2025H1点评：Q2盈利创历史新高，三大业务发展步入快车道

1 指标2023A2024A2025E2026E2027E营业收入（百万元）4,1594,6125,6006,6267,486增速（%）-1.62%10.91%21.42%18.31%12.97%归母净利润（百万元）7528011,0831,2891,474增速（%）-30.34%6.44%35.29%18.99%14.35%每股收益（元）1.161.231.671.982.27市盈率（倍）52.7449.5536.6330.7826.92Wind Wind Wind Wind Wind 21.129.342.341.646.127.246.1%38.5%44.4%-1.6%10.9%34.8%-10%0%10%20%30%40%50%05101520253035404550202020212022202320242025H1营业总收入（亿元）增速（右轴）3.717.4110.87.58.05.5134.3%100.0%45.7%-30.3%6.4%56.7%-40%-20%0%20%40%60%80%100%120%140%160%024681012202020212022202320242025H1归母净利润（亿元）增速（右轴）37.9%40.8%39.5%31.9%33.6%38.7%17.5%25.5%25.9%18.4%19.0%22.1%0%5%10%15%20%25%30%35%40%45%202020212022202320242025H1销售毛利率销售净利率43.0%45.3%43.3%34.4%38.7%45.9%4.5%16.3%30.4%34.4%30.2%30.8%-11.4%4.0%3.3%15.9%22.3%18.1%-15%-5%5%15%25%35%45%55%202020212022202320242025H1钛合金超导线材高性能高温合金2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)1649.01073.81377.41214.71226.9793.61070.7976.2营业成本(百万元)974.1694.9928.9762.7805.5567.7770.4632.9销售费用率0.5%0.5%0.5%0.6%0.6%0.7%1.2%0.6%管理费用率4.2%6.1%4.3%5.5%3.6%3.1%7.7%4.7%财务费用率0.6%1.0%0.2%1.3%0.5%1.5%1.5%1.4%研发费用率6.5%4.2%8.6%4.3%8.0%10.3%11.3%8.0%资产减值损失(百万元)-63.0 -37.9 -19.6 -7.9 -9.0 -2.4 -2.2 -6.2 利润总额(百万元)463.4213.8267.7337.1280.1121.0177.0198.2所得税费用(百万元)48.727.144.537.035.613.022.220.3净利润（百万元）414.8186.7223.2300.2244.6108.0154.8177.9EPS（元）0.580.260.300.390.370.170.260.25毛利率40.9%35.3%32.6%37.2%34.3%28.5%28.0%35.2%期间费用率11.8%11.9%13.6%11.7%12.7%15.6%21.6%14.8%所得税率10.5%12.7%16.6%11.0%12.7%10.7%12.6%10.3%净利润率25.2%17.4%16.2%24.7%19.9%13.6%14.5%18.2%iFinD 资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金2111.951482.411512.86560.04662.611345.14营业收入4227.184158.784612.475600.406626.097485.70应收票据及账款3441.473344.254221.915063.385627.645742.45营业成本2559.472833.243064.823512.464142.004652.64预付账款34.2443.7252.4961.3772.6182.04税金及附加28.9223.5030.9339.2046.3852.40其他应收款3.532.926.407.679.0810.25销售费用43.5330.5027.9133.6039.7644.91存货2380.123342.303859.794426.674879.625353.72管理费用165.21194.45194.75280.02331.30374.28其他流动资产1194.781277.57946.631002.491021.261036.99研发费用254.29329.45350.89392.03463.83524.00流动资产总计9166.099493.1610600.0811121.6212272.8113570.59财务费用31.7446.5736.6564.3447.1633.98长期股权投资153.68187.90191.29193.29195.29197.29资产减值损失-14.52 -22.99 -38.82 -44.80 -53.01 -59.89 固定资产1158.891409.562065.092160.292404.122788.49信用减值损失-20.37 -7.15 -52.98 -56.00 -66.26 -74.86 在建工程220.97536.41231.91530.09658.11619.45其他经营损益0.000.000.000.000.000.00无形资产179.37291.38327.70306.42311.80303.85投资收益-4.47 4.355.092.002.002.00长期待摊费用0.000.000.000.000.000.00公允价值变动损益28.6638.7425.7730.0030.0030.00其他非流动资产426.86165.75193.24235.10240.21244.39资产处置收益-0.07 -0.16 0.011.001.001.00非流动资产合计2139.782590.993009.233425.193809.534153.48其他收益104.27156.20160.93150.00150.00150.00资产总计11305.8612084.1513609.3114546.8116082.3417724.07营业利润1237.52870.061006.511360.941619.391851.74短期借款981.89727.65778.59332.903.610.00营业外收入0.883.181.032.002.002.00应付票据及账款1736.691857.262652.582886.963234.163314.21营业外支出0.765.091.632.002.002.00其他流动负债687.28838.511524.421684.7119