2024年报-2025Q1点评：盈利性逐季抬升，激励+回购彰显信心

1 指标2023A2024A2025E2026E2027E营业收入（百万元）6,6886,7639,09211,01113,219增速（%）-6.66%1.13%34.42%21.11%20.06%归母净利润（百万元）564291638793988增速（%）-19.78%-48.37%119.19%24.29%24.67%每股收益（元）0.410.210.460.580.72市盈率（倍）49.7896.4143.9935.3928.39 Wind Wind Wind Wind 24.240.871.766.967.617.542.5%68.8%75.6%-6.7%1.1%14.2%-20%0%20%40%60%80%100%01020304050607080202020212022202320242025Q1营业总收入（亿元）增速2.444.537.035.642.911.6155.8%85.3%55.1%-19.8%-48.4%57.9%-60%-40%-20%0%20%40%60%80%100%012345678202020212022202320242025Q1归母净利润（亿元）增速23.8%22.4%16.2%16.1%11.1%15.7%10.1%11.1%9.8%8.5%4.4%9.3%0%5%10%15%20%25%30%202020212022202320242025Q1销售毛利率销售净利率0102030405060708090100镨钕金属（万元/吨）镨钕氧化物（万元/吨）Wind iFinD 2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)17541749165318251536163716201779营业成本(百万元)14791500144116881382140013221492销售费用率1.01%1.45%0.46%0.82%0.69%0.85%0.66%0.02%管理费用率2.79%2.96%2.91%1.56%2.64%3.86%2.08%2.03%财务费用率-0.71%-0.76%-0.64%0.05%-0.95%-0.91%-0.21%-2.59%研发费用率4.72%5.19%4.67%4.29%4.86%5.95%5.04%5.78%资产减值损失(百万元)-8.75 -16.65 -8.22 -9.92 -10.38 -8.13 -6.71 -7.61 利润总额(百万元)184.2496.2991.9612.02114.6681.59173.73171.59所得税费用(百万元)21.72.712.1-6.5 12.511.710.716.4净利润（百万元）162.5193.5879.8318.55102.1969.89162.99155.16EPS（元）0.120.070.060.010.080.050.120.18毛利率15.7%14.3%12.8%7.5%10.0%14.5%18.4%16.2%期间费用率7.8%8.8%7.4%6.7%7.2%9.8%7.6%5.2%所得税率11.8%2.8%13.2%-54.3%10.9%14.3%6.2%9.6%净利润率9.3%5.3%4.8%1.0%6.7%4.3%10.1%8.7%资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金4130.253885.762712.921998.991929.362195.13营业收入7165.196687.866763.299091.5311011.0913219.50应收票据及账款2838.012344.822359.343188.263861.424635.88营业成本6006.165612.946010.687650.539219.8311013.67预付账款36.7266.4070.0594.65117.65141.25税金及附加24.7728.3524.9632.6139.5047.42其他应收款10.1845.6356.2174.7290.50108.65销售费用36.1135.0858.6172.7388.09105.76存货1931.142213.182178.062829.653410.074073.55管理费用147.71155.92168.90236.38286.29343.71其他流动资产180.66280.48315.27366.83405.22449.39研发费用337.48353.88320.88436.39528.53634.54流动资产总计9126.968836.267691.858553.109814.2311603.85财务费用-153.96 -56.96 -37.50 35.5031.2630.92长期股权投资5.146.508.3531.8555.3578.85资产减值损失-10.28 -29.66 -45.18 -54.55 -66.07 -79.32 固定资产1322.131724.442300.572386.802727.382922.32信用减值损失-11.94 5.791.250.000.000.00在建工程394.76764.43777.731048.11918.49788.87其他经营损益-0.00 -0.00 -0.00 0.000.000.00无形资产217.68217.12264.95235.38218.72198.48投资收益-10.60 1.8910.697.007.007.00长期待摊费用6.002.984.402.200.000.00公允价值变动损益-10.45 6.834.275.005.005.00其他非流动资产147.78274.221249.461297.931350.431402.93资产处置收益0.74-0.15 -0.20 0.000.000.00非流动资产合计2093.492989.694605.465002.265270.375391.45其他收益44.3975.47131.34110.00100.00100.00资产总计11220.4611825.9512297.3113555.3615084.6016995.30营业利润768.81618.80318.95694.83863.531076.17短期借款945.50400.88257.950.000.000.00营业外收入0.081.191.491.501.501.50应付票据及账款2603.492909.593058.333982.474824.625884.02营业外支出2.193.045.516.007.008.00其他流动负债562.31673.02769.94943.961076.351236.38其他非经营损益0.000.000.000.000.000.00流动负债合计4111.303983.494086.224926.435900.977120.40利润总额766.69616.95314.93690.33858.031069.