2025H1点评：芯片电感方案切换完成，期待ASIC放量机遇

1 指标2023A2024A2025E2026E2027E营业收入（百万元）1,1591,6632,0772,6183,187增速（%）8.71%43.54%24.92%26.02%21.75%归母净利润（百万元）256376448586729增速（%）32.48%46.90%19.19%30.78%24.46%每股收益（元）0.881.301.552.022.52市盈率（倍）82.3356.0447.0235.9528.89Wind Wind Wind Wind 4.977.2610.711.5916.638.6123.4%46.1%46.8%8.7%43.5%8.1%0%10%20%30%40%50%60%024681012141618202020212022202320242025H1营业总收入（亿元）增速0.851.071.201.932.563.761.9122.6%25.9%12.9%60.5%32.5%46.9%3.3%0%10%20%30%40%50%60%70%0.00.51.01.52.02.53.03.54.02019202020212022202320242025H1归母净利润（亿元）增速38.9%33.9%37.6%39.6%40.7%39.8%21.4%16.6%18.1%22.1%22.5%22.3%0%10%20%30%40%50%202020212022202320242025H1销售毛利率销售净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)477.4383.3436.1430.7461.0335.1304.4272.5营业成本(百万元)336.5297.8354.0311.2322.8250.9245.3211.5销售费用率1.3%1.5%2.1%1.4%1.4%1.5%1.5%1.8%管理费用率3.7%4.0%7.8%3.6%4.1%4.6%7.5%5.3%财务费用率-0.2%0.9%0.1%1.1%0.4%0.8%2.0%0.9%研发费用率6.4%8.2%10.9%6.3%5.5%5.2%8.7%6.4%资产减值损失(百万元)0.00.00.00.00.00.02.80.0利润总额(百万元)140.987.682.6118.8134.084.966.164.8所得税费用(百万元)22.514.2-6.1 18.520.813.5-0.6 9.9净利润（百万元）118.473.488.8100.3113.371.566.754.9EPS（元）0.410.260.320.360.410.360.340.28毛利率29.5%22.3%18.8%27.8%30.0%25.1%19.4%22.4%期间费用率11.1%14.5%20.8%12.3%11.5%12.1%19.7%14.4%所得税率16.0%16.2%-7.4%15.6%15.5%15.9%-0.8%15.3%净利润率24.8%19.2%20.4%23.3%24.6%21.3%21.9%20.1%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金166.31231.05144.21207.74261.79318.74营业收入1065.681158.521662.942077.392617.933187.41应收票据及账款650.15626.05970.601138.301391.451641.73营业成本664.52699.64986.191248.941549.911877.97预付账款19.6517.9512.8734.1543.0352.40税金及附加7.099.7315.3420.1525.3930.92其他应收款3.374.505.247.9710.0412.23销售费用24.2520.7626.6129.0836.6544.62存货144.23217.84190.87376.39445.86514.51管理费用64.1568.0483.93103.87130.90159.37其他流动资产232.0596.0788.75133.10154.72177.50研发费用64.4874.71117.14149.57188.49229.49流动资产总计1215.761193.451412.541897.642306.902717.10财务费用27.0513.589.6524.6028.1923.23长期股权投资0.000.000.000.000.000.00资产减值损失0.000.000.000.000.000.00固定资产704.97932.041347.111360.501585.191763.36信用减值损失-10.80 -0.77 -14.53 -8.31 -10.47 -12.75 在建工程130.58121.6096.76335.21369.08352.95其他经营损益0.000.00-0.00 0.000.000.00无形资产32.6746.6861.1573.87104.93126.82投资收益5.272.380.270.500.500.50长期待摊费用20.4320.5622.4921.049.809.80公允价值变动损益1.160.021.421.001.001.00其他非流动资产144.17197.40139.86227.08233.54238.78资产处置收益0.023.030.000.000.000.00非流动资产合计1032.821318.271667.372017.702302.542491.71其他收益8.7818.6011.8912.0012.0012.00资产总计2248.592511.723079.913915.344609.445208.82营业利润218.58295.31423.14506.37661.42822.55短期借款50.0255.0221.11204.47269.09128.33营业外收入0.310.260.790.800.800.80应付票据及账款162.64131.16110.96304.54387.27480.55营业外支出5.534.833.513.503.503.50其他流动负债142.8387.38138.96275.46354.90440.44其他非经营损益0.000.000.000.000.000.00流动负债合计355.49273.56271.03784.471011.261049.32利润总额213.35290.74420.42503.67658.72819.85长期借款257.60293.90427.55409.86361.77281.64所得税20.2935.1546.6455.8673.0590.92其他非流动负债6.4136.8860.806.416.416.41净利润193.06255.60373.78447.81585.67728.93非流动负债合计264.01330.78488.35416.27368.18288.0