2025Q3点评：盈利性延续环比改善，Q4在手订单充足

1 指标2023A2024A2025E2026E2027E营业收入（百万元）6,6886,7637,5709,22811,865增速（%）-6.66%1.13%11.92%21.91%28.58%归母净利润（百万元）5642917059691,351增速（%）-19.78%-48.37%142.36%37.34%39.46%每股收益（元）0.410.210.520.710.99市盈率（倍）96.89187.6577.4356.3840.43 Wind Wind Wind Wind Wind 24.240.871.766.967.653.742.5%68.8%75.6%-6.7%1.1%7.2%-20%0%20%40%60%80%100%01020304050607080202020212022202320242025Q1-Q3营业总收入（亿元）增速2.444.537.035.642.915.1655.8%85.3%55.1%-19.8%-48.4%161.8%-100%-50%0%50%100%150%200%012345678202020212022202320242025Q1-Q3归母净利润（亿元）增速23.8%22.4%16.2%16.1%11.1%19.5%10.1%11.1%9.8%8.5%4.4%9.8%0%5%10%15%20%25%30%202020212022202320242025Q1-Q3销售毛利率销售净利率3035404550556065707580May-24Aug-24Nov-24Feb-25May-25Aug-25镨钕金属（万元/吨）镨钕氧化物（万元/吨）2025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4营业收入(百万元)18661753175417491653182515361637营业成本(百万元)13941453147915001441168813821400销售费用率0.70%0.58%1.01%1.45%0.46%0.82%0.69%0.85%管理费用率3.98%1.93%2.79%2.96%2.91%1.56%2.64%3.86%财务费用率0.57%-0.58%-0.71%-0.76%-0.64%0.05%-0.95%-0.91%研发费用率7.83%4.97%4.72%5.19%4.67%4.29%4.86%5.95%资产减值损失(百万元)1.660.120.190.250.110.320.811.12利润总额(百万元)221.88165.13184.2496.2991.9612.02114.6681.59所得税费用(百万元)7.118.221.72.712.1-6.5 12.511.7净利润（百万元）214.83146.93162.5193.5879.8318.55102.1969.89EPS（元）0.150.110.120.070.060.010.080.05毛利率25.3%17.1%15.7%14.3%12.8%7.5%10.0%14.5%期间费用率13.1%6.9%7.8%8.8%7.4%6.7%7.2%9.8%所得税率3.2%11.0%11.8%2.8%13.2%-54.3%10.9%14.3%净利润率11.5%8.4%9.3%5.3%4.8%1.0%6.7%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4130.253885.762712.922287.152361.462742.84营业收入7165.196687.866763.297569.559227.7111865.07应收票据及账款2838.012344.822359.342654.533236.024160.90营业成本6006.165612.946010.686097.087327.739321.55预付账款36.7266.4070.0578.8198.60126.78税金及附加24.7728.3524.9627.1533.1042.56其他应收款10.1845.6356.2162.2275.8497.52销售费用36.1135.0858.6160.5673.8294.92存货1931.142213.182178.062255.092710.263447.70管理费用147.71155.92168.90219.52258.38296.63其他流动资产180.66280.48315.27336.39369.55422.30研发费用337.48353.88320.88439.03507.52652.58流动资产总计9126.968836.267691.857674.188851.7410998.03财务费用-153.96 -56.96 -37.50 35.0030.0029.20长期股权投资5.146.508.3531.8555.3578.85资产减值损失-10.28 -29.66 -45.18 -45.42 -55.37 -71.19 固定资产1322.131724.442300.572386.802727.382922.32信用减值损失-11.94 5.791.250.000.000.00在建工程394.76764.43777.731048.11918.49788.87其他经营损益-0.00 -0.00 -0.00 0.000.000.00无形资产217.68217.12264.95235.38218.72198.48投资收益-10.60 1.8910.697.007.007.00长期待摊费用6.002.984.402.200.000.00公允价值变动损益-10.45 6.834.275.005.005.00其他非流动资产147.78274.221249.461297.931350.431402.93资产处置收益0.74-0.15 -0.20 0.000.000.00非流动资产合计2093.492989.694605.465002.265270.375391.45其他收益44.3975.47131.34110.00100.00100.00资产总计11220.4611825.9512297.3112676.4414122.1016389.48营业利润768.81618.80318.95767.791053.791468.44短期借款945.50400.88257.950.000.000.00营业外收入0.081.191.491.501.501.50应付票据及账款2603.492909.593058.333173.823834.514980.00营业外支出2.193.045.516.007.008.00其他流动负债562.31673.02769.94826.60934.101111.57其他非经营损益0.000.000.000.000.000.00流动负债合计4111.303983.494086.224000.424768.616091.58利润总额766.69616.95314.93763.29