2025年中报点评：主业稳健，陶瓷纤维超预期放量

1 指标2023A2024A2025E2026E2027E营业收入（百万元）3,5042,8023,5914,5695,940增速（%）-1.55%-20.04%28.16%27.24%30.01%归母净利润（百万元）318195528661847增速（%）-60.27%-38.90%171.34%25.16%28.17%每股收益（元）0.670.411.111.391.78市盈率（倍）60.3298.7236.3829.0722.68iFinD iFinD 05101520253035202020212022202320242025H1贸易业务自产元器件业务自产新材料业务2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)10107626507257756527901136营业成本(百万元)641500473496517439575900销售费用率4.3%4.2%8.6%6.1%4.8%5.3%8.2%3.6%管理费用率8.6%8.4%15.8%9.9%9.8%9.3%11.0%6.4%财务费用率0.4%0.8%1.8%0.4%0.8%0.8%1.7%0.8%研发费用率2.7%2.9%5.7%3.3%3.3%3.8%6.4%3.2%资产减值损失(百万元)-2.70 12.5329.5512.093.0913.371.1327.51利润总额(百万元)195125-42 68103812430所得税费用(百万元)3622-3 121511-2 2归母净利润（百万元）155107-31 6290742638扣非归母净利（百万元）151101-43 5786693036EPS（元）0.330.23-0.070.130.200.160.060.08毛利率36.5%34.4%27.2%31.5%33.3%32.6%27.1%20.8%期间费用率16.0%16.3%31.9%19.7%18.8%19.3%27.2%14.0%所得税率18.3%17.8%7.1%18.2%14.1%14.0%-7.6%8.4%净利润率15.3%14.0%-4.8%8.5%11.6%11.4%3.3%3.4%iFinD iFinD -80%-60%-40%-20%0%20%40%60%80%051015202530354045502019202020212022202320242025H1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%35%40%45%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819.17998.87969.85359.05456.87593.97营业收入3558.723503.592801.503590.544568.735939.70应收票据及账款2416.392127.601895.362390.423004.103824.19营业成本2050.252432.111926.602403.633032.973937.47预付账款20.3824.9815.9624.5930.6739.06税金及附加27.8224.5225.1125.1331.9841.58其他应收款94.0099.18112.8098.37122.67156.22销售费用162.77178.73171.47179.53219.30279.17存货1238.181305.761309.571646.322035.832481.15管理费用220.01275.04311.19254.93315.24406.87其他流动资产126.75178.99162.34121.54157.53203.79研发费用106.96144.88112.15140.03171.33219.77流动资产总计4714.864735.384465.874640.305807.677298.38财务费用33.2037.2026.5739.8464.82104.36长期股权投资17.1423.1516.3536.3556.3576.35资产减值损失-14.15 -64.56 -58.09 -35.91 -54.82 -89.10 固定资产2070.302064.632429.652367.062604.372852.28信用减值损失-12.05 -18.16 -7.85 -10.77 -18.27 -17.82 在建工程214.66343.4482.51224.50391.50291.50其他经营损益-0.00 -0.00 0.000.000.000.00无形资产185.77266.22242.70243.92278.47296.35投资收益-0.47 -4.29 3.960.000.000.00长期待摊费用22.6143.0158.8629.430.000.00公允价值变动损益0.000.66-0.63 0.600.600.60其他非流动资产316.27443.84411.53494.59538.22574.21资产处置收益0.000.870.320.000.000.00非流动资产合计2826.743184.303241.603395.853868.914090.70其他收益44.1438.8047.5149.0030.0044.00资产总计7541.617919.677707.488036.159676.5811389.08营业利润975.17364.44213.64550.37690.59888.17短期借款563.36563.42286.01367.841495.562523.21营业外收入0.450.071.6115.0515.1015.08应付票据及账款363.33490.01459.97559.75658.94865.17营业外支出2.386.344.626.005.505.80其他流动负债202.78194.94251.83212.62250.06298.34其他非经营损益0.000.000.000.000.000.00流动负债合计1129.471248.37997.811140.222404.563686.72利润总额973.24358.17210.63559.42700.19897.45长期借款739.88830.32801.52666.02588.07435.92所得税147.5444.7035.3883.91105.03134.62其他非流动负债206.87172.61190.97155.00146.00135.00净利润825.69313.47175.24475.51595.16762.83非流动负债合计946.751002.93992.50821.02734.07570.92少数股东损益24.24-4.91 -19.28 -52.31 -65.47 -83.91 负债合计2076.222251.311990.3119