2024年报-2025Q1点评：中国3D扫描第一股，布局全球市场，业绩稳定增长

1 ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ 332.58 415.34 523.16 662.10 22.41%24.88%25.96%26.56%120.53 143.38 175.93 216.86 5.49%18.96%22.71%23.27%1.77 2.11 2.59 3.19 75.64% 75.99% 76.18% 76.06% 36.24% 34.52% 33.63% 32.75% ⚫ 20242025E2026E2027E营业收入319.48399.35503.18636.53增长率22.61%25.00%26.00%26.50%毛利率76.65%77.00%77.20%77.10%营业收入13.1015.9819.9725.56增长率/22.00%25.00%28.00%毛利率50.97%50.70%50.50%50.20%营业收入0.010.010.010.01增长率21.12%20.00%20.00%20.00%毛利率0.00%15.00%15.00%15.00%三维视觉数字化产品配套产品其他业务 负债和股东权益合计3396.373690.084390.445088.04现金流量表（百万元）2021A2022E2023E2024E 经营活动现金流净额271.45361.82430.93535.42 投资活动现金流净额-597.94-224.69-168.88-68.48 筹资活动现金流净额843.49-198.26-59.17-146.56 现金流量净额508.21-61.13202.88320.38利润表（百万元）20242025E2026E2027E 资产负债表（百万元）20242025E2026E2027E营业收入332.58415.34523.16662.10 货币资金84.88649.60679.95756.97营业成本81.0099.73124.62158.51 应收票据及账款54.2371.6996.03120.63税金及附加2.823.524.435.61 预付账款1.551.902.403.03销售费用72.0089.30110.39137.72 其他应收款2.383.384.155.13管理费用20.5925.9632.4439.73 存货43.4660.1178.5399.88研发费用59.0672.6891.03113.88 其他流动资产277.98344.66431.54543.48财务费用-3.00-1.23-2.27-2.47 长期股权投资1.391.491.591.70资产减值损失-0.80-0.83-0.94-0.99 固定资产62.7193.75136.48185.26信用减值损失-1.95-2.49-3.19-4.04 在建工程104.31146.93154.54132.16其他经营损益0.000.000.000.00 无形资产15.7514.7013.6512.60投资收益10.2310.2310.2310.23 长期待摊费用0.220.200.180.15公允价值变动损益0.010.000.000.00 其他非流动资产96.5996.5996.5996.59资产处置收益0.000.000.000.00 资产总计745.451484.991695.621957.57其他收益27.3228.0028.0028.00 短期借款0.000.000.000.00营业利润134.91160.28196.63242.33 应付票据及账款64.8283.34105.16132.45营业外收入0.080.050.050.05 其他流动负债53.0461.8574.8792.92营业外支出0.420.250.250.25 流动负债合计117.86145.19180.03225.37其他非经营损益0.000.000.000.00 长期借款1.211.221.090.83利润总额134.57160.08196.43242.13 其他非流动负债1.701.701.701.70所得税14.0416.7120.5025.27 非流动负债合计2.912.922.792.53净利润120.53143.38175.93216.86 负债合计120.77148.11182.81227.90少数股东损益0.000.000.000.00 股本51.0068.0068.0068.00归属母公司股东净利润120.53143.38175.93216.86 资本公积274.84826.66 826.66 826.66现金流量表（百万元）20242025E2026E2027E 留存收益298.85442.22618.15835.02经营性现金净流量95.7968.5082.06108.65 归属母公司权益624.681336.88 1,512.81 1,729.67投资性现金净流量-298.02-73.84-53.84-33.84 少数股东权益0.000.000.000.00筹资性现金净流量-4.75570.062.142.21 股东权益合计624.681336.881512.811729.67现金流量净额-205.51564.7230.3577.02 负债和股东权益合计745.451484.991695.621957.57