.91% 折旧与摊销24.7834.81123.46126.31128.93归母净利润增长率6.70% -15.64% -7.40% 23.85% 26.04% 财务费用-52.74 -23.89 -2.28 -3.82 -4.66 经营现金流增长率24.74% 1.36% 4.86% 18.08% 22.00% 投资损失-26.45 -23.58 -22.51 -22.51 -22.51 盈利能力营运资金变动-23.15 9.42-50.41 -62.07 -74.32 毛利率42.09% 38.41% 38.04% 38.33% 38.85% 其他经营现金流15.13-12.46 57.1457.1457.14净利率33.59% 27.48% 21.28% 21.15% 21.56% 经营性现金净流量216.08219.01229.66271.18330.84营业利润率37.25% 29.55% 23.70% 23.56% 24.01% 资本支出123.88163.140.00-0.00 -0.00 ROE16.74% 12.99% 11.22% 12.83% 14.75% 长期投资0.00-2.49 0.000.000.00ROA14.58% 11.25% 9.81% 11.06% 12.54% 其他投资现金流-381.87 565.2456.9656.9656.96ROIC23.78% 16.92% 18.47% 25.31% 34