2025H1点评：轻稀土价格上行增厚利润，机器人组件打开成长空间

1 指标2023A2024A2025E2026E2027E营业收入（百万元）6,6886,7639,37311,45714,560增速（%）-6.66%1.13%38.59%22.23%27.09%归母净利润（百万元）5642917871,0611,438增速（%）-19.78%-48.37%170.42%34.83%35.56%每股收益（元）0.410.210.570.771.05市盈率（倍）70.20135.9750.2837.2927.51 Wind Wind Wind Wind Wind 24.240.871.766.967.635.142.5%68.8%75.6%-6.7%1.1%4.3%-20%0%20%40%60%80%100%01020304050607080202020212022202320242025H1营业总收入（亿元）增速2.444.537.035.642.913.0555.8%85.3%55.1%-19.8%-48.4%154.8%-100%-50%0%50%100%150%200%012345678202020212022202320242025H1归母净利润（亿元）增速23.8%22.4%16.2%16.1%11.1%16.4%10.1%11.1%9.8%8.5%4.4%8.8%0%5%10%15%20%25%30%202020212022202320242025H1销售毛利率销售净利率303540455055606570May-24Aug-24Nov-24Feb-25May-25镨钕金属（万元/吨）镨钕氧化物（万元/吨）2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)17531754174916531825153616371620营业成本(百万元)14531479150014411688138214001322销售费用率1.93%2.79%2.96%2.91%1.56%2.64%3.86%2.08%管理费用率4.97%4.72%5.19%4.67%4.29%4.86%5.95%5.04%财务费用率0.93%0.44%0.94%0.09%1.01%0.42%0.53%0.82%研发费用率-0.58%-0.71%-0.76%-0.64%0.05%-0.95%-0.91%-0.21%资产减值损失(百万元)0.120.190.250.110.320.811.120.03利润总额(百万元)165.13184.2496.2991.9612.02114.6681.59173.73所得税费用(百万元)18.221.72.712.1-6.5 12.511.710.7净利润（百万元）146.93162.5193.5879.8318.55102.1969.89162.99EPS（元）0.110.120.070.060.010.080.050.12毛利率17.1%15.7%14.3%12.8%7.5%10.0%14.5%18.4%期间费用率7.2%7.2%8.3%7.0%6.9%7.0%9.4%7.7%所得税率11.0%11.8%2.8%13.2%-54.3%10.9%14.3%6.2%净利润率8.4%9.3%5.3%4.8%1.0%6.7%4.3%10.1%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金4130.253885.762712.922018.752079.232463.53营业收入7165.196687.866763.299373.2411457.0814560.41应收票据及账款2838.012344.822359.343287.054017.825106.12营业成本6006.165612.946010.687754.519346.4811760.20预付账款36.7266.4070.0597.58122.42155.58税金及附加24.7728.3524.9633.6241.1052.23其他应收款10.1845.6356.2177.0494.17119.67销售费用36.1135.0858.6174.9991.66116.48存货1931.142213.182178.062868.113456.924349.66管理费用147.71155.92168.90234.33286.43364.01其他流动资产180.66280.48315.27372.46414.14476.21研发费用337.48353.88320.88449.92549.94698.90流动资产总计9126.968836.267691.858721.0010184.7012670.77财务费用-153.96 -56.96 -37.50 35.4730.9730.19长期股权投资5.146.508.3531.8555.3578.85资产减值损失-10.28 -29.66 -45.18 -56.24 -68.74 -87.36 固定资产1322.131724.442300.572386.802727.382922.32信用减值损失-11.94 5.791.250.000.000.00在建工程394.76764.43777.731048.11918.49788.87其他经营损益-0.00 -0.00 -0.00 0.000.000.00无形资产217.68217.12264.95235.38218.72198.48投资收益-10.60 1.8910.697.007.007.00长期待摊费用6.002.984.402.200.000.00公允价值变动损益-10.45 6.834.275.005.005.00其他非流动资产147.78274.221249.461297.931350.431402.93资产处置收益0.74-0.15 -0.20 0.000.000.00非流动资产合计2093.492989.694605.465002.265270.375391.45其他收益44.3975.47131.34110.00100.00100.00资产总计11220.4611825.9512297.3113723.2615455.0718062.22营业利润768.81618.80318.95856.171153.771563.04短期借款945.50400.88257.950.000.000.00营业外收入0.081.191.491.501.501.50应付票据及账款2603.492909.593058.334036.604890.906282.85营业外支出2.193.045.516.007.008.00其他流动负债562.31673.02769.94953.621089.131298.88其他非经营损益0.000.000.000.000.000.00流动负债合计4111.303983.494086.224990.215980.037581.72利润总额766.69616.95314.93851.671148.271