2025年中报点评：制冷剂迎来黄金期

1 指标2023A2024A2025E2026E2027E营业收入（百万元）20,65524,46230,47634,65639,661增速（%）-3.88%18.43%24.58%13.72%14.44%归母净利润（百万元）9441,9605,0336,6097,842增速（%）-60.37%107.69%156.83%31.31%18.67%每股收益（元）0.350.731.862.452.90市盈率（倍）110.7153.3120.7515.8113.32iFinD iFinD iFinD -400%-200%0%200%400%600%800%1000%1200%0501001502002503002019202020212022202320242025H1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%2019202020212022202320242025H1毛利率净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)75315800655658266610547046435917营业成本(百万元)53514152531048135395466339735289销售费用率0.6%0.5%0.0%0.5%0.6%1.0%-0.3%0.8%管理费用率3.1%4.1%3.2%3.6%3.2%3.6%3.3%2.8%财务费用率0.5%0.2%-0.3%0.6%0.6%-0.2%-0.2%0.1%研发费用率4.3%4.8%3.1%5.3%4.9%3.9%5.6%4.1%资产减值损失(百万元)13.5431.8236.1711.4221.0517.0933.65-35.23 利润总额(百万元)15641043932512682372222294所得税费用(百万元)1861451454588421128归母净利润（百万元）1242809702423524310197257扣非归母净利（百万元）1237789719390506288134233EPS（元）0.460.300.260.160.190.110.070.10毛利率29.0%28.4%19.0%17.4%18.4%14.7%14.4%10.6%期间费用率8.5%9.7%6.0%10.0%9.3%8.2%8.5%7.7%所得税率11.9%13.9%15.6%8.8%12.9%11.2%5.1%9.5%净利润率16.5%13.9%10.7%7.3%7.9%5.7%4.2%4.3% iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金2547.271817.702625.015231.8210300.4516442.91营业收入21489.1220655.2224462.3730475.6034655.5239660.55应收票据及账款2580.722203.742568.782755.333313.643889.99营业成本17393.2217924.1520181.8722166.4524384.4427669.17预付账款76.82113.26205.42250.48265.85293.38税金及附加87.0190.7097.84134.09152.48174.51其他应收款23.1419.6049.0258.4562.6670.63销售费用157.48139.16120.59137.14149.02158.64存货1727.641764.162283.122429.202538.652729.01管理费用723.23684.17826.081005.691178.291328.63其他流动资产874.12502.40217.46243.80316.90386.78研发费用823.841000.701054.151371.401472.861705.40流动资产总计7829.726420.877948.8110969.0816798.1623812.70财务费用-107.52 -21.69 41.8482.25-30.12 -152.97 长期股权投资1851.742293.232534.642634.642774.642904.64资产减值损失-150.00 -35.21 -85.73 -60.95 -69.31 -79.32 固定资产6696.959678.8611988.0010688.209491.808148.80信用减值损失0.265.5213.880.000.000.00在建工程4553.202810.872614.542453.782018.031582.27其他经营损益-0.00 0.000.000.000.000.00无形资产687.29675.91802.63918.861026.761159.65投资收益374.3991.34138.5991.00132.00116.00长期待摊费用34.4654.0760.5830.290.000.00公允价值变动损益4.130.89-2.38 0.600.600.60其他非流动资产973.331450.001964.402573.352385.282202.07资产处置收益6.1566.260.556.001.002.00非流动资产合计14796.9716962.9419964.8019299.1317696.5115997.43其他收益107.81119.99297.50120.00121.00125.00资产总计22626.6923383.8127913.6130268.2134494.6739810.13营业利润2754.611086.822502.415735.227533.848941.44短期借款181.85605.05831.640.000.000.00营业外收入10.7813.2711.9928.0030.0031.00应付票据及账款3666.122903.472980.033461.613707.774093.52营业外支出40.0523.5817.1022.0025.0026.00其他流动负债1056.011007.831170.481318.841463.931686.46其他非经营损益0.000.000.000.000.000.00流动负债合计4903.984516.354982.154780.455171.705779.98利润总额2725.331076.512497.305741.227538.848946.44长期借款1507.481918.762884.792190.911370.89592.29所得税329.02107.83320.65574.12753.88894.64其他非流动负债430.79572.02856.77500.00485.00507.00净利润2396.31968.672176.665167.106784.968051.80非流动负债合计1938.27