机器人商业化先锋，引领康养产业智能升级

1 ◆ ◆ ◆ ◆ ◆ “”ifind ifind ifind ifind ifind ifind 550 康养缺口 渗透率 市场空间 单价 （亿元）（万元）5%10%15%20%25%30%35%40%2055011001650220027503300385044001849599014851980247529703465396016440880132017602200264030803520143857701155154019252310269530801233066099013201650198023102640102755508251100137516501925220082204406608801100132015401760ifind 资料来源：ifind，中航证券研究所 资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金335.28285.72210.57300.08418.09营业收入326.16680.711020.531412.781889.30应收票据及账款166.59309.66552.88765.391023.54营业成本244.62527.56804.461106.591430.46预付账款1.021.293.735.166.90税金及附加3.123.698.8412.2416.37其他应收款3.827.2010.4214.4219.28销售费用40.6354.1776.5498.89132.25存货56.21117.49223.90307.99398.13管理费用23.8940.6356.1366.4075.57其他流动资产39.63254.91257.97261.27265.28研发费用20.3226.2230.6242.3856.68流动资产总计602.54976.261259.471654.312131.23财务费用-2.00 -0.93 -0.24 -0.55 -1.11 长期股权投资2.498.548.899.249.59资产减值损失5.41-4.39 0.000.000.00固定资产129.81136.58111.8586.9061.72信用减值损失-6.82 0.150.000.000.00在建工程4.768.527.105.684.26其他经营损益-0.00 0.000.000.000.00无形资产16.3015.4511.838.204.57投资收益3.223.850.350.350.35长期待摊费用3.272.731.360.000.00公允价值变动损益-0.05 0.340.000.000.00其他非流动资产13.1817.0715.3513.6411.93资产处置收益0.000.070.000.000.00非流动资产合计169.82188.89156.39123.6692.08其他收益3.641.410.000.000.00资产总计772.371165.151415.851777.972223.31营业利润0.9630.8144.5387.17179.43短期借款0.003.000.000.000.00营业外收入0.890.660.690.690.69应付票据及账款185.30511.18644.69886.821146.37营业外支出0.090.150.090.090.09其他流动负债41.9288.12184.95254.80332.84其他非经营损益0.000.000.000.000.00流动负债合计227.22602.29829.641141.621479.21利润总额1.7631.3245.1487.77180.03长期借款15.4913.949.325.041.21所得税0.484.505.5010.7021.95其他非流动负债0.013.693.693.693.69净利润1.2826.8239.6377.07158.08非流动负债合计15.5117.6313.018.734.90少数股东损益-4.63 8.720.000.000.00负债合计242.73619.93842.651150.351484.11归属母公司股东净利润5.9118.1039.6377.07158.08股本128.00129.17129.17129.17129.17EBITDA10.4743.3877.75120.30210.86资本公积116.07125.85125.85125.85125.85NOPLAT-5.61 22.3538.8976.06156.58留存收益286.10272.26300.24354.64466.23EPS(元)0.050.140.310.601.22归属母公司权益530.17527.28555.26609.66721.25少数股东权益-0.53 17.9517.9517.9517.95主要财务比率股东权益合计529.63545.23573.21627.61739.20会计年度202320242025E2026E2027E负债和股东权益合计772.371165.151415.851777.972223.31成长能力营收增长率67.07% 108.71% 49.92% 38.44% 33.73% 现金流量表营业利润增长率-91.85% 3093.64% 44.55% 95.73% 105.84% 会计年度202320242025E2026E2027EEBIT增长率-102.63% 13102.09% 47.72% 94.27% 105.12% 税后经营利润1.2826.8238.8076.23157.24EBITDA增长率-24.38% 314.23% 79.25% 54.72% 75.27% 折旧与摊销10.7112.9832.8533.0831.93归母净利润增长率-54.34% 206.19% 118.98% 94.45% 105.11% 财务费用-2.00 -0.93 -0.24 -0.55 -1.11 经营现金流增长率4.11% 118.13% -154.30% 307.22% 44.25% 投资损失-3.22 -3.85 -0.35 -0.35 -0.35 盈利能力营运资金变动40.86136.46-128.00 6.65-21.32 毛利率25.00% 22.50% 21.17% 21.67% 24.29% 其他经营现金流-0.37 -68.37 0.950.950.95净利率0.39% 3.94% 3.88% 5.46% 8.37% 经营性现金净流量47.27103.11-55.98 116.01167.35营业利润率0.30% 4.53% 4.36% 6.17% 9.50% 资本支出12.212.11-0.00 0.000.00ROE1.11% 3.43% 7.14% 12.64% 21.92%