工控小巨人，人形机器人构筑新增长极

1 ◆ ◆ ◆ ◆ ◆ iFind 资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金3453775689681382营业收入15051708206224903009应收票据及账款386543523564681营业成本9661064128215361843预付账款712121417税金及附加1113141721其他应收款285161923销售费用141195206237271存货5115977629131096管理费用698297117141其他流动资产817880934946960研发费用147168200242292流动资产总计20932414281534244159财务费用-4 -4 -1 -3 -4 长期股权投资1116161514资产减值损失-39 -15 -16 -20 -24 固定资产484474416385341信用减值损失-5 -12 -8 -10 -12 在建工程1615535048其他经营损益-0 0000无形资产6359453015投资收益3514242424长期待摊费用21271400公允价值变动损益513000其他非流动资产192210210210210资产处置收益-1 0-0 -0 -0 非流动资产合计787802752690628其他收益4957494949资产总计28803216356841144787营业利润219248312387482短期借款2033000营业外收入00000应付票据及账款5977138109711164营业外支出35444其他流动负债93142143171206其他非经营损益00000流动负债合计71188795311421370利润总额216243308383478长期借款11100所得税1714212733其他非流动负债3228282828净利润199229287357445非流动负债合计3329292929少数股东损益00000负债合计74391798211711399归属母公司净利润199229287357445股本141141141141141EBITDA255287436522615资本公积370370370370370NOPLAT160201290358445留存收益16251787207324302875EPS(元)1.271.451.822.272.83归属母公司权益21352297258429413386少数股东权益22222主要财务比率股东权益合计21372299258629433388会计年度202320242025E2026E2027E负债和股东权益合计28803216356841144787成长能力营收增长率12.7%13.5%20.7%20.8%20.8%现金流量表营业利润增长率-9.4%13.3%25.7%24.2%24.5%会计年度202320242025E2026E2027EEBIT增长率-9.7%13.0%28.6%23.9%24.6%税后经营利润199229222292380EBITDA增长率-6.3%12.4%52.0%19.8%17.8%折旧与摊销4448129142141归母净利润增长率-10.4%14.8%25.5%24.4%24.8%财务费用-4 -4 -1 -3 -4 经营现金流增长率10.3%-35.5%121.8%61.3%2.9%投资损失-35 -14 -24 -24 -24 盈利能力营运资金变动-50 -145 -112 -20 -93 毛利率35.8%37.7%37.8%38.3%38.7%其他经营现金流4414707070净利率13.2%13.4%13.9%14.3%14.8%经营性现金净流量198128283457470营业利润率14.5%14.5%15.1%15.5%16.0%资本支出13946808080ROE9.3%10.0%11.1%12.1%13.2%长期投资-27 -73 000ROA6.9%7.1%8.0%8.7%9.3%其他投资现金流3839202020ROIC17.6%19.7%26.2%29.7%36.9%投资性现金净流量-128 -79 -60 -60 -60 估值倍数短期借款2013-33 00P/E51.745.035.828.823.1长期借款-0 0-0 -0 -0 P/S6.86.05.04.13.4普通股增加00000P/B4.84.54.03.53.0资本公积增加00000股息率0.00.00.00.00.0其他筹资现金流-28 -48 134EV/EBIT19.719.729.022.417.3筹资性现金净流量-8 -35 -32 24EV/EBITDA16.316.420.416.413.3现金流量净额6215191400414EV/NOPLAT26.023.530.723.818.4