2024年报-2025Q1点评：传统锆基产品承压，关注新业务进展

1 指标2023A2024A2025E2026E2027E营业收入（百万元）1,0801,0541,3321,6582,072增速（%）11.07%-2.41%26.41%24.45%24.94%归属于母公司净利润7976138193265增速（%）-47.48%-4.38%81.61%40.01%37.62%每股收益（元）0.190.180.320.450.63市盈率（倍）118.52123.9468.2448.7435.42 Wind Wind 0%5%10%15%20%25%30%35%40%201620172018201920202021202220232024锆系列产品毛利率2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)231204243351256238247297营业成本(百万元)181167185247192186189201销售费用率1.5%1.5%1.4%0.9%1.1%1.3%1.2%0.9%管理费用率7.9%7.1%7.1%5.4%6.6%6.2%6.8%5.7%财务费用率1.0%0.8%1.3%1.4%1.1%0.6%1.9%0.2%研发费用率3.4%3.8%4.5%3.6%4.3%5.3%4.5%5.3%资产减值损失(百万元)-8.2 -25.7 -12.8 -12.3 -4.6 -23.3 -19.7 -4.7 利润总额(百万元)11.3-15.6 9.253.926.2-9.7 -3.9 50.4所得税费用(百万元)0.6-3.4 -1.0 6.83.73.9-3.6 1.2净利润（百万元）10.7-12.2 10.247.122.5-13.6 -0.4 49.1EPS0.030.000.030.100.05-0.01 0.010.14毛利率21.8%17.9%23.8%29.6%24.8%21.7%23.6%32.3%期间费用率13.8%13.2%14.3%11.2%13.1%13.5%14.5%12.1%所得税率4.9%22.0%-10.7%12.6%14.0%-39.8%90.8%2.4%净利润率4.6%-6.0%4.2%13.4%8.8%-5.7%-0.1%16.5%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金72.6864.3773.11133.22165.80207.15营业收入972.311079.901053.901332.231657.962071.52应收票据及账款290.68413.29400.27419.74476.95539.16营业成本640.33782.89792.19983.441208.421491.13预付账款11.1511.175.8018.2522.7128.38税金及附加10.1111.3310.8314.6518.2422.79其他应收款1.380.812.131.822.272.84销售费用15.1312.0512.3014.6518.2422.79存货297.13304.84273.55404.15463.50531.09管理费用55.5065.1367.6379.9399.48124.29其他流动资产37.217.4011.0138.2241.4545.56研发费用47.1554.3742.2353.2966.3282.86流动资产总计710.22801.87765.871015.411172.691354.18财务费用4.887.2312.6114.4614.3910.21长期股权投资99.28122.35134.09129.09126.39126.39资产减值损失-7.80 -56.15 -55.37 -13.32 -16.58 -20.72 固定资产553.32742.40816.01790.24786.36765.32信用减值损失-0.31 -1.93 -0.39 -0.13 -0.17 -0.21 在建工程239.46117.3297.29121.0894.8678.65其他经营损益-0.00 -0.00 0.000.000.000.00无形资产114.47110.53106.58109.65121.06117.46投资收益-11.67 -9.55 -0.65 -2.00 2.305.00长期待摊费用1.272.343.351.680.000.00公允价值变动损益0.080.000.000.000.000.00其他非流动资产88.37121.70125.27132.51120.51122.51资产处置收益0.000.00-0.00 -0.00 -0.00 -0.00 非流动资产合计1096.171216.651282.601284.241249.171210.32其他收益4.314.8816.048.419.7811.41资产总计1806.392018.532048.472299.652421.862564.49营业利润183.8084.1575.74164.76228.22312.94短期借款105.98213.48289.10369.47299.40191.18营业外收入9.390.150.270.000.000.00应付票据及账款199.48306.83254.92282.91314.52347.25营业外支出6.473.692.353.903.003.00其他流动负债125.5399.17103.12156.66192.84238.37其他非经营损益0.000.000.000.000.000.00流动负债合计430.98619.48647.14809.05806.76776.80利润总额186.7180.6073.66160.86225.22309.94长期借款57.3635.1211.229.165.762.36所得税19.987.446.0314.4820.2727.89其他非流动负债19.3120.5718.9218.9218.9218.92净利润166.7373.1667.63146.38204.95282.05非流动负债合计76.6855.6930.1428.0824.6821.28少数股东损益15.86-6.07 -8.13 8.7812.3016.92负债合计507.66675.17677.28837.13831.44798.08归属母公司股东净利润 150.8779.2375.76137.60192.65265.13股本302.27423.91423.46423.46423.46423.46EBITDA236.36141.52154.51280.91359.97451.01资本公积356.58242.24236.21236.21236.21236.21NOPLAT168.4283.2781.29163.44221.04294.34留存收益549.41592.43636.55719.11834.70993.78EPS(元)0.360.190.180.320.450.63归属母公司权