2025H1点评：关注商业航天-核聚变等尖端应用进展

1 指标2023A2024A2025E2026E2027E营业收入（百万元）1,1801,3301,6442,0812,627增速（%）18.7%12.7%23.6%26.6%26.2%归母净利润（百万元）98114153202274增速（%）26.1%16.2%33.8%32.4%35.3%每股收益（元）0.110.130.160.210.28市盈率（倍）128.5110.682.762.546.2Wind Wind Wind Wind Wind 6.819.689.9411.8013.307.7220.3%42.3%2.6%18.7%12.7%23.7%0%5%10%15%20%25%30%35%40%45%02468101214202020212022202320242025H1营业收入（亿元）YOY0.520.630.780.981.140.7570.8%21.6%23.1%26.0%16.2%33.6%0%10%20%30%40%50%60%70%80%0.00.20.40.60.81.01.2202020212022202320242025H1归母净利润（亿元）YOY22.4%19.1%18.9%21.0%23.1%23.7%7.6%6.4%7.8%8.6%9.0%10.0%0%5%10%15%20%25%30%202020212022202320242025H1销售毛利率销售净利率0%5%10%15%20%25%30%35%40%202020212022202320242025H1高强高导铜合金材料及制品中高压电接触材料及制品医疗影像零组件高性能金属铬粉主营其他其他业务2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)428.1344.1365.4340.3336.8287.2310.6309.1营业成本(百万元)323.2266.3280.1267.0254.8220.7238.9247.2销售费用率1.7%1.7%1.7%1.6%1.8%1.6%1.6%2.0%管理费用率4.8%4.6%4.2%4.7%5.4%5.2%4.4%4.9%财务费用率0.0%0.8%1.5%1.6%1.0%1.8%1.1%1.8%研发费用率5.6%5.3%5.0%5.4%5.3%5.1%6.2%4.9%资产减值损失(百万元)-0.5 -1.3 -2.3 0.00.00.0-1.6 0.0利润总额(百万元)47.736.344.326.835.227.434.618.1所得税费用(百万元)3.73.54.33.83.72.71.91.5净利润（百万元）44.032.839.923.031.524.732.716.6EPS（元）0.060.040.050.030.060.040.050.03毛利率24.5%22.6%23.3%21.5%24.3%23.2%23.1%20.0%期间费用率12.1%12.4%12.4%13.2%13.5%13.6%13.4%13.6%所得税率7.7%9.6%9.8%14.2%10.6%9.7%5.5%8.1%净利润率10.3%9.5%10.9%6.8%9.3%8.6%10.5%5.4%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金131.16126.51164.04164.36208.07262.68营业收入993.611179.511329.681643.562080.742626.75应收票据及账款278.16281.79329.79402.98510.17644.05营业成本805.98931.971022.601238.441550.351939.68预付账款6.337.084.906.067.679.69税金及附加8.388.809.2611.5014.5718.39其他应收款8.293.058.7710.8413.7317.33销售费用15.4021.6122.1427.9435.3744.65存货209.60248.68258.38305.37382.28478.28管理费用49.5556.1564.4178.8999.88126.08其他流动资产64.8849.3242.6252.6966.7084.20研发费用51.6159.4568.8382.18104.04131.34流动资产总计698.42716.43808.50942.301188.631496.22财务费用13.8211.0819.3034.8247.0051.11长期股权投资0.000.000.000.000.000.00资产减值损失-1.40 -1.55 -2.28 -2.14 -2.70 -3.41 固定资产542.53598.12692.09835.481176.591331.08信用减值损失-3.38 -0.09 -3.75 -4.93 -6.24 -7.88 在建工程70.20154.77317.49564.57511.66358.74其他经营损益-0.00 0.000.000.000.000.00无形资产96.7094.01145.32117.2889.2461.20投资收益0.20-1.64 -1.02 -0.79 -0.79 -0.79 长期待摊费用9.938.5011.755.880.000.00公允价值变动损益-0.11 0.00-0.16 0.000.000.00其他非流动资产79.34143.49158.49158.42158.35158.27资产处置收益-1.47 0.200.010.000.000.00非流动资产合计798.69998.901325.141681.631935.831909.29其他收益31.7926.1618.7818.0018.0018.00资产总计1497.111715.332133.642623.933124.463405.51营业利润74.50113.53134.74179.92237.80321.42短期借款64.36160.42219.35551.11857.21927.12营业外收入0.180.920.260.260.260.26应付票据及账款84.91110.07124.53146.14182.95228.89营业外支出1.603.491.291.291.291.29其他流动负债113.42153.84155.78188.92236.84296.68其他非经营损益0.000.000.000.000.000.00流动负债合计262.69424.33499.66886.161277.001452.68利润总额73.08110.96133.70178.89236.77320.38长期借款154.40123.93392.68375.83325.87215.19所得税-4.09 9.8514.5419.4525.7434.83其他非流动负债69.6076.4680.6780.6780.6780.67净利润77.17101.11119.17159.