首次覆盖：深度绑定核聚变链主企业，拓展尖端制造业务

1 指标2023A2024A2025E2026E2027E营业收入（百万元）1,7662,0742,3222,8633,648增速（%）1.85%17.43%11.95%23.29%27.41%归母净利润（百万元）16.6-89.027.0126.0198.3增速（%）27.05% -634.93%130.34%366.60%57.39%每股收益（元）0.03-0.180.050.250.40市盈率（倍）477.0-89.2293.963.040.0Wind Wind Wind Wind 8.3812.0617.3417.6620.749.8220.6%44.0%43.8%1.8%17.4%8.2%0%10%20%30%40%50%60%0510152025202020212022202320242025H1营业收入（亿元）YOY0.260.640.130.17-0.890.10-5.2%148.4%-79.6%27.0%-634.9%-11.4%-700%-600%-500%-400%-300%-200%-100%0%100%200%-1.0-0.8-0.6-0.4-0.20.00.20.40.60.8202020212022202320242025H1归母净利润（亿元）YOY33.6%31.5%30.3%30.9%24.7%26.1%3.0%5.3%0.7%0.9%-4.3%0.9%-10%-5%0%5%10%15%20%25%30%35%40%202020212022202320242025H1销售毛利率销售净利率2025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3营业收入(百万元)562.1420.2606.9559.7590.5317.1535.5454.0营业成本(百万元)414.3311.2475.7403.1467.3215.2381.4301.7销售费用率7.6%6.8%5.3%12.8%5.8%11.3%11.2%12.5%管理费用率6.8%8.7%11.1%6.7%6.5%8.9%12.6%6.5%财务费用率0.8%1.1%0.0%1.2%0.8%1.6%1.8%2.3%研发费用率6.4%6.1%5.8%6.5%4.6%7.2%5.2%6.7%资产减值损失(百万元)-4.4 0.5-76.9 -0.1 -9.2 2.0-17.2 0.7利润总额(百万元)6.313.7-88.1 3.57.910.8-12.8 25.4所得税费用(百万元)4.36.48.96.72.75.445.8-2.4 净利润（百万元）2.07.3-97.1 -3.2 5.25.4-58.6 27.8EPS（元）0.000.01-0.20 -0.01 0.010.01-0.12 0.06毛利率26.3%25.9%21.6%28.0%20.9%32.1%28.8%33.5%期间费用率21.7%22.7%22.2%27.2%17.8%29.1%30.9%28.0%所得税率68.5%47.0%-10.1%192.8%33.9%49.7%-357.1%-9.6%净利润率0.3%1.7%-16.0%-0.6%0.9%1.7%-10.9%6.1%Wind iFinD 项目产品202320242025E2026E2027E销售收入9151152135915761829销售收入YOY37.4%25.9%18.0%16.0%16.0%销售成本483645741851987毛利率47.2%44.0%45.5%46.0%46.0%销售收入623.89590.83661.73727.90800.69销售收入YOY-19.6%-5.3%12.0%10.0%10.0%销售成本561.81620.23628.64691.50760.66毛利率10.0%-5.0%5.0%5.0%5.0%销售收入172.90269.54226.41294.34367.92销售收入YOY20.6%55.9%-16.0%30.0%25.0%销售成本143.08262.47215.54279.62348.79毛利率17.2%2.6%4.8%5.0%5.2%销售收入47.9843.5947.9552.7558.02销售收入YOY-53.5%-9.1%10.0%10.0%10.0%销售成本25.5826.9335.9636.9240.62毛利率46.7%38.2%25.0%30.0%30.0%销售收入6.9718.7127.13211.60592.48销售收入YOY338.2%168.4%45.0%680.0%180.0%销售成本6.756.2911.3993.10278.47毛利率3.2%66.4%58.0%56.0%53.0%色选机液压机机压机其他业务其他资产负债表利润表会计年度2022202320242025E2026E2027E会计年度2022202320242025E2026E2027E货币资金667.85690.10758.94232.21286.29364.76营业收入1734.441766.452074.282322.122862.913647.65应收票据及账款1043.721114.531107.031367.261685.682147.74营业成本1208.391219.881561.221632.141952.362415.93预付账款105.2923.7551.0676.4594.25120.09税金及附加10.7712.0216.5518.5822.9029.18其他应收款13.507.827.8612.3815.2719.45销售费用158.22202.28174.29197.38243.35310.05存货934.881155.821233.861366.351634.432022.50管理费用125.82146.34171.48197.38237.62302.75其他流动资产33.0530.4822.8127.6234.0443.37研发费用99.65104.09121.36139.33171.77218.86流动资产总计2798.283022.513181.563082.283749.974717.93财务费用15.9431.3616.9123.7531.2044.46长期股权投资151.94165.19149.11149.21149.30149.40资产减值损失-15.29 -29.26 -84.28 -69.66 -28.63 -36.48 固定资产360.66360.72514.20505.48599.45646.11信用减值损失-148.95 -25.46 -32.86 -46.44 -28.63 -36.48 在建工程14.6573.6711.97159.98157.98155.99其他经营损益-0.00 0.000.000.000.000.00无形资产79.6393.6688.32107.09159.18194.62投资收益25.9018.57-0.95 2.105.1010.10长期待摊费用8.6411.338.334.170.000.00公允价