2024年报-2025Q1点评：镁价低迷拖累业绩，关注深加工产品渗透进程

1 指标2023A2024A2025E2026E2027E营业收入（百万元）7,6528,9839,74111,78913,844增速（%）-15.96%17.39%8.44%21.02%17.43%归属于母公司净利润306160196369626增速（%）-49.87%-47.91%23.08%87.59%69.85%每股收益（元）0.310.160.200.370.63市盈率（倍）39.6176.0561.7932.9419.39 iFinD iFinD iFinD iFinD Wind 27.0%9.9%34.0%11.3%12.2%1.1%4.4%镁合金产品铝合金产品铝合金深加工产品镁合金深加工产品中间合金金属锶其他33.0%13.7%24.0%13.8%8.8%1.3%5.4%镁合金产品铝合金产品铝合金深加工产品镁合金深加工产品中间合金金属锶其他0%2%4%6%8%10%12%14%16%18%20%镁合金产品铝合金产品铝合金深加工产品 镁合金深加工产品202320240.611.41.82.22.60.01.02.03.04.05.06.0Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25镁锭价格(万元/吨)铝锭价格(万元/吨)镁铝比(右轴)2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)20332636227122121864208920301839营业成本(百万元)18352314202519501642178417211596销售费用率0.4%0.2%0.3%0.3%0.5%0.2%0.3%0.2%管理费用率2.4%2.7%2.1%2.2%2.3%2.1%2.8%2.0%财务费用率1.2%1.1%1.3%1.0%1.5%1.1%1.7%0.9%研发费用率4.5%5.4%5.0%5.1%4.6%5.5%4.4%4.9%资产减值损失(百万元)1.7-60.3 -1.5 0.01.4-27.8 -1.2 0.6利润总额(百万元)32.316.740.957.771.9111.3119.684.0所得税费用(百万元)6.311.42.55.010.3-2.8 16.21.3净利润（百万元）26.05.338.452.761.6114.1103.482.7EPS0.030.010.030.060.090.140.120.11毛利率9.7%12.2%10.8%11.8%11.9%14.6%15.3%13.2%期间费用率8.4%9.4%8.6%8.5%9.0%8.9%9.1%8.0%所得税率19.5%68.3%6.1%8.7%14.4%-2.5%13.6%1.5%净利润率1.3%0.2%1.7%2.4%3.3%5.5%5.1%4.5%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金272.35372.54245.22974.071178.861384.35营业收入9104.617651.818982.569740.7011788.6313843.51应收票据及账款1813.372046.462520.252241.702228.542237.72营业成本7640.026623.257931.618552.6210217.1911812.69预付账款174.59138.17115.96186.81226.08265.49税金及附加48.2345.6544.2548.7058.9469.22其他应收款149.87128.81124.75160.12193.79227.56销售费用23.9322.4627.6829.2235.3741.53存货1348.581258.211488.041405.911399.611618.18管理费用140.19169.44210.64224.04277.03325.32其他流动资产79.64168.57225.15180.49218.44256.51研发费用396.58352.38455.23438.33565.85664.49流动资产总计3838.404112.754719.375149.095445.325989.81财务费用76.7698.95107.01233.35238.25233.79长期股权投资778.081256.981245.211245.211245.211245.21资产减值损失-20.10 -3.30 -60.43 -7.79 -9.43 -11.07 固定资产2772.733419.603930.314101.814458.784976.16信用减值损失-9.97 -5.42 -31.21 -48.70 -35.37 -41.53 在建工程586.391599.782582.422485.352421.612091.21其他经营损益0.000.00-0.00 0.000.000.00无形资产298.73319.19717.48597.90478.32358.74投资收益-18.24 -17.18 -19.66 -8.91 -9.08 -8.65 长期待摊费用16.1425.3419.319.660.000.00公允价值变动损益1.90-2.68 0.040.000.000.00其他非流动资产772.81784.08338.06330.54323.02315.49资产处置收益13.95-3.50 0.050.000.000.00非流动资产合计5224.887404.968832.808770.478926.958986.82其他收益38.5160.1584.7670.0070.0070.00资产总计9063.2811517.7113552.1713919.5614372.2614976.63营业利润784.95367.75179.70219.03412.13705.21短期借款2484.392290.772707.433620.373993.034417.55营业外收入3.7910.1711.268.419.959.87应付票据及账款1128.48900.54996.03984.141035.711035.63营业外支出6.921.863.754.183.273.73其他流动负债553.93900.551191.81979.371175.081360.77其他非经营损益0.000.000.000.000.000.00流动负债合计4166.804091.864895.285583.886203.826813.95利润总额781.82376.06187.21223.25418.81711.35长期借款114.841135.002247.051788.321363.09919.13所得税98.1219.3329.2726.7950.2685.36其他非流动负债164.00232.24242.99242.99242.99242.99净利润683.70356.73157.94196.46368.55625.99非流