2025年中报点评：进军机器人电子皮肤产业

1 指标2023A2024A2025E2026E2027E营业收入（百万元）2,1312,5412,9213,3043,740增速（%）12.06%19.23%14.96%13.12%13.19%归母净利润（百万元）70139121161195增速（%）-7.03%98.42%-13.34%33.76%20.91%每股收益（元）0.250.500.430.580.70市盈率（倍）138.3769.7480.4760.1649.76 iFinD 2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)731603765619597559576592营业成本(百万元)632507691543498468503513销售费用率2.2%2.4%2.2%2.7%2.3%2.4%2.8%2.6%管理费用率3.9%4.6%4.3%4.2%4.1%4.6%5.2%3.9%财务费用率0.6%0.8%0.3%1.1%0.7%0.5%1.1%0.2%研发费用率4.3%3.7%2.6%4.0%4.1%4.3%4.9%4.3%资产减值损失(百万元)4.690.365.420.600.802.081.540.72利润总额(百万元)173687033301112所得税费用(百万元)-0 130-2 -0 -0 -1 -3 归母净利润（百万元）163569734301316扣非归母净利（百万元）1431-16 53126113EPS（元）0.060.170.350.040.180.160.070.09毛利率13.6%16.0%9.6%12.3%16.7%16.2%12.8%13.4%期间费用率11.0%11.5%9.5%12.0%11.2%11.8%14.1%11.0%所得税率-0.7%2.3%35.1%-1082.3%-1.1%-1.7%-5.2%-24.8%净利润率2.2%5.8%9.0%1.1%5.7%5.3%2.2%2.6%iFinD iFinD iFinD iFinD -60%-40%-20%0%20%40%60%80%100%120%0510152025302019202020212022202320242025H1营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）0%5%10%15%20%25%2019202020212022202320242025H1毛利率净利率广告喷墨打印材料标签标识印刷材料功能基膜材料电子级功能材料-10%-5%0%5%10%15%20%25%30%202020212022202320242025H1标签标识印刷材料电子级功能材料功能基膜材料广告喷墨打印材料iFinD iFinD 产品分类201820192020202120222023202420252026E2027E标签标识印刷材料1792323852338024295957520684938309799716113677129591电子级功能材料1635134815201854138411141967275433053965功能基膜材料----------1212119673226242488627375广告喷墨打印材料5044154887546325899457457763218494393437102781113059标签标识印刷材料1.030.990.951.060.950.810.850.920.920.92电子级功能材料3.144.744.024.144.995.184.754.424.424.42功能基膜材料----------0.831.081.111.121.13广告喷墨打印材料1.911.731.601.911.841.621.571.491.511.52标签标识印刷材料0.720.680.680.830.780.680.690.730.730.73电子级功能材料2.893.853.243.664.904.904.003.683.713.71功能基膜材料----------0.841.121.101.101.10广告喷墨打印材料1.551.421.321.611.611.381.361.301.311.31标签标识印刷材料0.320.310.270.230.170.130.160.190.190.18电子级功能材料0.250.900.780.480.090.280.750.740.700.70功能基膜材料-----------0.01-0.040.010.020.03广告喷墨打印材料0.350.320.280.300.230.240.210.190.190.21销量（吨）单价（万元/吨）单吨成本（万元/吨）单吨毛利（万元/吨）资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金440.48534.30335.012384.722024.832220.97营业收入1901.442130.842540.572920.533303.653739.51应收票据及账款404.30509.05587.22640.12742.19829.86营业成本1657.231844.552200.532522.132855.513219.30预付账款17.7822.3227.1331.2134.3937.91税金及附加5.279.1610.3310.2213.2114.96其他应收款10.0415.9243.9348.0152.5058.40销售费用45.6654.9060.6165.7174.3382.27存货126.65200.16255.97276.40305.11361.62管理费用65.6485.27109.32116.82128.84143.97其他流动资产63.3198.63211.37116.8299.11104.71研发费用65.7492.5092.78109.52132.15143.97流动资产总计1062.571380.381460.623597.273368.133723.47财务费用-8.71 3.7516.37-31.22 -84.22 -85.92 长期股权投资12.259.8710.1410.1410.1410.14资产减值损失-3.36 -4.03 -8.90 -2.92 -9.91 -7.48 固定资产227.72742.021241.651403.111723.321692.09信用减值损失-0.73 -4.92 -9.68 -2.92 -6.61 -7.48 在建工程305.28468.70644.23522.11633.33333.33其他经营损益0.000.000.000.000.000.00无形资产83.00126.34123.53123.77140.69149.26投资收益-0.18 1.13-1.58 0.000.000.00长期待摊费用2.293.326.283.140.000.00公允价值变动损益0.050.13-1.64 0.000.000.00其他非流动资产168.49160