2024-2025Q1业绩点评：国产替代、多元经营，成长曲线清晰

1 指标2023A2024A2025E2026E2027E营业收入（百万元）4115156678941,229增速（%）12.64%25.39%29.62%34.01%37.42%归母净利润（百万元）8799142180222增速（%）176.08%14.58%43.21%26.51%23.65%每股收益（元）1.241.422.032.573.17市盈率（倍）44.3338.6927.0121.3517.27iFinD iFinD iFinD iFinD iFinD -100%-50%0%50%100%150%200%012345620212022202320242025Q1营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）0%10%20%30%40%50%60%2019202020212022202320242025Q1毛利率净利率传统业务27%ePTFE业务32%CMD及气体管理产品28%气凝胶13%0%10%20%30%40%50%60%70%80%90%201920202021202220232024传统业务ePTFE业务CMD及气体管理产品气凝胶2025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2营业收入(百万元)13116212612210412211399营业成本(百万元)6890696252646254销售费用率3.7%4.7%3.4%3.0%3.9%4.7%3.9%4.4%管理费用率11.4%9.3%10.9%11.4%12.1%10.7%11.1%13.5%财务费用率0.4%0.8%0.8%0.6%1.3%0.8%1.4%0.9%研发费用率4.0%6.8%5.1%5.2%4.7%7.9%4.5%4.9%资产减值损失(百万元)3.982.32-0.23 1.154.370.950.14-0.45 利润总额(百万元)3141293322312335所得税费用(百万元)66344334归母净利润（百万元）2433242617281928扣非归母净利（百万元）2424242617271916EPS（元）0.340.460.340.370.240.400.270.41毛利率48.5%44.5%45.1%49.7%50.2%47.5%45.0%45.6%期间费用率19.4%21.6%20.2%20.2%22.0%24.1%20.8%23.7%所得税率18.4%14.5%11.4%11.2%18.6%10.6%13.9%12.4%净利润率18.3%20.0%19.0%21.1%16.2%22.7%16.7%28.9%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金106.2358.6027.5966.7389.42122.88营业收入364.46410.55514.78667.28894.201228.83应收票据及账款189.44237.24285.52388.48532.36711.14营业成本198.80221.82272.66344.64469.28668.72预付账款5.604.733.677.689.5512.12税金及附加4.334.814.996.678.9412.29其他应收款0.450.460.450.730.831.18销售费用14.9217.9619.6826.6936.6651.61存货77.4285.02104.32141.63194.14265.66管理费用38.8449.3555.4673.40102.83146.23其他流动资产0.311.1060.151.331.792.46研发费用17.1824.9428.6340.7054.6475.08流动资产总计379.45387.16481.70606.59828.091115.44财务费用4.834.754.397.209.3411.69长期股权投资99.80154.54124.53125.63126.86128.16资产减值损失-49.39 -0.40 -7.61 -5.00 -4.50 -4.00 固定资产264.50257.03263.19247.03254.33265.80信用减值损失-2.28 -1.55 -2.14 -1.00 -1.10 -1.20 在建工程7.7221.1578.4198.67135.60105.87其他经营损益-0.00 0.000.000.000.000.00无形资产69.2261.5357.9869.1596.99116.49投资收益1.511.73-7.31 1.801.831.90长期待摊费用0.000.000.100.050.000.00公允价值变动损益0.000.008.470.000.000.00其他非流动资产71.0371.5982.7296.2897.2897.28资产处置收益0.0610.65-0.14 0.000.000.00非流动资产合计512.27565.84606.92636.81711.06713.60其他收益7.206.814.977.007.207.20资产总计891.73953.001088.611243.401539.151829.03营业利润42.66104.16125.19170.77215.93267.11短期借款49.5534.0343.0473.60178.36226.94营业外收入0.010.120.000.100.200.12应付票据及账款41.1047.1080.1574.59102.86139.24营业外支出0.030.230.220.230.250.30其他流动负债64.3459.5765.28104.99139.83198.97其他非经营损益0.000.000.000.000.000.00流动负债合计154.99140.69188.47253.19421.05565.16利润总额42.64104.05124.97170.64215.88266.93长期借款79.5269.90108.0290.9279.6154.22所得税11.2712.9317.0521.1626.7733.10其他非流动负债9.9818.4417.7718.0622.0426.02净利润31.3791.13107.92149.48189.11233.83非流动负债合计89.5088.34125.79108.98101.6580.24少数股东损益0.034.598.767.479.4611.69负债合计244.48229.04314.26362.17522.70645.40归属母公司股东净利润31.3486.5499.16142.01179.66222.14股本70.0070.0070.0070.0070.0070.00EBITDA75.31141.07164.19237.61303.21377.38资本公积351.41366.41343.87343.87343.87343.87NOPLAT34.8986.06104.71155.91197.