2025年中报点评：轮胎、机器人进展值得关注

1 指标2023A2024A2025E2026E2027E营业收入（百万元）4,5445,3016,3917,3748,286增速（%）0.41%16.65%20.57%15.37%12.37%归母净利润（百万元）140141198255361增速（%）-8.09%0.67%40.26%28.93%41.47%每股收益（元）0.290.290.410.530.75市盈率（倍）96.3695.7268.2552.9337.41 iFinD iFinD 05001000150020002500300035004000202020212022202320242025H1改性塑料热塑性弹性体色母粒2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)15951286153214471116120711801125营业成本(百万元)142811131326128598810731002995销售费用率0.9%1.2%1.2%0.9%0.9%1.1%1.2%1.2%管理费用率2.4%2.6%2.6%2.3%2.7%2.0%3.0%2.4%财务费用率0.5%0.1%1.0%1.1%0.6%0.8%0.5%1.2%研发费用率3.7%4.3%6.2%4.7%4.3%4.1%5.1%3.6%资产减值损失(百万元)4.463.809.400.000.00-0.92 8.630.00利润总额(百万元)4760433735445936所得税费用(百万元)310111581归母净利润（百万元）4044433132354233扣非归母净利（百万元）4237342727293528EPS（元）0.080.100.100.070.070.080.090.07毛利率10.5%13.4%13.4%11.1%11.5%11.0%15.1%11.5%期间费用率7.5%8.1%11.0%9.0%8.4%8.0%9.8%8.4%所得税率7.0%17.2%1.6%3.0%1.8%12.1%13.6%3.0%净利润率2.5%3.4%2.8%2.2%2.8%2.9%3.6%2.9%iFinD iFinD -200%-100%0%100%200%300%400%500%0102030405060202020212022202320242025H1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%30%2019202020212022202320242025H1毛利率净利率iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金371.97481.49502.37639.12737.38828.56营业收入4525.704544.075300.766391.227373.758285.61应收票据及账款1713.221764.812499.642801.633050.513132.64营业成本4083.774004.354672.965597.226410.647148.58预付账款202.4698.88145.41192.61151.52158.90税金及附加16.8419.1416.0619.1722.1224.86其他应收款3.637.966.8511.5611.1113.62销售费用32.2548.1754.9467.1175.2182.86存货534.98565.89786.27996.76855.341022.34管理费用81.76102.34127.18143.80162.22174.00其他流动资产545.85118.4599.2695.87117.98140.86研发费用164.75185.28258.93260.76298.64333.08流动资产总计3372.113037.484039.814737.554923.835296.93财务费用4.1736.7948.4577.97103.6291.83长期股权投资127.70134.27140.75144.75149.75155.75资产减值损失-8.84 -8.63 -8.48 -8.00 -8.00 -8.00 固定资产541.01899.381433.951472.821603.291714.92信用减值损失-3.64 -8.87 -8.21 -7.00 -6.50 -6.00 在建工程614.65619.68274.88762.40783.25437.44其他经营损益0.00-0.00 0.000.000.000.00无形资产189.60306.36324.39311.99332.93337.20投资收益9.4611.288.188.0010.0012.00长期待摊费用11.6810.7615.217.600.000.00公允价值变动损益1.911.80-0.38 0.000.200.10其他非流动资产87.8288.08108.76140.78137.70138.62资产处置收益-0.29 0.10-0.06 0.000.000.00非流动资产合计1572.462058.542297.932840.353006.922783.92其他收益27.7025.9241.5930.0023.0024.00资产总计4944.575096.026337.757577.907930.758080.85营业利润168.44169.59154.89248.19320.00452.51短期借款292.53473.63888.062265.942335.372162.44营业外收入0.770.706.281.001.201.50应付票据及账款346.20359.78455.96475.69536.04636.91营业外支出0.441.081.331.001.201.30其他流动负债766.16535.501077.71746.20838.36919.65其他非经营损益0.000.000.000.000.000.00流动负债合计1404.891368.902421.743487.833709.763719.00利润总额168.77169.21159.84248.19320.00452.71长期借款338.08376.37520.67512.92413.63226.94所得税2.4614.087.8328.5436.8052.06其他非流动负债94.1998.8297.3099.0097.0096.00净利润166.31155.12152.01219.65283.20400.65非流动负债合计432.27475.19617.97611.92510.63322.94少数股东损益13.9815.1311.0721.9628.3240.06负债合计1837.161844.093039.714099.754220.394041.95归属母公司股东净利润 152.33140.00140.94197.68254.88360.58股本447.60448.03448.0544