2024年报-2025Q1点评：超导业务放量显著，期待航空需求提振

1 指标2023A2024A2025E2026E2027E营业收入（百万元）4,1594,6125,7286,9318,323增速（%）-1.62%10.91%24.19%21.00%20.08%归母净利润（百万元）7528019981,2221,471增速（%）-30.34%6.44%24.68%22.36%20.42%每股收益（元）1.161.231.541.882.26市盈率（倍）41.3638.8631.1725.4721.15 Wind Wind Wind Wind Wind 21.129.342.341.646.110.746.1%38.5%44.4%-1.6%10.9%35.3%-10%0%10%20%30%40%50%05101520253035404550202020212022202320242025Q1营业总收入（亿元）增速（右轴）3.717.4110.87.58.01.7134.3%100.0%45.7%-30.3%6.4%53.9%-40%-20%0%20%40%60%80%100%120%140%160%024681012202020212022202320242025Q1归母净利润（亿元）增速（右轴）37.9%40.8%39.5%31.9%33.6%35.3%17.5%25.5%25.9%18.4%19.0%17.4%0%5%10%15%20%25%30%35%40%45%202020212022202320242025Q1销售毛利率销售净利率43.0%45.3%43.3%34.4%38.7%4.5%16.3%30.4%34.4%30.2%-11.4%4.0%3.3%15.9%22.3%-20%-10%0%10%20%30%40%50%20202021202220232024高端钛合金材料超导产品高性能高温合金材料2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)1073.81377.41214.71226.9793.61070.7976.21189.6营业成本(百万元)694.9928.9762.7805.5567.7770.4632.9844.2销售费用率0.5%0.5%0.6%0.6%0.7%1.2%0.6%0.5%管理费用率6.1%4.3%5.5%3.6%3.1%7.7%4.7%3.1%财务费用率1.0%0.2%1.3%0.5%1.5%1.5%1.4%0.4%研发费用率4.2%8.6%4.3%8.0%10.3%11.3%8.0%7.1%资产减值损失(百万元)-37.9 -19.6 -7.9 -9.0 -2.4 -2.2 -6.2 -5.2 利润总额(百万元)213.8267.7337.1280.1121.0177.0198.2252.3所得税费用(百万元)27.144.537.035.613.022.220.331.2净利润（百万元）186.7223.2300.2244.6108.0154.8177.9221.0EPS（元）0.260.300.390.370.170.260.250.33毛利率35.3%32.6%37.2%34.3%28.5%28.0%35.2%29.0%期间费用率11.9%13.6%11.7%12.7%15.6%21.6%14.8%11.1%所得税率12.7%16.6%11.0%12.7%10.7%12.6%10.3%12.4%净利润率17.4%16.2%24.7%19.9%13.6%14.5%18.2%18.6%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金2111.951482.411512.86572.81693.10832.31营业收入4227.184158.784612.475728.106931.008323.08应收票据及账款3441.473344.254221.915178.835886.606384.83营业成本2559.472833.243064.823725.784474.175352.94预付账款34.2443.7252.4962.7775.9691.21税金及附加28.9223.5030.9340.1048.5258.26其他应收款3.532.926.407.859.4911.40销售费用43.5330.5027.9134.3741.5949.94存货2380.123342.303859.794695.515270.946159.55管理费用165.21194.45194.75286.41346.55416.15其他流动资产1194.781277.57946.631004.821026.841052.31研发费用254.29329.45350.89400.97485.17582.62流动资产总计9166.099493.1610600.0811522.6012962.9314531.61财务费用31.7446.5736.6569.2161.6651.33长期股权投资153.68187.90191.29196.29201.29206.29资产减值损失-14.52 -22.99 -38.82 -45.82 -55.45 -66.58 固定资产1158.891409.562065.092160.292404.122788.49信用减值损失-20.37 -7.15 -52.98 -57.28 -69.31 -83.23 在建工程220.97536.41231.91530.09658.11619.45其他经营损益0.000.000.000.000.000.00无形资产179.37291.38327.70306.42311.80303.85投资收益-4.47 4.355.095.005.005.00长期待摊费用0.000.000.000.000.000.00公允价值变动损益28.6638.7425.7730.0030.0030.00其他非流动资产426.86165.75193.24235.10240.21244.39资产处置收益-0.07 -0.16 0.011.001.001.00非流动资产合计2139.782590.993009.233428.193815.534162.48其他收益104.27156.20160.93150.00150.00150.00资产总计11305.8612084.1513609.3114950.7816778.4618694.09营业利润1237.52870.061006.511254.171534.591848.02短期借款981.89727.65778.59557.88448.81313.82营业外收入0.883.181.032.002.002.00应付票据及账款1736.691857.262652.583062.293493.533813.05营业外支出0.765.091.632.002.002.00其他流动负债687.28838.511524.421772.852130.332521.62