2025年中报点评：业绩稳健增长，定增打开空间

1 指标2023A2024A2025E2026E2027E营业收入（百万元）4115156539211,348增速（%）12.64%25.39%26.87%41.09%46.25%归母净利润（百万元）8799140192258增速（%）176.08%14.58%41.43%37.25%34.07%每股收益（元）0.951.091.542.122.84市盈率（倍）71.0962.0443.8731.9623.84 iFinD iFinD 序号项目名称项目投资总额（万元）拟使用募集资金金额（万元）1CMD产品智能制造技改扩产项目21288119352用于6G通讯的低介电损耗FCCL挠性覆铜板产业化项目26018215753研发中心建设项目20429154414补充流动资金2090020900合计88635698512025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)153131162126122104122113营业成本(百万元)8368906962526462销售费用率4.0%3.7%4.7%3.4%3.0%3.9%4.7%3.9%管理费用率12.0%11.4%9.3%10.9%11.4%12.1%10.7%11.1%财务费用率0.2%0.4%0.8%0.8%0.6%1.3%0.8%1.4%研发费用率4.1%4.0%6.8%5.1%5.2%4.7%7.9%4.5%资产减值损失(百万元)-0.26 3.982.32-0.23 1.154.370.950.14利润总额(百万元)3631412933223123所得税费用(百万元)56634433归母净利润（百万元）3024332426172819扣非归母净利（百万元）3024242426172719EPS（元）0.330.340.460.340.370.240.400.27毛利率45.9%48.5%44.5%45.1%49.7%50.2%47.5%45.0%期间费用率20.2%19.4%21.6%20.2%20.2%22.0%24.1%20.8%所得税率13.6%18.4%14.5%11.4%11.2%18.6%10.6%13.9%净利润率19.9%18.3%20.0%19.0%21.1%16.2%22.7%16.7%iFinD iFinD -100%-50%0%50%100%150%200%0123456202020212022202320242025H1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%10%20%30%40%50%60%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106.2358.6027.5965.3192.15134.76营业收入364.46410.55514.78653.10921.471347.61应收票据及账款189.44237.24285.52380.23548.59779.88营业成本198.80221.82272.66334.41473.22717.28预付账款5.604.733.677.529.8513.29税金及附加4.334.814.996.278.8512.94其他应收款0.450.460.450.720.861.29销售费用14.9217.9619.6825.0835.4851.61存货77.4285.02104.32137.43195.77284.95管理费用38.8449.3555.4676.41108.73160.37其他流动资产0.311.1060.151.311.842.70研发费用17.1824.9428.6332.6550.6876.81流动资产总计379.45387.16481.70592.50849.061216.86财务费用4.834.754.396.949.0612.11长期股权投资99.80154.54124.53125.63126.86128.16资产减值损失-49.39 -0.40 -7.61 -5.00 -4.50 -4.00 固定资产264.50257.03263.19247.03254.33265.80信用减值损失-2.28 -1.55 -2.14 -1.00 -1.10 -1.20 在建工程7.7221.1578.4198.67135.60105.87其他经营损益-0.00 0.000.000.000.000.00无形资产69.2261.5357.9869.1596.99116.49投资收益1.511.73-7.31 1.801.831.90长期待摊费用0.000.000.100.050.000.00公允价值变动损益0.000.008.470.000.000.00其他非流动资产71.0371.5982.7296.2897.2897.28资产处置收益0.0610.65-0.14 0.000.000.00非流动资产合计512.27565.84606.92636.81711.06713.60其他收益7.206.814.977.007.207.20资产总计891.73953.001088.611229.321560.111930.46营业利润42.66104.16125.19174.14238.88320.39短期借款49.5534.0343.0461.52177.58248.39营业外收入0.010.120.000.100.200.12应付票据及账款41.1047.1080.1572.38103.72149.35营业外支出0.030.230.220.230.250.30其他流动负债64.3459.5765.28101.72140.98213.21其他非经营损益0.000.000.000.000.000.00流动负债合计154.99140.69188.47235.62422.27610.95利润总额42.64104.05124.97174.01238.83320.21长期借款79.5269.90108.0290.9279.6154.22所得税11.2712.9317.0521.5829.6239.71其他非流动负债9.9818.4417.7718.0622.0426.02净利润31.3791.13107.92152.43209.22280.50非流动负债合计89.5088.34125.79108.98101.6580.24少数股东损益0.034.598.7612.1916.7422.44负债合计244.48229.04314.26344.60523.93691.19归属母公司股东净利润31.3486.5499.16140.24192.48258.06股本70.0070.0070.0070.0070.0070.00EBITDA75.31141.07164.19240.72325.88431.08资本公积351.41366.41343.87343.87343.87343.87NOPLA