2024年报点评：轻舟已过万重山

1 指标2023A2024A2025E2026E2027E营业收入（百万元）6064926921,0911,616增速（%）32.74%-18.82%40.75%57.61%48.06%归母净利润（百万元）1316789114170增速（%）32.24%-48.76%31.88%28.95%48.92%每股收益（元）0.320.160.210.280.41市盈率（倍）133.16259.88197.05152.82102.62iFinD iFinD iFinD iFinD iFinD -100%-50%0%50%100%150%200%250%01234567201920202021202220232024营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）0%10%20%30%40%50%60%70%201920202021202220232024毛利率净利率0100200300400500600202020212022202320243D打印设备售后服务粉末航空航天50%工业37%高校及科研医疗7%其他4%政府事业2%2024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1营业收入(百万元)147118103124235130140101营业成本(百万元)79655757120636843销售费用率8.6%14.3%17.9%12.1%6.0%11.9%13.2%13.8%管理费用率8.9%6.7%10.6%7.7%5.5%8.1%7.6%9.5%财务费用率-4.0%-1.9%-6.1%-2.0%-1.6%-3.7%-4.4%-2.9%研发费用率20.3%13.6%24.1%13.1%9.2%14.7%18.1%13.3%资产减值损失(百万元)2.02-0.26 0.59-0.04 0.790.270.520.32利润总额(百万元)231123066322323所得税费用(百万元)-1 1-4 47113归母净利润（百万元）231172658302220扣非归母净利（百万元）131252455242118EPS（元）0.060.030.020.060.140.070.050.05毛利率46.3%44.7%44.4%53.9%49.1%51.8%51.8%57.0%期间费用率33.7%32.7%46.6%30.9%19.0%31.0%34.5%33.7%所得税率-3.3%5.1%-176.1%11.9%11.0%3.9%3.9%12.8%净利润率15.9%9.2%6.5%21.1%24.8%23.3%15.7%20.3%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金374.411221.42865.14950.28505.64161.59营业收入456.57606.04491.97692.441091.371615.86应收票据及账款167.11299.78314.62436.33705.651071.34营业成本213.14293.32258.53364.73602.78897.80预付账款12.273.782.422.855.989.30税金及附加4.175.644.756.7210.5915.67其他应收款4.056.776.038.5413.7520.81销售费用49.3767.3862.9479.63125.51177.75存货215.44277.21360.45509.62845.541261.85管理费用39.0743.5541.4758.1687.31122.81其他流动资产15.4524.33141.4915.9324.0135.39研发费用54.8979.6786.80110.79163.71234.30流动资产总计788.731833.281690.141923.552100.582560.26财务费用-9.25 -17.79 -16.83 -3.14 -2.49 2.03长期股权投资9.739.320.00-0.50 -0.90 -1.30 资产减值损失-0.29 -1.89 -2.30 -2.77 -3.82 -6.46 固定资产195.93194.83715.53670.69703.96778.88信用减值损失-12.24 -10.71 -7.79 -6.92 -10.91 -16.16 在建工程43.12185.140.000.00166.67183.33其他经营损益-0.00 0.00-0.00 0.000.000.00无形资产79.2478.4876.3580.2997.57108.18投资收益-0.27 0.38-2.72 0.300.580.70长期待摊费用9.285.612.091.050.000.00公允价值变动损益0.000.000.000.000.000.00其他非流动资产12.5414.7519.8832.0033.6035.00资产处置收益0.391.040.250.390.390.39非流动资产合计349.84488.12813.85783.531000.901104.09其他收益18.5314.6517.0426.5030.0035.00资产总计1138.572321.402504.002707.083101.473664.35营业利润111.27137.7658.7993.04120.21178.97短期借款0.000.000.000.000.00142.86营业外收入0.325.808.190.300.100.20应付票据及账款150.83151.70323.52399.71569.75686.27营业外支出0.040.050.590.040.000.01其他流动负债134.87155.36135.36209.92327.02466.00其他非经营损益0.000.000.000.000.000.00流动负债合计285.70307.06458.89609.62896.771295.13利润总额111.55143.5166.3993.30120.31179.16长期借款4.783.781.040.621.811.95所得税12.3712.35-0.82 4.666.028.96其他非流动负债82.8381.52100.3864.5056.2750.44净利润99.18131.1667.2188.63114.29170.20非流动负债合计87.6185.30101.4265.1258.0852.39少数股东损益0.000.000.000.000.000.00负债合计373.31392.36560.30674.75954.851347.53归属母公司股东净利润99.18131.1667.2188.63114.29170.20股本372.74414.17414.17414.17414.17414.17EBITDA115.79142.1168.51152.11191.65269.00资本公积251.171241.881249.671249.67