2024Q3点评：业绩符合预期，项目蓄力突破产能瓶颈

1 指标2022A2023A2024E2025E2026E营业收入（百万元）7261,0661,6982,1612,718增速（%）46.11%46.81%46.54%27.26%25.81%归母净利润（百万元）120193406531680增速（%）12.90%60.52%58.90%30.58%28.13%每股收益（元）1.091.761.451.892.42市盈率（倍）82.8951.6435.4627.1521.19 Wind Wind Wind Wind 4.034.977.2610.711.5912.2724.2%23.4%46.1%46.8%8.7%43.6%0%10%20%30%40%50%60%02468101214201920202021202220232024Q3营业总收入（亿元）增速0.690.851.071.201.932.562.86-0.3%22.6%25.9%12.9%60.5%32.5%51.7%-10%0%10%20%30%40%50%60%70%0.00.51.01.52.02.53.03.52018201920202021202220232024Q3归母净利润（亿元）增速40.8%42.2%38.9%33.9%37.6%39.6%40.6%21.3%21.0%21.4%16.6%18.1%22.1%23.2%0%10%20%30%40%50%2018201920202021202220232024Q3销售毛利率销售净利率2024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4营业收入(百万元)430.7461.0335.1304.4272.5291.0290.7322.1营业成本(百万元)254.4265.8208.0183.6169.9174.4171.8190.9销售费用率1.4%1.4%1.5%1.5%1.8%2.3%1.6%0.0%管理费用率3.6%4.1%4.6%7.5%5.3%5.1%5.5%0.0%财务费用率1.1%0.4%0.8%2.0%0.9%0.3%1.5%0.0%研发费用率6.3%5.5%5.2%8.7%6.4%5.9%4.7%0.0%资产减值损失(百万元)0.00.00.00.00.00.00.00.0利润总额(百万元)118.8134.084.966.164.880.879.156.6所得税费用(百万元)18.520.813.5-0.6 9.912.413.4-5.0 净利润（百万元）100.3113.371.566.754.968.465.661.6EPS（元）0.360.410.360.340.280.340.600.56毛利率40.9%42.3%37.9%39.7%37.7%40.1%40.9%40.7%期间费用率12.3%11.5%12.1%19.7%14.4%13.5%13.3%0.0%所得税率15.6%15.5%15.9%-0.8%15.3%15.3%17.0%-8.8%净利润率23.3%24.6%21.3%21.9%20.1%23.5%22.6%19.1%iFinD 资产负债表利润表会计年度2021202220232024E2025E2026E会计年度2021202220232024E2025E2026E货币资金117.88166.31231.05169.77216.06271.83营业收入725.891065.681158.521697.702160.572718.32应收票据及账款400.85650.15626.05930.251148.361400.12营业成本480.19664.52699.64980.101231.181541.15预付账款9.3319.6517.9527.9135.5244.68税金及附加5.347.099.7316.4720.9626.37其他应收款3.453.374.506.518.2910.43销售费用12.5024.2520.7627.1634.5743.49存货117.49144.23217.84295.37354.18422.23管理费用41.8864.1568.0484.89108.03135.92其他流动资产57.65232.0596.07117.91136.42158.73研发费用42.4264.4874.71101.86129.63163.10流动资产总计706.651215.761193.451547.721898.822308.03财务费用7.4927.0513.5819.2224.6724.33长期股权投资0.000.000.000.000.000.00资产减值损失0.000.000.000.000.000.00固定资产298.44704.97932.041013.941306.501551.89信用减值损失-5.85 -10.80 -0.77 -8.49 -10.80 -13.59 在建工程21.87130.58121.60355.90385.63365.37其他经营损益-0.00 0.000.000.000.000.00无形资产34.3432.6746.6861.8295.29119.59投资收益4.365.272.382.002.002.00长期待摊费用7.4120.4320.5620.089.809.80公允价值变动损益0.011.160.020.000.000.00其他非流动资产146.08144.17197.40227.52233.91239.08资产处置收益0.000.023.030.040.040.04非流动资产合计508.141032.821318.271679.252031.132285.74其他收益5.028.7818.605.005.005.00资产总计1214.792248.592511.723226.973929.954593.77营业利润139.61218.58295.31466.55607.77777.41短期借款30.8650.0255.02218.36345.03293.39营业外收入0.020.310.260.300.300.30应付票据及账款78.15162.64131.16238.98307.63394.37营业外支出3.055.534.835.005.005.00其他流动负债104.08142.8387.38215.76281.36360.75其他非经营损益0.000.000.000.000.000.00流动负债合计213.09355.49273.56673.11934.021048.51利润总额136.58213.35290.74461.85603.07772.71长期借款10.29257.60293.90282.42257.47208.41所得税16.3120.2935.1555.4272.3792.73其他非流动负债0.676.4136.886.416.416.41净利润120.27193.06255.60406.43530.70679.99非流动负债合计10.96264.01330.78288.83263.88214.82少数股东损益0.000.