2024年报-2025Q1点评：铯铷业务增长显著，多金属布局有望贡献利润弹性

1 指标2023A2024A2025E2026E2027E营业收入（百万元）6,0135,3645,6497,24010,844增速（%）-25.2%-10.8%5.3%28.2%49.8%归母净利润（百万元）2,2087579321,2541,952增速（%）-33.0%-65.7%23.1%34.5%55.7%每股收益（元）4.573.061.051.291.74市盈率（倍）9.427.322.216.510.6 Wind Wind Wind 12.823.980.460.153.615.49.5%87.7%232.5%-25.2%-10.8%36.4%-100%-50%0%50%100%150%200%250%0102030405060708090202020212022202320242025Q1营业收入（亿元）YOY1.75.633.022.17.61.424.4%220.3%485.9%-33.0%-65.7%-47.4%-200%-100%0%100%200%300%400%500%600%05101520253035202020212022202320242025Q1归母净利润（亿元）YOY42.1%48.5%53.0%54.8%32.8%22.3%13.4%23.2%41.0%36.6%14.1%8.7%0%10%20%30%40%50%60%202020212022202320242025Q1销售毛利率销售净利率 Wind iFinD 2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)1536.41794.51147.61295.11126.61007.81403.71529.6营业成本(百万元)1194.11303.5889.8716.1697.8797.7564.5768.1销售费用率0.6%0.7%1.1%0.5%0.7%0.5%1.3%1.8%管理费用率6.2%4.4%10.0%7.6%6.1%9.4%5.0%9.5%财务费用率1.3%-1.8%7.7%1.9%12.1%2.1%3.6%3.6%研发费用率1.6%0.7%4.3%2.9%1.2%2.1%3.6%4.1%资产减值损失(百万元)5.8-30.5 0.0-0.2 0.0-0.5 0.00.0利润总额(百万元)200.2321.975.2341.0222.153.3626.5467.3所得税费用(百万元)66.0111.64.7119.4-29.3 -78.8 59.557.5净利润（百万元）134.2210.370.5221.6251.4132.1567.0409.9EPS（元）0.190.290.100.300.350.190.800.57毛利率22.3%27.4%22.5%44.7%38.1%20.8%59.8%49.8%期间费用率9.6%4.0%23.1%12.9%20.0%14.1%13.6%18.9%所得税率33.0%34.7%6.3%35.0%-13.2%-148.0%9.5%12.3%净利润率8.7%11.7%6.1%17.1%22.3%13.1%40.4%26.8%资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金2911.694915.304084.373253.664022.694421.05营业收入8041.226013.325363.855649.047239.5010843.56应收票据及账款1159.38477.31834.00773.84991.711485.42营业成本3782.692717.503607.153802.284825.767078.47预付账款185.50168.38116.02123.81178.51297.08税金及附加57.98137.67182.68197.72253.38379.52其他应收款75.43156.2887.51108.34138.84207.96销售费用49.3273.0139.4945.1957.9286.75存货1580.831444.862142.242291.782908.684266.47管理费用267.99384.05361.30384.13492.29737.36其他流动资产319.57900.75872.78928.701133.871598.78研发费用237.01172.11113.35129.93166.51249.40流动资产总计6232.398062.888136.927480.149374.3012276.76财务费用-28.78 166.12215.9534.38-3.26 -10.90 长期股权投资11.5139.2324.5514.556.551.55资产减值损失-2.92 -0.47 -30.74 -32.37 -41.49 -62.14 固定资产960.732207.823157.883142.303439.023463.70信用减值损失14.34-41.29 19.8820.9426.8340.19在建工程387.39796.61588.641090.53892.43794.32其他经营损益0.000.00-0.00 -0.00 -0.00 -0.00 无形资产1835.601852.632430.571994.431558.291122.16投资收益78.1115.8843.5550.0055.0062.00长期待摊费用109.70639.19618.19309.090.000.00公允价值变动损益0.000.943.623.503.503.50其他非流动资产1945.132286.472236.102233.972227.672221.37资产处置收益35.12-6.10 -0.08 0.000.000.00非流动资产合计5250.067821.969055.928784.878123.967603.10其他收益10.4294.9661.2965.0075.0085.00资产总计11482.4515884.8317192.8416265.0217498.2519879.86营业利润3810.082426.77941.451162.481565.752451.50短期借款495.32913.671485.880.000.000.00营业外收入4.941.3933.4035.0040.0040.00应付票据及账款271.91252.93553.97593.78753.611105.40营业外支出2.507.9614.6015.0015.0015.00其他流动负债1545.171126.061277.691325.101684.222478.28其他非经营损益0.000.000.000.000.000.00流动负债合计2312.402292.673317.541918.882437.833583.69利润总额3812.522420.20960.251182.481590.752476.50长期借款896.205