投入初见成效，长期受益家居智能化升级

1 ◆ ◆ ◆ ◆ ◆ ◆ 收入（亿元）2022年2023年2024年E2025年E2026年E智能扫地机及配件63.4680.85109.96142.95182.98手持清洁产品及配件2.655.549.2012.8916.75其他0.180.140.100.000.00合计66.2986.53119.27155.83199.73 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1804.45892.972675.614859.187534.74营业收入6628.728653.7811926.9015583.4619972.60应收票据及账款327.51274.69410.82536.77687.96营业成本3363.263882.555611.747608.929954.08预付账款42.8162.6274.1896.92124.22税金及附加33.4174.6071.8693.89120.34其他应收款60.90693.06454.90594.36761.77销售费用1318.331817.252659.703428.364194.25存货693.65928.191200.811628.182130.00管理费用141.21210.98357.81467.50599.18其他流动资产4356.286045.345973.976265.096614.53研发费用488.61619.031073.421246.681597.81流动资产总计7285.618896.8710790.2913980.4917853.21财务费用-105.75 -138.60 -1.57 -9.78 -19.51 长期股权投资20.6620.3520.1319.9219.70资产减值损失-66.07 -148.05 -128.18 -167.47 -214.64 固定资产1399.971414.821120.74826.65532.57信用减值损失-3.62 -21.76 -13.92 -18.19 -23.31 在建工程0.000.000.000.000.00其他经营损益0.000.000.000.000.00无形资产6.5218.4514.4210.386.35投资收益32.8462.4795.4095.4095.40长期待摊费用7.5028.8414.420.000.00公允价值变动损益-63.80 114.310.000.000.00其他非流动资产2112.803997.313997.313997.313997.31资产处置收益-5.92 0.93-1.66 -1.66 -1.66 非流动资产合计3547.445479.775167.024854.274555.93其他收益61.32121.34144.080.000.00资产总计10833.0514376.6415957.3118834.7622409.14营业利润1344.392317.212249.662655.973382.23短期借款0.000.000.000.000.00营业外收入5.652.702.792.792.79应付票据及账款702.391499.121619.342195.652872.38营业外支出0.830.120.350.350.35其他流动负债501.731379.941255.141679.252178.90其他非经营损益0.000.000.000.000.00流动负债合计1204.122879.062874.483874.905051.28利润总额1349.212319.782252.102658.413384.67长期借款69.03109.6683.0057.2832.73所得税165.74268.58271.00319.89407.29其他非流动负债2.536.416.416.416.41净利润1183.472051.201981.092338.512977.39非流动负债合计71.56116.0789.4163.6939.14少数股东损益-0.01 -0.01 -0.01 -0.02 -0.02 负债合计1275.692995.142963.893938.605090.42归属母公司股东净利润1183.482051.221981.112338.532977.41股本93.69131.48184.72184.72184.72EBITDA1353.632322.042563.062961.163663.29资本公积5096.455161.865108.625108.625108.62NOPLAT1104.951729.591979.032329.232959.54留存收益4366.246087.187699.129601.8812024.45EPS(元)6.4111.1010.7212.6616.12归属母公司权益9556.3811380.5312992.4614895.2217317.80少数股东权益0.990.980.960.950.92主要财务比率股东权益合计9557.3711381.5012993.4214896.1617318.72会计年度202220232024E2025E2026E负债和股东权益合计10833.0514376.6415957.3118834.7622409.14成长能力营收增长率13.56% 30.55% 37.82% 30.66% 28.17% 现金流量表营业利润增长率-15.88% 72.36% -2.92% 18.06% 27.34% 会计年度202220232024E2025E2026EEBIT增长率-19.57% 75.41% 3.18% 17.69% 27.05% 税后经营利润1183.472051.201769.752253.912892.78EBITDA增长率-15.66% 71.54% 10.38% 15.53% 23.71% 折旧与摊销110.17140.86312.54312.54298.12归母净利润增长率-15.62% 73.32% -3.42% 18.04% 27.32% 财务费用-105.75 -138.60 -1.57 -9.78 -19.51 经营现金流增长率-26.23% 95.09% -3.39% 20.88% 23.51% 投资损失-32.84 -62.47 -95.40 -95.40 -95.40 盈利能力营运资金变动-215.92 74.37-115.37 -6.21 -20.78 毛利率49.26% 55.13% 52.95% 51.17% 50.16% 其他经营现金流181.33120.56241.9297.8497.84净利率17.85% 23.70% 16.61% 15.01% 14.91% 经营性现金净流量1120.472185.932111.862552.893153.05营业利润率20.28% 26.78% 18.86% 17.04% 16.93% 资本支出260.09243.930.000.00