2025年中报点评：二季度毛利率复苏明显

1 指标2023A2024A2025E2026E2027E营业收入（百万元）2,2591,5571,9892,5933,382增速（%）13.25%-31.07%27.70%30.38%30.43%归母净利润（百万元）318-124124201311增速（%）-47.45%-139.12%199.79%61.86%54.76%每股收益（元）0.35-0.140.140.220.35市盈率（倍）70.08-179.16179.54110.9271.67iFinD iFinD iFinD -200%-150%-100%-50%0%50%100%150%200%250%300%(5)0510152025202020212022202320242025H1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）-20%-10%0%10%20%30%40%50%60%2019202020212022202320242025H1毛利率净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)520402439386284448651553营业成本(百万元)392388432342226335546375销售费用率1.4%1.6%2.3%1.9%2.9%1.1%1.2%0.9%管理费用率4.4%6.8%7.2%13.9%15.9%10.3%8.9%9.4%财务费用率0.8%1.6%3.2%3.1%2.2%0.6%0.8%0.3%研发费用率7.2%9.5%19.2%6.9%11.0%7.8%9.0%8.1%资产减值损失(百万元)4.690.8158.170.0017.140.006.640.00利润总额(百万元)62-51 -159 -32 -29 511278所得税费用(百万元)5-6 -43 1-12 9-13 6归母净利润（百万元）57-45 -116 -33 -17 422572扣非归母净利（百万元）60-58 -110 -57 -34 15-25 65EPS（元）0.06-0.05-0.13-0.04-0.020.050.030.08毛利率24.5%3.4%1.5%11.6%20.3%25.3%16.1%32.1%期间费用率13.7%19.6%31.9%25.7%32.0%19.8%20.0%18.8%所得税率8.2%12.1%26.9%-4.4%41.8%17.5%-106.7%7.6%净利润率11.0%-11.3%-26.5%-8.6%-5.9%9.3%3.8%13.1%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金807.011946.72963.94704.46628.61169.10营业收入1994.812259.131557.311988.712592.883381.96应收票据及账款117.59837.03547.70653.82831.141065.55营业成本1034.741567.751335.421568.802017.992596.06预付账款52.0831.9638.6449.0466.0785.24税金及附加10.4021.4719.4923.8631.1140.58其他应收款5.282.361.451.802.844.63销售费用6.7622.8830.2429.8341.4950.73存货297.72464.35564.90666.20884.601330.03管理费用156.51196.10176.55113.36155.57202.92其他流动资产1530.44321.93839.0359.6677.79101.46研发费用154.77205.75176.71153.13207.43270.56流动资产总计2810.123604.332955.672934.983251.043456.02财务费用20.921.0335.1682.5261.2855.49长期股权投资0.000.000.000.000.000.00资产减值损失0.00-6.64 -75.31 5.970.000.00固定资产2688.104475.384530.654121.513993.844169.32信用减值损失-0.02 -4.46 -11.37 9.940.000.00在建工程1357.92526.84639.05782.55826.041069.53其他经营损益-0.00 0.00-0.00 0.000.000.00无形资产184.87410.11424.89479.08633.26737.45投资收益20.548.906.155.004.605.70长期待摊费用37.9734.4924.8522.4212.5015.00公允价值变动损益7.421.026.133.503.002.89其他非流动资产168.39485.04782.26950.00910.00930.00资产处置收益0.000.00-0.35 0.000.000.00非流动资产合计4437.255931.866401.706355.556375.646921.30其他收益37.5484.37122.15100.00120.00140.00资产总计7247.379536.199357.379290.539626.6810377.31营业利润676.18327.33-168.85 141.62205.60314.21短期借款253.38288.02156.170.000.00395.80营业外收入0.722.280.390.500.300.20应付票据及账款881.361334.181073.511409.771758.142027.06营业外支出16.004.860.5418.005.003.50其他流动负债160.75478.99498.05537.50692.17869.17其他非经营损益0.000.000.000.000.000.00流动负债合计1295.492101.201727.741947.272450.313292.02利润总额660.90324.74-169.00 124.12200.90310.91长期借款1006.491770.522024.031606.281208.57927.67所得税55.826.76-44.62 0.000.000.00其他非流动负债328.30819.41980.331000.001050.00960.00净利润605.08317.98-124.38 124.12200.90310.91非流动负债合计1334.802589.933004.362606.282258.571887.67少数股东损益0.000.000.000.000.000.00负债合计2630.294691.134732.094553.554708.885179.69归属母公司股东净利润605.08317.98-124.38 124.12200.90310.91股本900.00900.