首次覆盖：光学平台高速成长，铌酸锂业务蓄势待发

1 ◆ ◆ ◆ ◆ ◆ 收入（亿元）2023年报 2024年报 2025E 2026E 2027E光通讯器件2.043.926.879.6112.50光纤激光器件4.274.245.516.898.27激光雷达光源模块及器件--1.401.471.611.86其他业务----铌酸锂调制器0.45--其他器件0.350.430.470.520.57合计7.109.9914.3218.6423.19 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387.05906.80597.60669.52766.86营业收入709.90998.871431.651863.522319.12应收票据及账款330.69409.08616.31802.23998.36营业成本465.21660.49963.481239.921528.12预付账款4.657.9210.5413.7217.08税金及附加6.3510.3611.7215.2518.98其他应收款5.974.597.8110.1712.66销售费用12.1216.9326.6534.6943.17存货232.69268.35369.56475.59586.13管理费用86.24119.18150.32186.35231.91其他流动资产23.4971.0190.97106.02121.90研发费用123.91141.49164.64223.62278.29流动资产总计984.551667.751692.802077.252502.98财务费用-13.88 -8.23 11.302.770.63长期股权投资0.000.000.000.000.00资产减值损失-4.21 -17.01 -13.73 -17.87 -22.24 固定资产553.10552.58454.19350.35241.07信用减值损失-3.68 -9.04 -7.34 -9.55 -11.89 在建工程144.60208.53173.78139.02104.27其他经营损益0.00-0.00 -0.00 -0.00 -0.00 无形资产111.34162.73131.54100.2168.72投资收益0.200.610.000.000.00长期待摊费用4.239.644.820.000.00公允价值变动损益0.000.090.000.000.00其他非流动资产202.91350.47349.57348.67347.77资产处置收益-0.02 -0.96 -0.42 -0.42 -0.42 非流动资产合计1016.181283.951113.89938.24761.82其他收益26.6227.8932.1132.1132.11资产总计2000.722951.692806.693015.493264.80营业利润48.8660.24114.15165.17215.57短期借款0.00322.970.000.000.00营业外收入0.700.060.260.260.26应付票据及账款105.06172.78271.05348.82429.90营业外支出0.170.410.290.290.29其他流动负债93.03169.72215.13277.29342.22其他非经营损益0.000.000.000.000.00流动负债合计198.10665.47486.18626.11772.12利润总额49.3959.89114.11165.13215.53长期借款1.81162.46122.2983.4046.06所得税-10.24 -12.60 -0.00 -0.00 -0.00 其他非流动负债97.47162.14162.14162.14162.14净利润59.6472.49114.11165.13215.53非流动负债合计99.29324.60284.43245.54208.20少数股东损益0.005.512.894.185.46负债合计297.38990.07770.61871.65980.32归属母公司股东净利润59.6466.98111.23160.95210.08股本245.31249.18249.18249.18249.18EBITDA99.13132.11295.47343.55392.58资本公积960.301127.821127.821127.821127.82NOPLAT18.5439.84125.87168.36216.62留存收益497.73548.19619.76723.34858.53EPS(元)0.240.270.450.650.84归属母公司权益1703.341925.191996.762100.342235.53少数股东权益0.0036.4339.3243.5048.96主要财务比率股东权益合计1703.341961.622036.092143.842284.49会计年度202320242025E2026E2027E负债和股东权益合计2000.722951.692806.693015.493264.80成长能力营收增长率10.50% 40.71% 43.33% 30.17% 24.45% 现金流量表营业利润增长率-55.70% 23.28% 89.50% 44.69% 30.52% 会计年度202320242025E2026E2027EEBIT增长率-59.48% 45.47% 142.78% 33.88% 28.74% 税后经营利润59.6472.4982.47133.49183.89EBITDA增长率-24.65% 33.28% 123.65% 16.27% 14.27% 折旧与摊销63.6280.45170.05175.65176.42归母净利润增长率-49.38% 12.32% 66.05% 44.71% 30.52% 财务费用-13.88 -8.23 11.302.770.63经营现金流增长率79.81% 67.36% -43.71% 62.73% 22.90% 投资损失-0.20 -0.61 0.000.000.00盈利能力营运资金变动-2.41 23.54-190.57 -172.60 -182.39 毛利率34.47% 33.88% 32.70% 33.46% 34.11% 其他经营现金流5.0419.4732.0732.0732.07净利率8.40% 7.26% 7.97% 8.86% 9.29% 经营性现金净流量111.80187.10105.32171.38210.62营业利润率6.88% 6.03% 7.97% 8.86% 9.30% 资本支出212.5187.46-0.00 0.000.00ROE3.50% 3.48% 5.57% 7.66% 9.40% 长期投资97.60-371.58 0.000.000.00ROA2.98% 2.27% 3.96% 5.34% 6.43% 其他投资现金流-25.09 -62.69 -0.42 -0.42 -0.42 ROIC1.61% 2.89% 7.92%