赛微电子（300456.SZ）首次覆盖：MEMS-OCS卡位算力革命，并购强化设计能力

1 ◆ ◆ ◆ ◆ ◆ ◆ 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947.65616.222114.542184.712021.72营业收入1299.681204.72915.94633.90736.61应收票据及账款571.70512.24376.41251.82292.62营业成本919.97781.79596.04419.66483.04预付账款43.7142.5630.1119.1022.20税金及附加5.636.105.293.664.26其他应收款179.41117.6095.3665.9980.72销售费用18.7929.3020.1512.6816.94存货481.44464.49326.60224.20258.06管理费用120.85148.28109.9179.2492.08其他流动资产139.42129.70117.1186.13101.14研发费用356.66454.83348.06304.27309.37流动资产总计2363.321882.813060.122831.972776.47财务费用-10.21 12.0128.2714.596.47长期股权投资454.63580.85630.85740.85865.85资产减值损失-6.91 -26.68 -21.98 -13.95 -14.73 固定资产2261.332296.962214.512158.702124.82信用减值损失17.19-44.37 -27.48 -31.69 -29.46 在建工程754.18891.26842.72744.17595.63其他经营损益0.000.000.000.000.00无形资产202.27183.41145.08106.7568.42投资收益32.5813.3550.30110.40125.50长期待摊费用4.927.263.630.000.00公允价值变动损益0.000.000.000.000.00其他非流动资产1221.221168.791121.441081.441051.44资产处置收益0.282.031783.398.0010.00非流动资产合计4898.565128.524958.234831.914706.16其他收益100.5828.9835.0045.0050.00资产总计7261.887011.348018.357663.887482.63营业利润31.71-254.28 1627.44-82.44 -34.25 短期借款250.14109.850.000.000.00营业外收入0.120.020.200.200.20应付票据及账款107.6287.9570.2251.7459.55营业外支出0.070.010.120.120.12其他流动负债400.99407.60280.10216.86247.90其他非经营损益0.000.000.000.000.00流动负债合计758.75605.40350.32268.60307.45利润总额31.75-254.26 1627.53-82.36 -34.16 长期借款664.43721.49542.94368.90201.51所得税-40.30 0.99186.8816.3518.56其他非流动负债209.77295.28295.28295.28295.28净利润72.05-255.26 1440.65-98.71 -52.72 非流动负债合计874.201016.77838.22664.17496.79少数股东损益-31.56 -85.26 504.23-39.48 -18.45 负债合计1632.951622.171188.53932.77804.25归属母公司股东净利润 103.61-169.99 936.42-59.23 -34.27 股本733.50732.21732.21732.21732.21EBITDA222.897.971978.75278.54343.06资本公积4038.344048.404048.404048.404048.40NOPLAT-167.72 -264.00 -139.03 -92.85 -55.97 留存收益390.26142.991079.411020.19985.92EPS(元)0.14-0.23 1.28-0.08 -0.05 归属母公司权益5162.104923.605860.025800.795766.52少数股东权益466.83465.57969.79930.31911.86主要财务比率股东权益合计5628.935389.166829.816731.106678.38会计年度202320242025E2026E2027E负债和股东权益合计7261.887011.348018.357663.887482.63成长能力营收增长率65.39% -7.31% -23.97% -30.79% 16.20% 现金流量表营业利润增长率118.48% -901.90% 740.03% -105.07% 58.46% 会计年度202320242025E2026E2027EEBIT增长率111.67% -1224.46% 783.49% -104.09% 59.14% 税后经营利润72.05-255.26 -241.24 -245.84 -219.75 EBITDA增长率1052.96% -96.43% 24734.00% -85.92% 23.16% 折旧与摊销201.35250.22322.95346.32370.75归母净利润增长率241.24% -264.07% 650.86% -106.32% 42.14% 财务费用-10.21 12.0128.2714.596.47经营现金流增长率295.64% 146.27% -9.08% 16.84% -62.96% 投资损失-32.58 -13.35 -50.30 -110.40 -125.50 盈利能力营运资金变动69.74275.77178.24217.61-67.64 毛利率29.22% 35.11% 34.93% 33.80% 34.42% 其他经营现金流-155.95 86.2085.38155.48175.58净利率5.54% -21.19% 157.29% -15.57% -7.16% 经营性现金净流量144.39355.59323.31377.76139.92营业利润率2.44% -21.11% 177.68% -13.01% -4.65% 资本支出658.98397.51150.00150.00150.00ROE2.01% -3.45% 15.98% -1.02% -0.59% 长期投资-533.13 -123.70 0.000.000.00ROA1.43% -2.42% 11.68% -0.77% -0.46% 其他投资现金流220.93-72.96 1641.683